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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Laker cautions high growth targets in housing lending
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11 November 2004 12:00amNational's decision to dump its caution in home lending, and also in business banking, provides an interesting contrast to the theme of the speech by John Laker, head of the Australian Prudential Regulation Authority at a conference organised by East & Partners. » read more »
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Card issuers face charges over currency conversion fees
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10 November 2004 12:00amSeven credit card issuers must answer criminal charges that the New Zealand Commerce Commission said it would file in relation to the disclosure of currency conversion fees on credit card transactions undertaken outside New Zealand. » read more »
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No need for deposit insurance, says Westpac
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10 November 2004 12:00amAsked t Monday's media briefing on the bank's full year profit about the prospect of Australia adopting deposit insurance, Westpac managing director David Morgan said a that: "I do not support that. The prudential regime in this country has served us very well without formal deposit insurance." » read more »
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Suncorp ponders takeover options
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10 November 2004 12:00amSuncorp managing director John Mulcahy told a Brisbane lunch yesterday that the financer would consider taking over rival or related financial services providers in the event that one of them faltered. » read more »
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No IFRS impact on prudential standards before July 2005
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10 November 2004 12:00amThe Australian Prudential Regulation Authority has advised banks and other regulated institutions that it would not make any changes to prudential and reporting standards as a result of the introduction of International Financial Reporting Standards before 1 July 2005 at the earliest. » read more »
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Banks can expect a meaningful reduction in capital under Basel II
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10 November 2004 12:00amIn its 2004 annual report, the Australian Prudential Regulation Authority said in a discussion of the transition to the Basel II regulatory capital framework (now scheduled for 2008) that for banks adopting "the more advanced approaches" to measurement of risk and capital, then "other things being equal, [they] can expect a meaningful reduction in minimum regulatory capital requirements." APRA did not quantify this estimate any further. » read more »
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Fewer banks behaving badly
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10 November 2004 12:00amFinancial institutions supervised by the Australian Prudential Regulation Authority, including deposit taking institutions, may be operating on a sounder footing than they were a year ago, if the number of more intrusive actions by the regulator is any measure. APRA said in its annual report for 2003/04 that: » read more »
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Banks warned on housing lending and internet banking
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10 November 2004 12:00am
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ACCC alleges Wizard is a repeat deceiver
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10 November 2004 12:00amThe Australian Competition and Consumer Commission has decided to take action in the federal court against Wizard Home Loans for misleading and deceiving advertising, in what is at least the third time in five years » read more »
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Westpac finds a formula for business banking
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09 November 2004 12:00amAbove average growth in business lending in Australia and improved profits from the institutional bank helped Westpac offset a lacklustre sales effort in the mortgage market in the September half year, though overall returns for the bank flagged over the last six months. » read more »
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Distribution in reverse in the second half
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09 November 2004 12:00amWestpac said that the cash earnings for its business and consumer banking business increased seven per cent to $698 million in the September 2004 half from $652 million in the March 2004 half. » read more »
