1
00:00:00,080 --> 00:00:02,000
Speaker 1: So the ocr has been held steady at two point

2
00:00:02,040 --> 00:00:04,880
Speaker 1: twenty five percent RB and z's inflational peak at four

3
00:00:04,920 --> 00:00:08,160
Speaker 1: point two percent this quarter. Though, you know, it's like

4
00:00:08,240 --> 00:00:10,799
Speaker 1: penning a tail on donkey with estimates. At the moment,

5
00:00:11,240 --> 00:00:13,520
Speaker 1: markets thought the announcement was a bit more hawkish than

6
00:00:13,520 --> 00:00:16,160
Speaker 1: they expected. Kiwi dollar rallied a quarter of the US

7
00:00:16,200 --> 00:00:18,800
Speaker 1: sent to fifty eight point one eight In response. Mark

8
00:00:18,840 --> 00:00:21,760
Speaker 1: Wiltshire is the Cooperative Bank CEO, joins us this morning.

9
00:00:21,760 --> 00:00:23,680
Speaker 2: Hey Mark, good morning, Rahan.

10
00:00:23,840 --> 00:00:26,280
Speaker 1: What did you make at the statement yesterday from the bank?

11
00:00:27,360 --> 00:00:29,240
Speaker 2: I think on the reserve banks did a very difficult

12
00:00:29,320 --> 00:00:31,040
Speaker 2: job right now. So I think we've had a very

13
00:00:31,080 --> 00:00:35,320
Speaker 2: good job just basically having a very balanced view highlighting

14
00:00:35,360 --> 00:00:38,280
Speaker 2: some of those risks that they might need to take action.

15
00:00:38,600 --> 00:00:40,640
Speaker 2: So the markets, as you said, just did react a

16
00:00:40,640 --> 00:00:42,800
Speaker 2: bit saying that's a bit of a tone saying they

17
00:00:42,840 --> 00:00:46,440
Speaker 2: will respond to inflation if that bersis into the medium term.

18
00:00:46,600 --> 00:00:47,960
Speaker 2: What's happening on you on the whole?

19
00:00:48,440 --> 00:00:50,320
Speaker 1: Yeah, on the balance, on the whole balanced and on

20
00:00:50,360 --> 00:00:53,880
Speaker 1: the whole sensible, which is good. It's what you want

21
00:00:53,920 --> 00:00:56,520
Speaker 1: from a reserve bank, right What about your rates? How

22
00:00:56,640 --> 00:00:59,480
Speaker 1: they have you increased them by how much and will

23
00:00:59,520 --> 00:01:00,320
Speaker 1: you in the future.

24
00:01:01,400 --> 00:01:04,000
Speaker 2: Well, the floating rates on hold, so we've got one

25
00:01:04,040 --> 00:01:06,360
Speaker 2: of the lowest floating rates out there at four ninety nine.

26
00:01:07,640 --> 00:01:10,040
Speaker 2: It's a fixed rates that are the one that's moving.

27
00:01:10,200 --> 00:01:12,920
Speaker 2: And so markets did up a little bit. I mean,

28
00:01:13,000 --> 00:01:15,920
Speaker 2: good news on the ceasefire in the Middle East, so

29
00:01:16,000 --> 00:01:19,800
Speaker 2: that certainly has helped markets. So that was actually a

30
00:01:19,800 --> 00:01:22,240
Speaker 2: positive effect, But it is, as you mentioned, it's quite

31
00:01:22,319 --> 00:01:25,920
Speaker 2: volatile right now. So I think the risks around those

32
00:01:25,959 --> 00:01:29,440
Speaker 2: fixed rates continue to move up, and the markets are

33
00:01:29,480 --> 00:01:32,759
Speaker 2: expecting more moves than the Reserve Bank at the moment,

34
00:01:32,880 --> 00:01:37,080
Speaker 2: So that's they're already coming forward from what was work

35
00:01:37,160 --> 00:01:40,600
Speaker 2: cast around December have now looking more like September for

36
00:01:40,680 --> 00:01:44,039
Speaker 2: those rises start coming through in the OCR here in

37
00:01:44,080 --> 00:01:47,880
Speaker 2: New Zealand. So that's that's the risks of those fixed

38
00:01:47,920 --> 00:01:50,200
Speaker 2: rates start to edge up more and that's the upper

39
00:01:50,200 --> 00:01:51,600
Speaker 2: pressure on those fixed rates.

40
00:01:51,800 --> 00:01:53,960
Speaker 1: Mark, what about your customers are they're getting in touch

41
00:01:54,000 --> 00:01:56,720
Speaker 1: saying today right now it's a tough time, we need help.

42
00:01:58,040 --> 00:01:59,920
Speaker 2: We're not seeing a lot of that in the consumer

43
00:02:00,280 --> 00:02:02,559
Speaker 2: retail market, Ryan, the I mean, it is a tough

44
00:02:02,600 --> 00:02:05,360
Speaker 2: time right now, but I think basically people are managing

45
00:02:05,400 --> 00:02:08,200
Speaker 2: through this. At the moment, we're not really seeing too

46
00:02:08,240 --> 00:02:11,800
Speaker 2: many advers and packs. I mean, it is a concern

47
00:02:11,880 --> 00:02:15,839
Speaker 2: I think for people this level of volatility, but people

48
00:02:15,880 --> 00:02:17,800
Speaker 2: are okay at the moment, and I think the rates

49
00:02:17,800 --> 00:02:20,639
Speaker 2: have been low so that's helped. So people have been

50
00:02:20,960 --> 00:02:23,880
Speaker 2: had to have some resilience out there. But you're keeping

51
00:02:23,880 --> 00:02:25,320
Speaker 2: a close eye on that and keeping in touch with

52
00:02:25,360 --> 00:02:28,360
Speaker 2: our customers to make sure they continue to manage themselves well.

53
00:02:28,520 --> 00:02:30,680
Speaker 1: Mark, appreciate your time this morning. Thanks for being with me,

54
00:02:30,720 --> 00:02:32,560
Speaker 1: Mark Bookshare Coopertive Banks CEO.

55
00:02:33,600 --> 00:02:36,560
Speaker 2: For more from Early Edition with Ryan Bridge, listen live

56
00:02:36,680 --> 00:02:39,720
Speaker 2: to News Talks it'd be from five am weekdays, or

57
00:02:39,760 --> 00:02:41,679
Speaker 2: follow the podcast on iHeartRadio