I really would like to know what color the sky has on Bollard’s planet because he clearly doen’t live on this one. On this planet we are not governed by our local Reserve bank but by the Federal reserve and the London bankers. Bollard’s rate cuts are just another way of robbing us of whatever wealth we have to the fat cats.
I can’t believe he wants us to believe that one small rate cut in one small country can protect that small country when there is a world wide finanacial Tsunami happening. Either Bollard is a total in competent or he is plain old lying.
Reserve Bank Governor Alan Bollard, whose bold move to slash official interest rates by a record 1.5 percentage points has brought some immediate respite for homeowners, says the recession has technically ended.
The massive cut, taking the Official Cash Rate to 5 percent, was predicted by most economists – even though it was the biggest cut since the OCR was introduced in 1999.
Official rates are now at their lowest in five years.
Five major banks – ASB, Kiwibank, Westpac, BNZ and SBS – have made cuts to home loan rates today, reflecting the cut to the Official Cash Rate.
BNZ is the latest to join the fray, reducing its 6 month fixed home loan rate to 6.49 percent, and its TotalMoney floating rate to 7.75 percent.