ANZ passes on 0.05 of 0.25% cut in the OCR

The ANZ, NZ’s largest Bank, has passed on to its floating rate borrowers a measly 0.05 of the 0.25% cut in the OCR this morning.

After announcing the cut Reserve Bank Governor Graeme Wheeler commented: “We would like to see most of (the OCR cut) passed on.”

In the OCR announcement there is a bias toward a further cut.