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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Why was it done?
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02 August 2004 12:00am
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What has it cost NAB shareholders?
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02 August 2004 12:00amIn addition to the $51.8 million (30 million) returned to the tax authorities and bank customers, NIB has agreed to meet the costs of the High Court investigation and those of several government departments involved. » read more »
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Reaction to NIB report
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02 August 2004 12:00amIreland's deputy prime minister, Mary Harney, who commissioned the inspector's report, said in a statement that the report is an astonishing catalogue of systematic overcharging and tax evasion. » read more »
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What are the lessons?
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02 August 2004 12:00amThis report is the latest in a line of critical reviews of different parts of the NAB group, although the events concerned pre-date both the HomeSide and currency options scandals. » read more »
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Allianz and Tower buy into AFG
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30 July 2004 12:00amAllianz and Tower Group will each invest $7.5 million for a five per stake each in Australian Finance Group, in an agreement that values the mortgage aggregator at $150 million. » read more »
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The best it gets at Adelaide Bank
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30 July 2004 12:00amLow doc and other loans priced at a premium to the standard market underpinned the momentum in earnings at Adelaide Bank, which reported its result for the full year to June 2003 yesterday. » read more »
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RBNZ endorses Westpac NZ mainframe move
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30 July 2004 12:00amWestpac appears to have been more successful in some of its negotiations with New Zealand regulators about its trans-Tasman computer operations than ANZ. » read more »
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IFRS to increase volatility of Westpac's earnings
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30 July 2004 12:00amCompliance with new international financial reporting standards will cost Westpac around $26 million, according to the bank's chief financial officer, Phil Chronican. » read more »
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Basel II reduces Westpac's risk weighted assets
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30 July 2004 12:00amWestpac's risk weighted assets should fall by at least 25 per cent under the new Basel II capital accord, according to chief financial officer, Phil Chronican. » read more »
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Cost cuts salvage HBOS profit
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29 July 2004 12:00amCost cuts offset subdued growth in revenues, below average growth in receivables and a rise in the charge for bad debts to ensure moderate profit growth at HBOS's Australian businesses in the first half of 2004. » read more »
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Cards rewards take a dive
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29 July 2004 12:00amThe appeal of some credit card reward schemes will be in for another knock, with Air New Zealand expected to announce a devaluation of its Airpoints-branded frequent flyer point scheme. » read more »
