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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Uniform regulation proposed for mortgage brokers
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13 December 2004 12:00amThe regulatory impact statement on regulation of finance brokers published by state and territory consumer affairs ministers yesterday proposes to establish a scheme of uniform legislation specific to mortgage brokers. » read more »
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GFG drives BNZ and Vodafone mobile phone recharge
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13 December 2004 12:00amAuckland-based payments technology GFG Group is the vendor behind the mobile Eftpos recharge system being trialled by Bank of New Zealand and Vodafone. As reported yesterday, the pair are trialling a service under which Vodafone customers would be able to purchase airtime using only their mobile phone, which in turn would debit funds from a linked BNZ bank account. Post-paid customers will also be able to use the service. » read more »
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Rabo in a pickle over St George club loan
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13 December 2004 12:00amThe pitfalls of relatively aggressive growth strategies by regional banks in middle market business banking are on show in a case between St George Bank and Rabobank, which is at the early stages of winding its way through the Federal Court. » read more »
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Credit growth falls well below trend
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13 December 2004 12:00amThe annualised rate of credit growth has declined further over the last quarter; with the rate of growth now well below the trend line. Coupled with the second decline in retail sales growth in four months reported yesterday, and the outlook for credit growth in the banking industry must be a lot more subdued than the business plans of many lenders. » read more »
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Atlantic solution beckons for NAB's Irish banks
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13 December 2004 12:00amLazard, the investment bank advising National Australia Bank over the sale of Northern Bank and National Irish Bank, is steering The Sunday Times to some pearlers that no are doubt intended to help warm up a sluggish sale process. » read more »
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Unprincipled executive remuneration at National
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13 December 2004 12:00amThe principles of performance-based remuneration for most of the working population are pretty straightforward to understand. » read more »
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Top trio fired, but well rewarded
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13 December 2004 12:00amStarting at the top, former chief executive Frank Cicutto "resigned" on 1 February, in the midst of the currency options debacle, and walked away with a payment of $6.3 million. Around half of this relates to statutory entitlements annual leave, long services leave and so on that Cicutto had accumulated over his 30-odd years with the bank and another $1.3 million was for deferred bonuses from previous years. » read more »
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Rich handcuffs for National's new team
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13 December 2004 12:00amFollowing the axing of Ian Scholes and Chris Lewis in March, the new chief executive John Stewart also announced that John Hooper had been appointed acting head of corporate and international and Graeme Willis acting head of risk management, until a recruitment process for replacements was completed. » read more »
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Five thousand a week take NAB's smart option
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13 December 2004 12:00amNAB's annual report includes a handful of items of new data on the state of its business. These include: » read more »
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Clumsy Aussies and unaccountable Kiwis
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13 December 2004 12:00amNational's taken a misguided leaf out of Westpac's publics relations book, and burned through who knows how much fossil fuel in the preparation of a "corporate social responsibility report", a document which threatens to be an annual affair. » read more »
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The killing of Ion
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10 December 2004 12:00amThe metaphor in the headline to yesterday's lead was misplaced; the bankers to Ion are not nursing loans in default to the automotive components manufacturer: they strangled the company. » read more »
