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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AFIG selling bonds, not shares
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25 June 2004 12:00amAustralian Mortgage Securities, the funding arm of the Australian Financial Investment Group, has filed a prospectus with the US SEC to sell $1.6 billion in mortgage-backed bonds in a global deal over the next few weeks. The bond pool includes "low doc" loans equal to 10 per cent of the pool. » read more »
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Mortgage Choice plans capital strip
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25 June 2004 12:00amMortgage Choice plans to return virtually all capital and retained profits to existing shareholders ahead of any listing. » read more »
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Feds shelve PC proposals for housing market
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25 June 2004 12:00amBanks and alternative mortgage providers will be both relieved and pleased with the results, and the response to, the Productivity Commission's report into first home ownership. » read more »
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National transaction business underperforms
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23 June 2004 12:00amNational Australia Bank's core transaction infrastructure appears to be underutilised in comparison to the rest of the market either that, or National's relatively well-heeled customers are much smarter at planning their payments; or maybe they make much more use of credit cards. » read more »
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NAB follows ANZ lead on accounts
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23 June 2004 12:00amANZ Bank may deserve some credit for being the price leader in the transaction banking space, even though one of National Australia Bank's two new consumer transaction accounts is probably the most attractive offer in the market. » read more »
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Mortgage Choice business grows 40 per cent
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23 June 2004 12:00amRelying on second hand reports of yesterday's institutional investor briefing with Mortgage Choice managing director Paul Lahiff ahead of that company's forthcoming initial public offering, it looks like Mortgage Choice's (published by Fairfax and Crikey): » read more »
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Mortgage Choice float primed
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22 June 2004 12:00amToday's Sydney Morning Herald reports that the float of mortgage broking franchisor Mortgage Choice will definitely proceed. The newspaper reports that, through an initial public offer, Mortgage Choice: » read more »
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Testra gives back to investment banks
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22 June 2004 12:00amTelstra had a surprise present in store for grumbling banks, cranky at the end of last week about having to accept a payment of 41 cents in the dollar on a US$1.5 billion loan advanced by a syndicate of banks to the Reach bandwidth joint venture. » read more »
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Ombusdman looks for looser limits
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22 June 2004 12:00amThe $150,000 limit on the size of disputes handled by the Banking and Financial Services Ombudsman may be extended, as part of a periodic review by the BFSO of its operations. » read more »
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NAB appoints Michael Chaney to board
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22 June 2004 12:00amAs leaked long ago, National Australia Bank will appoint Michael Chaney, the former managing director of Wesfarmers, as a board member. » read more »
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ABA bemoans costs of regulation
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22 June 2004 12:00amANZ Bank managing director, and also chair of the Australian Bankers Association, John McFarlane, yesterday put a price on the regulatory load. » read more »
