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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RBNZ considers higher capital requirements for NZ banks
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02 July 2004 12:00amThe Reserve Bank of New Zealand is considering an increase in the minimum capital requirement for NZ banks, separately from any changes resulting from the new Basel II capital accord. » read more »
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Motorcharge brightens ReD profit
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02 July 2004 12:00amThe cards and payments business is said to earn above average profits. It is also said that war is good for business. And in combination, the two look like an attractive combination, if the Motorcharge fuel payment card business in Australia is any guide. » read more »
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ERG cleans up Proton debt
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02 July 2004 12:00amSmart card and transit ticketing integrator ERG appears to have negotiated a reduction in the $28 million deferred payment due to the vendors of Proton World, a short lived investment the company bought in 2002and sold in 2003 at a $56 million loss. » read more »
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ADIs to pay for increased regulation costs
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02 July 2004 12:00amThe increased cost of supervising banks and other deposittakers by the Australian Prudential Regulatory Authority will be funded byhigher levies on the industry, according to assistant treasurer Helen Coonan. » read more »
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RBNZ considers higher capital requirements for NZ banks
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02 July 2004 12:00amThe Reserve Bank of New Zealand is considering an increasein the minimum capital requirement for NZ banks, separately from any changesresulting from the new Basel II capital accord. » read more »
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Motorcharge brightens ReD profit
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02 July 2004 12:00amThe cards and payments business is said to earn aboveaverage profits. It is also said that war is good for business. And incombination, the two look like an attractive combination, if the Motorchargefuel payment card business in Australia is any guide. » read more »
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ERG cleans up Proton debt
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02 July 2004 12:00amSmart card and transit ticketing integrator ERG appears tohave negotiated a reduction in the $28 million deferred payment due to thevendors of Proton World, a short lived investment the company bought in 2002and sold in 2003 at a $56 million loss. » read more »
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APRA revives banking statistics
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01 July 2004 12:00amNew monthly banking statistics released yesterday by the Australian Prudential Regulatory Authority confirm the major banks' dominance of the Australian home loan market, with seventy five per cent of all on-balance sheet lending for housing coming from the Big Four. » read more »
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Mortgage Choice to distribute up to 100 per cent of profits
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01 July 2004 12:00amMortgage Choice yesterday published the prospectus relating to the company's share offer and planned listing on the stock exchange, which shows that the company expects: » read more »
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Trail income to offset new loan decline
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01 July 2004 12:00amUsing the forecast 2004 financial details as actuals (given the company published the prospectus on the last day of the financial year): » read more »
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Franchisees extract rising share of commissions
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01 July 2004 12:00amThe prospectus provides some insight into the split of mortgage commissions between the company (which aggregates all up-front and trailing commissions paid by the 28 lenders on its panel), and the franchisees. » read more »
