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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Low lending in Britain justified by income
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02 June 2004 12:00amWith its investigation into low doc mortgage borrowers, the Australian Taxation Office appears to be treading a similar path to Britain's Financial Services Authority, albeit for different reasons. » read more »
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A multitude of sins in low doc loan commentary
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02 June 2004 12:00am
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Tax office targets low doc borrowers
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01 June 2004 12:00am
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Adelaide Bank wraps low doc loans
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01 June 2004 12:00amAdelaide Bank have taken an unusual dose of additional insurance on a proposed $800 million securitisation of low doc loans, in a structure that features primary mortgage insurance, pool mortgage insurance and a financial guarantee from monoline insurer Ambac. » read more »
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Housing credit growth estimates revised down
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01 June 2004 12:00amThe Reserve Bank of Australia has revamped its closely-watched monthly series on credit aggregates, with data published yesterday for the month of April 2004 now extended to include securitised home loans in the estimates of housing credit and overall private sector credit. » read more »
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Business credit growth bounces back
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01 June 2004 12:00amA recovery in the volatile monthly series on business credit underscored a doubling in the rate of private sector credit growth in Australia in April, with measures of consumer credit fairly flat. » read more »
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Frank Conroy to retire from St George
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01 June 2004 12:00amSt George Bank's chair Frank Conroy said he would retire from the board at the end of the year, more than nine years after joining the board. » read more »
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Bank of Ireland's Michael Soden snared by internet misuse
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31 May 2004 12:00amFormer National Australia Bank executive Mike Soden has resigned his $2.5 million a year position as chief executive of the Bank of Ireland after he was caught accessing an escort agency website from his office computer. » read more »
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Investec meeting its mission'
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31 May 2004 12:00amInvestec at the end of last week declared that its subsidiary in Australia was "well on the way to meeting its mission to be a successful specialised partner of choice in the creation of distinct value in select niche activities", after reporting a 65 per cent increase in profit. » read more »
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AMP Bank still in the red in Australia
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31 May 2004 12:00amAn accounting policy change and an end to a drawn out series of asset sales helped AMP Bank report an operating profit in 2003, but the Australian arm of AMP group's banking business continued to trade in the red last year, detailed financial statements for the bank show. » read more »
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Visa argues credit cards, not Eftpos, as the alternative to Visa Debit
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31 May 2004 12:00amBank customers using the Visa Debit product would switch to a credit card rather than to an alternative debit card product if their bank withdrew the Visa Debit card because it was no longer attractive to issue, Visa new head in Australia believes. » read more »
