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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Reserve considers merits of Eftpos intervention
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27 May 2004 12:00amNow that the Australian Competition Tribunal has blocked the plans by retail banks to eliminate interchange on Eftpos transactions, there's a widespread assumption that the Reserve Bank of Australia will step in and use its powers to "designate" Eftpos under the Payments System (Regulation) Act, as the Reserve did so three years ago for credit cards and did so three months ago for Visa Debit. » read more »
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ATM interchange reform reconsidered
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27 May 2004 12:00amReform of interchange for automatic teller machine payments may also be bought to a halt following the competition tribunal's ruling on Eftpos. » read more »
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Competition tribunal blocks elimination of Eftpos interchange
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26 May 2004 12:00amThe Australian Competition Tribunal yesterday set aside the approval given by the Australian Competition and Consumer Commission to plans by banks to collectively set Eftpos interchange fees, and to set those fees at zero. » read more »
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Tribunal finds real detriment' in banks' Eftpos plan
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26 May 2004 12:00am
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A paucity of hard information
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26 May 2004 12:00amAs pointed out here during and after the tribunal hearing, the case made by the banks as the real applicants in the case, even though treated notionally as one of the defendants was hopelessly defective. » read more »
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Reserve ridiculed for lack of evidence
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26 May 2004 12:00amOne other bank that was party to the proceedings, the Reserve Bank, also didn't bother the tribunal with much in the way of real evidence. » read more »
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Technical barriers more significant than access
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26 May 2004 12:00amThe ACCC's final approval of the banks' Eftpos interchange fee plans in December 2003 relied heavily on the twin undertakings of the Australian Payments Clearing Association to do its best and develop an access regime, and also of the Reserve Bank that if APCA didn't or couldn't succeed, then the Reserve Bank would step in an use its powers under the Payments System (Regulation) Act to impose one. » read more »
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Building societies, credit unions call for Eftpos designation
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26 May 2004 12:00am
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Diners Club still in decline
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25 May 2004 12:00amReceivables, revenues and profits all declined at Diners Club in Australia in 2003, financial statements for the charge card company show. » read more »
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NAB closer to new regulatory capital ratio
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25 May 2004 12:00amNational Australia Bank is moving closer to its new regulatory capital ratio with a $500 million domestic subordinated debt issue that will qualify as lower Tier 2 capital. » read more »
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PMI beats GE to insurance spoils
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24 May 2004 12:00amThe mortgage insurance duopoly reported handsome growth in profit in 2003, as the mortgage lending boom, heavy churn, a tiny level of claims, and the exit from the industry of what was the third largest provider all combined to drive earnings. » read more »
