At a speech to a Wellington business audience yesterday, Reserve Bank of New Zealand governor Alan Bollard aired his disappointment, once again, at the pricing approach by banks.Bollard has been displeased with banks' for not passing on the full benefit of its 575 basis point cut in the official cash rate to households and businesses. The Reserve Bank feels that banks' margins are too high and banks have scope to cut at least short-term lending rates.But banks have been ignoring the central bank's advice and insisting that rise both in domestic and offshore rates is preventing them from lowering their rate, in particular, their floating mortgage rate, any further.Bollard highlighted the importance of lower short-term lending rates on the economy. "We are disappointed that banks have not passed on the April reduction in the OCR to short-term lending rates; they have an opportunity to help New Zealand's recovery by doing so."He also used the occasion to once again warn about the effect of high dollar. This time his comment was aimed at the market. "If markets are buying the New Zealand dollar on the expectation of a strong recovery they may be end up being disappointed."