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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Jinan City a long term investment
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10 February 2005 12:00amCBA chief executive David Murray yesterday said that the bank hoped that through skills transfer, its investment in an 11 per cent stake in Jinan City Commercial Bank in China would evolve into a broader investment in banking opportunities in that country. » read more »
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NAB's fixation with the south of England
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09 February 2005 12:00amNational Australia Bank's four and a half hour presentation on its UK strategy to analysts on Monday contained a lot of material, but lacked some significant information. Closer to a sales pitch for the strategy selected by management than an informed analysis of its strategic options, it was long on rhetoric about the opportunities in the UK market and short on quantification of the costs, benefits and timings. » read more »
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APRA frets over commercial loan security
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09 February 2005 12:00amJohn Laker, executive chair of the Australian Prudential Regulation Authority used an interview with the Financial Review renewed to expand on past warnings to banks about their lending standards. » read more »
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Sydney property prices in decline
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09 February 2005 12:00amThe Sydney Morning Herald reports that CPM Research estimte that the median price of houses sold at auction in Sydney fell by 14 per cent to $760,000 between November and January. » read more »
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APRA prepares rulings on Basel II and IFRS
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09 February 2005 12:00amAPRA executive chair John Laker told the Financial Review that the regulator would publish their local rulings on the adoption of Basel II and International Financial Reporting Standards soon. » read more »
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Reserve primes debt bomb
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08 February 2005 12:00amThe debt serving ratio for the household sector resumed its rise over the last quarter. The Reserve Bank of Australia in its quarterly statement on monetary policy estimated that interest payments as a proportion of disposable income increased to 9.3 per cent in the September 2004, up from a little more than nine per cent in the June 2004 quarter. The RBA said this ratio was expected to rise further. » read more »
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S&L beats budget in December half
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08 February 2005 12:00amAdelaide-based Savings & Loans recorded a pre-tax profit of $7.70 million in the half year to December 2004, and a net profit of $5.39 million in the half. The Adelaide-based credit union reported a full year profit $14.1 million in the year to June 2004, and a full year net profit of $10.7 million. » read more »
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ACCU back to normal
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08 February 2005 12:00amAustralian Central Credit Union managing director Peter Evers said yesterday that the sales pattern for new consumer credit and home loan business was "back to normal" in January, meaning that there was a lull in sales, more in line with the Australian tradition of a slow mid-summer break. » read more »
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NAB makes few profit promises for British banks
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08 February 2005 12:00amIn a four and a half hour presentation, National Australia Bank yesterday attempted to justify to analysts its strategy for rejuvenating its remaining franchises in Britain, Clydesdale and Yorkshire banks. » read more »
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BOQ buys Autocash
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08 February 2005 12:00amBank of Queensland yesterday said it paid $800,000 for Autocash Systems Australia, a Sydney-based independent deployer of automatic teller machines. » read more »
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Mortgage origination declines but profit rises for Australian Central
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07 February 2005 12:00amNew business at Australian Central Credit Union crashed in the December half, with the Adelaide-based bank advancing 42 per cent less in loans over the half than in the first half of calendar 2004. » read more »
