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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Eftpos aspirants diverge on interchange fee reform
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26 October 2004 12:00amTwo entities that are seeking to push into the bank-dominated Eftpos debit card processing sector have revealed divergent views about the appropriate reform of the interchange fee regime that applies in the sector. » read more »
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Shared Eftpos fees worth $110 million a year to Coles Myer
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26 October 2004 12:00amBank of Queensland's submission to the Reserve Bank over Eftpos reform draws upon evidence provided by Coles Myer to the Australian Competition Tribunal in April, and applies an estimate or guesstimate or two, to infer that over the five years to June 2003, Coles earned $410 million in revenue, from National Australia Bank, in the form of acquirer fees. » read more »
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Visa debit users more profitable to credit unions
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26 October 2004 12:00amCredit Union Services Corp, the main central service organisation for credit unions, provided the RBA with some deeper insight into the use by credit union members of their Visa Debit cards, an alternative debit card favoured by small banks and which operates through the Visa network, with credit card-style interchange fees. » read more »
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Home sets low horizon
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26 October 2004 12:00amHome Building Society Tony Howarth told the bank's annual meeting yesterday the board had resolved to concentrate the bank's efforts within Western Australia, and presumably putting paid to any short-term or medium-term plans to seek growth in other regional markets. » read more »
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Homeloans targets mortgage trust
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26 October 2004 12:00amHomeloans Limited managing director Robert Salmon said in its annual report, published yesterday, that it now sourced 55 per cent of new business through wholesale distributors and mortgage brokers, and that there was "considerable opportunity for Homeloans to grow our share of this channel." » read more »
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Eight retails banks yet to adopt voluntary code
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26 October 2004 12:00amSmall retail banks are still to sign up to the revised, and voluntary, code of banking practice finalised by the industry last year. » read more »
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BFSO lifts cap by two thirds
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26 October 2004 12:00amThe board of the Banking and Financial Services Ombudsman will lift the scheme limit on compensation to $250,000, from a current cap of $150,000. The increased cap applies from December 2004. » read more »
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Finance company risk and disclosure practices challenged
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25 October 2004 12:00amThe quality and soundness and finance companies has become a repetitive theme of New Zealand commentators over recent weeks, with the government, researchers, and the media ringing a bell over the practices of an active sub-culture within the country's banking industry. » read more »
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Commonwealth backs City Pacific
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25 October 2004 12:00amCommonwealth Bank has emerged as cornerstone lender for one of Australia's fastest-growing finance companies, with the bank providing a standby debt facility to Brisbane-based City Pacific. » read more »
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Two fewer bidders for NAB's Irish operations
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25 October 2004 12:00am
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ASB model embraced by St George
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25 October 2004 12:00amSome third tier managers as St George Bank are looking for work after the bank consolidated most of the responsibility for customer facing staff under executive Andrew Thorburn. » read more »
