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IMF Says Sluggish Global Growth Calls for Supportive Policies

In the IMF’s July update of the World Economic Outlook they revised downward projections for global growth to 3.2 percent in 2019 and 3.5 percent in 2020. While this is a modest revision of 0.1 percentage points for both years relative to projections in April, it comes on top of previous significant downward revisions. The … Continue reading “IMF Says Sluggish Global Growth Calls for Supportive Policies”

Macquarie Bank, Rabobank Australia and HSBC Intra-Group Funding Warning From APRA

The Australian Prudential Regulation Authority (APRA) has required several banks to tighten the intra-group funding arrangements for their Australian operations.   Following a review of funding agreements across the authorised deposit-taking (ADI) industry, APRA has notified Macquarie Bank Limited, Rabobank Australia Limited and HSBC Bank Australia Limited that the reporting of their intra-group funding as … Continue reading “Macquarie Bank, Rabobank Australia and HSBC Intra-Group Funding Warning From APRA”

Preliminary Auction Results From 20th July 2019 [Delayed]

Belatedly I am posting the results released by Domain last Saturday, having received many requests for my normal post, which due to personal circumstances I was unable to make on the day. The volumes remain low, relative to last year, which might temper our attitude to the higher clearances… We also see many “prices withheld” … Continue reading “Preliminary Auction Results From 20th July 2019 [Delayed]”

The RBA On The Committed Liquidity Facility

The RBA’s Christopher Kent, Assistant Governor (Financial Markets) spoke about the CLF today. Look carefully, as banks effectively can cross collateralise via each others mortgage backed securities – what could possibly go wrong? I’d like to thank Bloomberg for the opportunity to speak to you about the committed liquidity facility (CLF). The CLF has been … Continue reading “The RBA On The Committed Liquidity Facility”

NAB revises home lending policy

NAB has updated its mortgage serviceability assessment policy, becoming the final big four bank to amend its policy in response to APRA’s new guidance.  Via The Adviser. It has lowered its interest rate floor to 5.5 per cent and increased its interest rate buffer to 2.5 per cent, effective for all new home loan applications from … Continue reading “NAB revises home lending policy”

APRA Proposes New Remuneration Standards

APRA) has released a draft prudential standard aimed at clarifying and strengthening remuneration requirements in APRA-regulated entities. This is in response to the fact that in the financial sector, APRA has observed an over-emphasis on short-term financial performance and a lack of accountability when failures occur, especially among senior management.  In a discussion paper released … Continue reading “APRA Proposes New Remuneration Standards”