Commonwealth Bank of Australia says no extra plan to raise interest rates

19:56, October 26, 2010      

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The Commonwealth Bank of Australia (CBA) said on Tuesday, it has not made any decision to change its interest rates independently of the central bank.

Ralph Norris, chief executive of Australia's largest retail bank CBA, said the anger over rising interest rates had got out of hand, and dismissed the idea of new regulations on banks' lending rates.

"All I can say is that we have not made any decision to make any changes to our interest rate positioning at this time," Norris told shareholders at CBA's annual general meeting on Tuesday.

But Norris said it would be inappropriate to offer a guarantee of no future rate rises independent of the Reserve Bank of Australia (RBA).

The RBA's board will meet on Nov. 2 to decide on whether to adjust the overnight cash rate, currently at 4.5 percent.

Responding to the federal opposition's calls for an inquiry into the banking industry, Norris said he would be surprised if regulation tightens after many years of deregulation of the industry.

"I think that this has got a little bit out of hand, and some parts of the media have got to take responsibility because this has become a bit of a media feast," he said.



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