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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NZ tax clamp costs Westpac $85ml
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04 October 2004 12:00amWestpac said that the now disputed structured finance transactions in New Zealand were expected to contribute around $85 million to pre-tax revenue in 2004, equal to about 2.5 per cent of the bank's profit. » read more »
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ANZ denies New Zealand tax liability
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04 October 2004 12:00amANZ Bank on Friday spelled out in more detail its potential liability for income tax on a series of structured finance transactions undertaken over the last four of five years. » read more »
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Challenger quits margin lending
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04 October 2004 12:00amMacquarie Bank has bought Challenger Financial Services' $150 million margin lending portfolio. Macquarie didn't say how much it paid. Challenger bought the business from Citigroup several years ago, but recorded below average growth in this segment. » read more »
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Low docs drive Interstar growth
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29 September 2004 12:00amChallenger's Interstar brand continues to win an above average share of growth in Australia's home loan market, with the lender reporting (via Standard & Poor's) a current loan balance of $13.8 billion at 31 July 2004, or 10.4 per cent more than the last available comparison of $12.5 billion at December 2003 (reported by the company). » read more »
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Yield improves on DJ's card portfolio
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29 September 2004 12:00amRetailer David Jones bumped up earnings from its credit card business in the year to July 2004 by $5.6 million, or 25 per cent to $27.7 million. » read more »
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Fahour walls himself in
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29 September 2004 12:00amAnd finally, an update on yesterday's report on new management line up for National Australia Bank's Australian bank. » read more »
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Ending the trans-Tasman confusion
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28 September 2004 12:00amKey controversies in the theory and practice of banking regulation deserve to push themselves to the forefront of bureaucratic process, announced by New Zealand's finance minister, Michael Cullen on Friday, that would lead to some sort of harmonisation of the banking rules in Australia and New Zealand. » read more »
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No relief for Westpac
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28 September 2004 12:00amCutting the regulatory manual down to size ought to realise some real savings in the costs of regulation, but if the early mail is right, there's not much to look forward to in the forthcoming review. » read more »
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Fahour lines up new team for NAB's Australian bank
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28 September 2004 12:00amNational Australia Bank has announced several senior appointments as it moves to integrate its Australian banking division. » read more »
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Reserve backs deposit insurance
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24 September 2004 12:00amDeposit insurance might make its way onto the banking agenda after the federal election, with the Reserve Bank of Australia once again sticking its neck out and calling for the adoption of this approach in its half yearly Financial Stability Review, published yesterday. » read more »
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RBA goes cold on hot money
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24 September 2004 12:00amThe Reserve Bank's Financial Stability Review is an interesting read, if only for an efficient tour of a lot of the key data about the banking industry. » read more »
