9 Nov 2010

Sir Ralph Norris-- CBA boss admits extra rate rise will cause hurt

I have done all I can to try to maximise profits is what he meant to say.

This what he said to the press,

"I have done all I can to try to minimise the impact(by hiking rates) by making sure we've got good customer assistance programs for those customers that are genuinely in need.  

That's all I can do,"or want to do, that's what he meant.

Meanwhile, in a direct shot across the bows of the big banks, Australia's biggest non-bank lender ING Direct will begin offering home owners $1000 to switch mortgages to one of its products, effectively paying the big banks' costly exit fees.
In defence of the CBA's record $6.1 billion profit last financial year, Sir Ralph denied his bank was gouging its customers, claiming increased profits were a result of new business and a steep reduction in bad debts. Profit from personal loans had declined over the past year.
The real reasons for the huge profit are ridiculous fees and charges and cheap available local money combined with raising rates above the RBA.
In other words it's giving customers the finger.

Ralph Norris

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