Banking sector competitive - Westpac

Westpac says any inquiry into banks' charging of interest rates would be unlikely to add value to the current debate.

Both Labour and the Greens want an official inquiry into why bank charges on mortgages and credit cards have not fallen in line with cuts to the Official Cash Rate.

Westpac chief executive George Frazis says the New Zealand banking sector is competitive, highly regulated and individual bank performance is very transparent.

He says while the focus has been on lending interest rates, the bigger imperative to an economy seeking to grow out of recession is access to credit.

Frazis says Westpac has maintained an 'open for business' approach at a time when many banks in other parts of the world have been forced to turn off the tap to borrowers.

- NEWSTALK ZB