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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Low doc loan arrears worse than for prime loans
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04 April 2005 12:00amS&P said that the level of arrears on low documentation home loans were on average, trending higher than on loans where lenders fully verified the income of the borrower. S&P said this was expected to produce a marginal upward trend in the SPIN index for prime home loans over time, as low doc loans progressively represent a larger proportion of loans sold into securitised home loan pools. » read more »
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St George sorts out home loan data
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04 April 2005 12:00amSt George Bank's loss of market share in home lending in February is pretty marginal, rather than apparently pretty major as reported on Friday. » read more »
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Esanda seeks new investors
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04 April 2005 12:00amANZ Bank's finance company subsidiary Esanda over the weekend began to promote a high yield, at-call online deposit account with an interest rate of 5.55 per cent that could be classified as a competitor to the high yield accounts of BankWest, Citibank and others, and would be the highest interest rate on any at-call account offered by ANZ in Australia. » read more »
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ANZ drops Equity Trustees
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04 April 2005 12:00amAnd still on ANZ, the bank and Equity Trustees on Friday announced they'd mutually decided to can the planned merger of ANZ's trustee business with that of EQT. » read more »
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Mariner and Rothschild line up lease investors
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01 April 2005 12:00amInvestment bank Rothschild and fund manager Mariner Financial will jointly fund a new venture that may provide some stimulus to the asset finance and leasing market. » read more »
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St George and Westpac lag in home loan market
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01 April 2005 12:00amSt George Bank conceded more market share in the home loan market in Australia during February than the publicly worried Westpac, with other major banks, and non-bank lenders, all increasing their market share if the monthly banking statistics from the Australian Prudential Regulation Authority and the credit aggregates from the Reserve Bank of Australia are to be believed. » read more »
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Big banks finds flaws in RBNZ's outsourcing policy
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01 April 2005 12:00amThe Australian Bankers Association yesterday published recent submissions to the Reserve Bank of New Zealand that spell out in more detail the opposition of Australian banks to the more restrictive policies on outsourcing announced last year by the RBNZ, and which go on to make the case all over again for the effective unification of banking supervision across the two economies. » read more »
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NAB takes aim at syndication market
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01 April 2005 12:00amThe number of staff facing the axe at National Australia Bank in Australia is a variable estimate. The Finance Sector Union's quoted by AAP yesterday a saying it will be limited to 600, but there are estimates of job losses locally of 1,800, 2,000 and 3,000 in a variety of media reports today. The bank said on Wednesday that it would axe 1,700 jojbs in Britain over the next year or so. » read more »
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Restructuring decisions deferred at National
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31 March 2005 12:00amNational Australia Bank will defer decisions on planned restructuring charges relevant to its Australian, New Zealand and institutional banking business until the second half of the bank's financial year. The bank had previously foreshadowed that it would book restructuring charges in the first half, which ends today. » read more »
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NAB axes 10 per cent of British workforce
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31 March 2005 12:00amNational Australia Bank's management in Britain is taking faster decisions than their counterparts in Australia on the extent and cost of the restructuring required to reposition the bank. » read more »
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ANZ primary creditor of insolvent TEAC
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31 March 2005 12:00amANZ Bank is the primary secured creditor of TEAC Australia, the latest business to call in administrators in what's turned into a busy quarter for insolvency specialists. » read more »
