• Most Popular
  • Most Shared

Australia's NAB vows to match official rate cut

Wed Aug 20, 2008 7:18pm EDT

Stocks

   

SYDNEY, Aug 21 (Reuters) - National Australia Bank (NAB.AX), the country's biggest bank, said on Thursday it would reduce its variable mortgage rate if official interest rates were cut in September as many expect.

There has been speculation the commercial banks might not follow any easing by the Reserve Bank of Australia (RBA) because of high funding costs amid the global credit squeeze.

NAB is the first of the major banks to guarantee it would fully match the central bank if it cut the current 7.25 percent cash rate by 25 basis points at its next policy meeting on Sept. 2. (Reporting by Wayne Cole; Editing by Mark Bendeich)



More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets