ANZ last week said it will announce the outcome of its monthly interest rate review by the Friday following the Reserve Bank of Australia's board meeting, a week earlier than before.In November 2011 ANZ adopted a policy that on the second Friday of each month it would release the results of its rate review and any changes to retail mortgage and small business lending rates. Six months ago the bank dropped business loans from the monthly interest rate review.Now consumer loans will also be shifted more quickly, when changed.
In a media release ANZ said: "The change to the timing of our monthly review follows consistent customer feedback that they would like to understand the outcome of our interest rate review process earlier in the month in line with our competitors. "Given the more predictable international economic environment and the greater stability that exists in offshore funding markets we are now in a position to assess the impact of any RBA decision along with the other drivers of funding costs in a more timely way."ANZ's now discarded process was noteworthy mainly for the timidity with which it embraced the principles spelled out in 2012. ANZ stuck to a 'follow the leader' practice in home loan rate setting over the last two and half years.If the review process was intended to allow lending rates to adjust by a few basis points from month to month - as tends to happen with deposit rates - ANZ shied away from the chance to do so.