The ANZ Banking Corporation Ltd and Westpac Banking Corporation said today they cannot guarantee passing on any interest rate cut made by the Reserve Bank of Australia.

As the first of the major banks to front a Parliamentary inquiry into competition in banking, the ANZ was grilled over its stance on interest rates.

"We would like to cut those interest rates but we will have to assess what is happening to our funding costs at that time," said ANZ's managing director for mortgages, Michael Rowland.

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