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Most Storm claimants compensated by CBA
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09 September 2010 6:41amCommonwealth Bank compensated more than 1500 victims of Storm Financial for investment losses, The Australian reported. » read more »
- Five vendors bid for CUA work
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09 September 2010 6:41amFive technology vendors have been selected by Credit Union Australia to receive request for tenders for the firm's core system overhaul. The system being replaced was one developed by CUA in-house many years ago. » read more »
- Banking Day backgrounder: Basel III
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Banking Day's guide to the new global rules designed to forestall the next financial crisis. » read more »
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Tax discount on interest income deferred
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08 September 2010 7:29amThe planned discount of 50 per cent on interest on the first $1000 of interest earned on deposits will be put off for one year to help fund additional government spending in regional Australia. » read more »
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Basel could set six per cent Tier 1 minimum
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08 September 2010 7:26amReports over the past 24 hours say proposed Basel III Rules may set banks’ Tier 1 capital at a minimum six per cent of assets. The figure is at the high end of previous expectations. » read more »
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Debt industry seeks answers on fees
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08 September 2010 7:19amDebt industry representatives will meet with officials from the federal government’s Insolvency & Trustee Service Australia service in Brisbane tomorrow and are expected to ask for clarification of new fees for Part IX Debt Agreements which have been announced for introduction on 1 October. » read more »
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Debt agreements good for creditors but tight business
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08 September 2010 7:19amThe 2010 bankruptcy reforms were designed by Labor to encourage more insolvent consumers into Part IX debt agreements and away from full bankruptcy. » read more »
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New competitors bypass debt agreements
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08 September 2010 7:18amDeborah Southon, director of Fox Symes, acknowledges there are no major competitors left in debt administration and it is hard for new entrants to come in; but consumers are bypassing formal debt agreements altogether with their life-long insolvency implications. » read more »
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Medieval bankruptcy laws remain
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08 September 2010 7:18amIn the middle of the election campaign, the minimum debt for a creditor-initiated bankruptcy went up from $2000 to $5000, half of the $10,000 limit that Labor previously talked about. The rest of the changes to bankruptcy laws come into effect on 1 October. » read more »
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First-home buyers re-emerge
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08 September 2010 7:17amStabilisation in house prices, combined with greater competition in mortgage lending, has given first-home buyers the incentive to get back into the property market. Mortgage aggregator AFG reported yesterday that sales to first-home buyers made up 11.7 per cent of the loans written by its brokers in August, an increase from 11.1 per cent in July and 9.5 per cent in June. » read more »
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Genworth relaxes underwriting criteria
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08 September 2010 7:17amMortgage insurer Genworth Financial has started to relax its underwriting criteria, reflecting its view that the home loan market has stabilised after a volatile couple of years in 2008 and 2009.
» read more »
