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).
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Many Eftpos contracts not considered by RBA
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03 June 2005 12:00amBy demand, this newsletter resumes its coverage of the merchants' legal challenge in the Federal Court to the Reserve Bank of Australia's "designation" and planned regulation, of the Eftpos debit card payment network in Australia. » read more »
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RBA maintains its silence in court
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03 June 2005 12:00amOne flaw in the Federal Court's hearing into Eftpos is that the Reserve Bank isn't calling anyone from its payments policy area, or the responsible assistant governor, or any members of the Payments System Board to give evidence. » read more »
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Payments System Board on a regulatory mission
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02 June 2005 12:00amThe Payments System Board of the Reserve Bank is getting progressively more gung ho over the exercise of its powers over aspect of Australia's payments systems. » read more »
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PSB dictates price of entry to Eftpos
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02 June 2005 12:00amBanks will have to agree to reduce the price of entry to the Eftpos network to around $78,000, per bank, from a mooted level closer to somewhere between three times and six times that amount if they are to side step a threat by the Reserve Bank of Australia to regulate access to the debit card payments network. » read more »
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BPay's interchange fees already transparent
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02 June 2005 12:00amNot only did the Payments System Board of the Reserve Bank propose to impose an access regime on the Eftpos network, the RBA also threatened to regulate the banks bill payment entity, BPay, which the bank operate through a commonly owned company, Cardlink Services. » read more »
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Diners Club faces RBA regulation
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02 June 2005 12:00amThe Payments System Board of the Reserve Bank at its most recent meeting must have been on some sort of mission, because there's a third element to the proposed regulations. » read more »
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NAB and Westpac increase business lending
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02 June 2005 12:00amAmong the major banks, National Australia Bank and Westpac increased their lending to businesses in April, measured as loans and acceptances to non-financial organisations. Commonwealth Bank saw a reduction its loan book and ANZ remained steady. » read more »
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BankWest takes the low road on credit card marketing
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02 June 2005 12:00amIt pays to read the fine print, which with the guidance of the Sydney Morning Herald, this newsletter's now done with the respect to the BankWest "zero MasterCard". » read more »
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HBOS Australia pro-forma cuts profit by $16 million
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02 June 2005 12:00amBritish bank HBOS yesterday republished its entire financial statements for the December 2004 year to take account of the introduction of international financial reporting standards. » read more »
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Pepper turns into a low-doc lender
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01 June 2005 12:00amThe bulk of Pepper Home Loans' non-conforming and sub-prime loans are being made under a variant of the low documentation and also "no doc" approach to lending, with close to four loans out five made with only a limited scrutiny of a borrower's earnings and ability to pay. » read more »
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GE Capital loss really a profit
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01 June 2005 12:00amGE Capital is taking some steps toward the simplification of its otherwise opaque corporate structure in Australia, though when it is that outsiders may get any kind of handle on the financial results on one of few serious foreign-owned challengers to the dominance of Australia's largest banks isn't too clear. » read more »
