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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CECS cleared by ACCC
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19 October 2004 12:00amIn the manoeuvring around control over and access to the Eftpos system, the incumbents have succeeded in securing endorsement from the Australian Competition and Consumer Commission for the rules and manual that govern the handling of ATM and Eftpos payments between banks and acquirers. » read more »
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Regional banks consider cheque processing options
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19 October 2004 12:00amRegional banks are debating the merits of outsourcing their cheque processing to the joint venture under development by three large banks, while also considering the merits of pooling their own cheque processes in joint venture that would look after small banks separately to the interests of the majors. » read more »
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Westpac secures loan guarantees for Genesis financing
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18 October 2004 12:00amWestpac has secured an indirect guarantee of New Zealand government support for Genesis' proposed gas-fired power station at Huntly, with the government undertaking to prop up Genesis' revenues derived from the plant. » read more »
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Public housing ready to steady the investment cycle
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18 October 2004 12:00amInflation has clearly replaced employment, output and growth as the overriding target of economic policy. » read more »
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Flats on the slide in Sydney
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18 October 2004 12:00amThe prices of Sydney houses and flats fell over the last two months, wiping out those gains made in the early part of 2004 have been lost, Harry Triguboff, Sydney's busiest builder of flats told The Australian. » read more »
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Bank of Queensland targets 31 per cent return on home loans
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18 October 2004 12:00amReturning to Bank of Queensland's earnings for the year to August 2004, of which only the core earnings made it into Friday's edition: » read more »
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BOQ Equipment Finance acquisition excceds plan
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18 October 2004 12:00amThe reported results for Bank of Queensland's recently purchased equipment finance arm, the former UFJ Finance, show that sales from the purchased business increased by 50 per cent and customer numbers increased by 32 per cent over the course of the year. BoQ bought UFJ Finance early in the bank's financial year. » read more »
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ATM transactions increase 17 per cent
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18 October 2004 12:00amBank of Queensland's automatic teller machine subsidiary, ATM Solutions, may have exceeded the business plan, with a 58 per cent leap in the number of ATMs to 1661 over the full year. The bank owns another 143 ATMs directly. » read more »
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Fahour a fast learner
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18 October 2004 12:00amNational Australia Bank group chief executive John Stewart told the Sydney Morning Herald he picked former Citibank Australia head Ahmed Fahour as NAB's Australian chief, because: "His brainpower is truly frightening, but that's secondary to his people skills. He's a listener. He has fantastic energy. This guy absorbs everything really quickly. » read more »
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Diners Club transactions average $200
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18 October 2004 12:00amDiners Club's Australian chief told the Financial Review that the card brand had attracted a net 10,000 new merchants over the past 12 months, a level of growth that Moray McDonald says is satisfactory. » read more »
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Bank of Queensland starts to reap the rewards
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15 October 2004 12:00amA further decline in the group's interest margin and an admission that the bulk of the bank's sales were in low margin home loan products took some gloss off the full year profit for Bank of Queensland in the year to August 2004. » read more »
