Sydney Today, April 4th, Australian Eastern Time, ANZ Bank (ANZ) announced at its monthly interest rate meeting that it will increase its standard variable interest rate by 14%.

ANZ CEO Philip Chronican pointed out that the increase in interest rates was due to the deterioration of the financing environment and higher financing costs. He said: "Affected by the European economic and financial crisis, the financing environment has undergone drastic changes in the second half of 2011; this has also led to an overall increase in financing costs and intensified competition between banks for deposits."

Philip Chronican said: "I know that although we increase interest rates in response to the new financing environment will benefit our deposit customers, it will inevitably bring troubles to our other customers; for this reason and the fluctuations in the wholesale financing market, we Before passing on the increased cost to our customers, we will do our best to maintain it. We also hope that the increase in our interest rate is in a way that can be accepted by customers and can maintain our competitiveness."

ANZ is the only bank that makes the interest rate setting process transparent. Because we implement a floating exchange rate, ANZ customers are not affected by adverse factors compared to customers of other banks in the market. Throughout this period, our variable rate mortgages and commercial loans have been very competitive; even after the increase in interest rates today, we are still very competitive compared with other banks. "

This is the second time since this year that ANZ has raised its interest rates independently of the central bank. (Ivy)

English version: http://www.theadviser.com.au/breaking-news/7006-anz-lifts-rates-again