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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Fitch acquires enterprise risk management vendor Algorithmics
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22 December 2004 12:00amFitch Group, the parent company of Fitch Ratings, agreed last Friday to buy Algorithmics Inc. for US$175 million. » read more »
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No need for bank spin in this media market
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22 December 2004 12:00amHow has the media performed during 2004 in shining a light into the darker corners of this vital industry? As usual, greater investment in Energizer batteries is required. » read more »
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Eftpos displaces credit during the first year of interchange reforms
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20 December 2004 12:00amData published at the end of last week by the Reserve Bank of Australia on the use of payment cards for the month of October 2004 provides data for the first full year since the payments regulator forced banks to lower the level of interchange fees paid to each other on credit card transactions. » read more »
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Merchants wrangle with APCA over Eftpos reform
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20 December 2004 12:00amMerchants opposed to any reform of Eftpos interchange and the Australian Payments Clearing Association have exchanged some pretty pointed, and public, correspondence over the last week that gets to the heart of the Reserve Bank of Australia's deliberations over what form the regulation of the Eftpos debit network, if there is to be any regulation, should take. » read more »
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Munro nabs lieutenants from CBA
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20 December 2004 12:00amCommonwealth Bank is the recruiting ground of choice for National Australia Bank, with two more senior executives in the payments or "working capital services" division of the bank deciding to jump to National Australia Bank. » read more »
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BankWest caps high yield accounts
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20 December 2004 12:00amBank of Western Australia placed a cap on deposits in its high yield TeleNet Saver account at $1 million, in a step designed to exclude professional investors from taking advantage of the unusually high interest rate on the account. The bank also lowered the age of eligible depositors to 12 from 18. » read more »
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ANZ and Commonwealth start the squeeze on brokers
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16 December 2004 12:00amIn his insider account of the behaviour of banks in Australia, Naked Among Cannibals, Graham Hand, a former deputy treasurer at State Bank of New South Wales writes of a practice he terms "mating calls". » read more »
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ANZ cuts trailer commission by five basis points
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16 December 2004 12:00amANZ Bank advised the largest mortgage broker groups and aggregators of its planned reductions in broker commissions at meetings on Tuesday afternoon. Lesser brokers, including some pretty large ones, learned of the changes in an email yesterday morning, with the bank making a public announcement yesterday afternoon. » read more »
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CBA plans copycat cuts to trailer commissions
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16 December 2004 12:00amThere's plenty of speculation that Commonwealth Bank is about to advise brokers of changes to commissions from next year. » read more »
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Aggregators rankled over ANZ lead
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16 December 2004 12:00amMajor aggregators and brokers aren't happy with ANZ's actions to reduce broker commissions across the board. » read more »
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Mortgage Choice earnings will fall
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16 December 2004 12:00amA five basis point in commissions translates into a material reduction in revenues and earnings at some brokers and aggregators. » read more »
