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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Mortgage Choice loses ground in December half
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28 February 2005 12:00amFranchised mortgage broking network Mortgage Choice is well on the way to meeting the full year profit projected in its prospectus issued six months ago, but the chain lost some market share in a softer mortgage market over the last half and is unlikely to achieve the bullish market share forecast used in the prospectus. » read more »
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Liberty embarrassed in Bluestone brawl
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28 February 2005 12:00amLiberty Financial suffered another court defeat is what is becoming a sequence of setbacks in its quest to relieve its competitor Bluestone of $32 million in damages for the alleged misuse of confidential information. » read more »
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Suncorp's banking return flat
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28 February 2005 12:00amSuncorp may be getting its act together in the consumer market; flogging higher margin home loans and high yield deposit accounts, and avoiding the margin squeeze common to most other banks. » read more »
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High margin loans drive Suncorp
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28 February 2005 12:00amIn defiance of the trends elsewhere in the regional banking sector, Suncorp's net interest margin increased to 2.31 per cent during the June half, up by one basis point from the June 2004 half, and up by seven basis points on the December 2004 half. By comparison, Adelaide Bank, Bendigo Bank and Home Building Society all experienced declines of around 12 basis points in net interest margins over the last six months. » read more »
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Suncorp considers closing mortgage insurance arm
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28 February 2005 12:00amSuncorp's chief financial officer Chris Skilton said on Friday that Suncorp would definitely alter the arrangements for its specialist Singapore-based insurance subsidiary, which shares in 50 per cent of the risk of the lenders mortgage insurance business directed by Suncorp to PMI in Australia. » read more »
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BNZ renews discounting in fixed rate mortgages
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28 February 2005 12:00amBank of New Zealand drove much of its competition to distraction with its apparently profitless "Unbeatable" home loan campaign during the spring. And now BNZ's rolled out a similar promise for the autumn home buying season. » read more »
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Mortgage Choice loses ground in December half
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28 February 2005 12:00amFranchised mortgage broking network Mortgage Choice is well on the way to meeting the full year profit projected in its prospectus issued six months ago, but the chain lost some market share in a softer mortgage market over the last half and is unlikely to achieve the bullish market share forecast used in the prospectus. » read more »
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AFIG profit jumps in second half
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25 February 2005 12:00amThe profit of GE Capital's new subsidiary, Australian Financial Institutions Group, may be improving even before the change of ownership. » read more »
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Reserve changes tack on interchange reform
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25 February 2005 12:00amThe Reserve Bank appears have made it clear during the latest round of consultations over the level and nature of interchange fees on debit cards and credit cards that its goal is the complete elimination of interchange in all payment systems. » read more »
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RBA proposes three quarter reduction in Eftpos interchange
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25 February 2005 12:00amThe Reserve Bank changed its tune on the preferred model for Eftpos interchange fees in the consultation paper. For a couple of years or more, the RBA had advocated abolition of Eftpos interchange. » read more »
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Small banks face two third reduction in Visa Debit revenue
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25 February 2005 12:00amFor Visa Debit, the RBA proposed to establish a benchmark interchange fee that would be based on the processing and authorisation costs used the credit card standard, but which excludes the interest free days component (as there's no credit component). » read more »
