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Latest news and insights on banking and finance in Australia and New Zealand, as delivered in the daily 7am Banking Day email news service (subscribe or take out a free trial).

Comment: Greece tremors leave capital wondering
02 July 2015 7:19am
Is it global finance that has Alexis Tsipras and his once-eurosceptic Syriza Party at sixes and sevens over Greece's disentanglement from the easy credit that is a hallmark of a modern, integrated economy?
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FOS promises streamlined dispute handling
02 July 2015 7:10am
The Financial Ombudsman Services has kicked off a new dispute handing process, aiming to fast-track more disputes and give financial services providers more opportunity to resolve disputes before the ombudsman gets involved. » read more »
Small lenders fall into line on investor lending policies
02 July 2015 7:10am
Smaller lenders and mortgage managers have fallen into line with the big banks, tightening their underwriting for residential property investor loans. » read more »
Veda acquires ZipID
02 July 2015 7:08am
Veda has added a face-to-face customer identification capability to its suite of identification and fraud services, with the acquisition of ZipID. » read more »
Tax status of SMSF borrowing arrangements clarified
02 July 2015 7:07am
The Government has clarified the tax treatment of borrowing arrangements, such as limited recourse borrowing by self-managed superannuation funds and instalment warrants that use interposed trusts to hold geared assets. » read more »
Australia’s banks perform above par
02 July 2015 7:07am
Australia’s Big Four banks had a more profitable year in 2014 than most of their global peers, according to the Bank of International Settlements. » read more »
Payday lender Money3 refunds $100,000
02 July 2015 7:04am
Action by ASIC has seen Australia’s second-largest listed payday lender, Money3, end a two payments ‘fixed fee’ loan arrangement and to refund more than A$100,000 to consumers.
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Briefs: Chifley Securities lends $300m, ING points to decline in ATM use
02 July 2015 7:03am
Six months after its launch, non-bank commercial property lender Chifley Securities said it had written A$300 million in loans, and that its initial lending pool of $480 million had grown to $700 million. » read more »
Foreign news: Greece re-opens banks, Japan Post finance to float, Indian bank mergers continue, BNP bids for Indian life insurance
02 July 2015 6:50am
Greece’s finance ministry said 1,000 bank branches have re-opened until the end of the week to cater for pensioners who do not use cash cards for ATMs. » read more »
Retail deposits are drying up
01 July 2015 6:57am
The value of banks' retail deposits grew by just 0.1 per cent in May – the same month that the Reserve Bank cut the cash rate to two per cent. » read more »
Comment: Back to the drachma
01 July 2015 6:56am
A return to the drachma is the only real option for Greece, one warranted five years ago and badly needed now.

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