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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Consumer credit stress eases
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24 September 2004 12:00amThe coalition's family payment give aways in the federal budget were good for one thing; they've sent the debt servicing ratio into reverse in the latest quarter. In a tour of consumer credit trends over the last six months, the RBA noted: » read more »
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General provisions too low for new style housing lending
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24 September 2004 12:00amThe Reserve Bank suggested in the Financial Stability Review that the level of banks' general provisions was too low, mainly because of the trend toward low doc and no doc loans, and other innovations in housing lending which means that banks aren't as prudent in providing home loans as they once were. » read more »
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Concentrated mortgage insurance sector a risk
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24 September 2004 12:00amThe RBA's also cottoned on to the "potential vulnerability of the reliance of banks on a small number of mortgage insurers." » read more »
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Listed capital trust may fund credit union growth
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23 September 2004 12:00amA group of more than 30 mid-sized or smaller credit unions is progressing with plans that would enable them to raise capital from beyond their traditional membership base, via a trust that would in turn seek outside capital and that may list on the Australian Stock Exchange. » read more »
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Cuscal confirms capital return
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23 September 2004 12:00amWhile some credit unions mull over what may amount to the most radical plan yet to underwrite the growth the sector, most credit unions will soon benefit from the release of capital by the sector's dominant central services provider, Credit Union Services Corp. » read more »
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Cuscal profit eases in second half
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23 September 2004 12:00amFinancial statements for Credit Union Services Corp for the year to June 2004 published yesterday show that: » read more »
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Banks chase credit union treasury management
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23 September 2004 12:00amCuscal's reorganisation has a lot further to run, with the credit union services organisation negotiating to hire the balance sheet of some other financial institutions, and thus further lighten the capital requirements of Cuscal. » read more »
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Corvis sold cheaply
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23 September 2004 12:00amCuscal's annual report clears up one detail from late last year relating to the sale by Cuscal of its Corvis banking platform to Ultradata, vendor of a rival banking platform, Ultracs. » read more »
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Coles Myer on cards target
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23 September 2004 12:00amColes Myer managing director John Fletcher said yesterday that the retail group, or more precisely its partner GE Money, was "about half way" to meeting its target of issuing more than one million Coles Myer Source MasterCards, and that the aim was to achieve that objective "some time after Christmas". » read more »
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Banks face minimum tax rate in NZ
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22 September 2004 12:00amBanks in New Zealand will have to pay a minimum rate of company from next year and shift more capital into their New Zealand operations, under changes to tax laws aimed solely at foreign-owned banks, meaning in practice at the four major Australian-headquartered banks. » read more »
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Harmonisation report still secret
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22 September 2004 12:00amIt probably won't now emerge until some time well after Australia's general election, but the finance ministries either side of the Tasman were working on a project to scope out greater harmonisation and cooperation in the field of bank regulation. » read more »
