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Wayne Byres, APRA Chairman spoke at the Financial Stability Institute (FSI) Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) – Basel Committee on Banking Supervision (BCBS) High Level Meeting, Sydney in Sydney. He gave APRA a good wrap for is progress on the Basel based supervisory framework. His comments on their mortgage sector interventions were, … Continue reading “APRA Gives APRA A Good Wrap”
From The Conversation. Every 10 to 15 years it’s the same. Ever since financial deregulation in the 1980s we’ve had a finance industry scandal followed by an inquiry, a quick fix, and a declaration that it shouldn’t happen again. In the early 1990s there were royal commissions into the A$1.7 billion Tri-continental/ State Bank Victoria … Continue reading “Hayne fails to tackle banks’ structure”
It will be worth watching the final round of hearings at the banking royal commission, which begins today. The chief executives of each of the big four will be recalled for reexaminations, via The Conversation. It might be the final time they appear in the same room. It might even be the last time … Continue reading “Why The Big Four Banks Soon Mightn’t Exist”
This week the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry published all of the initial submissions from organisations from across the sector, via InvestorDaily. Prior to the commencement of the public hearings, a number of entities were asked to provide the commission with information concerning instances of misconduct or conduct … Continue reading “Bankers, advisers engaged in forgery and theft”
APRA has released a paper on Loss-Absorbing Capacity of ADI’s. It shows that currently major Australian banks are at the lower end of Total Capital compared with international peers. As a result of proposed changes, major banks (Domestic systemically important banks in Australia, D-SIBs) will see their funding costs rise – incrementally over four years … Continue reading “Major Banks To Take Another Funding Hit; Thanks To APRA”
From The Conversation. “Did you think to yourself that taking money to which there was no entitlement raised a question of the criminal law?” Commissioner Kenneth Hayne asked Nicole Smith, who resigned as chair of NAB’s superannuation trustee, NULIS, a little more than a month before she fronted the banking royal commission. “I didn’t,” Smith … Continue reading “We need regulators to act in the public interest”
New data suggests that our four major banks are less well capitalised than you might expect, so today we discuss the implications. Back in 2014, ex-Commonwealth Bank of Australia chief David Murray lead a financial system inquiry which recommended that Australia’s banks should maintain “unquestionably strong” status from a capital perspective. Specifically, to avoid issues … Continue reading “Are Our Major Banks “Unquestionably Strong”?”
CBA has rejected claims it broke the law, pointing to an obscure loophole in the Criminal Code and stating that it was “genuinely of the belief” that it was doing the right thing. Great legal minds are trying to find ways to explain the banks conduct and avoid the worst potential consequences! This from InvestorDaily: … Continue reading “CBA says breaking the law was an ‘honest mistake’”
Welcome to the Property Imperative Weekly to 1st September 2018, our digest of the latest finance and property news with a distinctively Australian flavour. Locally the bad news keeps coming, while US markets remain on the boil. And by the way, if you value the content we produce please do consider joining our Patreon programme, … Continue reading “Poles Apart – The Property Imperative Weekly 01 Sept 2018”
The banking royal commission has caused a massive erosion of consumer trust in financial services – and it’s up to the industry to stop it, according to a new survey, via InvestorDaily. New findings from a survey by financial services marketing agency Yell and research firm Ipsos, conducted in June during the royal commission, has … Continue reading “Finance Sector Must Address Trust Deficit”