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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New Zealand earnings hedged
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28 April 2004 12:00amANZ paid a little less, in Australian dollar terms, for National Bank of New Zealand than indicated in the prospectus published six months ago. » read more »
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Accounting twists in the wind
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28 April 2004 12:00amANZ will have to comply with new International Financial Reporting Standards with effect from the results for the half year ending March 2006, and certain comparative figures for March 2005 will have to be restated on the same basis. » read more »
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Reverse Eftpos and internet debit payments planned
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27 April 2004 12:00amOne insight provided by yesterday's evidence by two "payments experts" at the Australian Competition Tribunal was reference to a pair of previously unheralded innovations to Eftpos, brewing to unknown timetable around the Australian banking industry. » read more »
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Banks renew case for positive' Eftpos interchange
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27 April 2004 12:00amIn the opening address by advocate Alan Archibald for the banks last week, Archibald told the tribunal member that the banks' Eftpos interchange plan allowed for the introduction of a positive interchange fee. » read more »
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HSBC's Beatty switches to St George
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23 April 2004 12:00amSt George Bank yesterday confirmed they planned to hire George Beatty, currently head of cards at HSBC Bank Australia, as general manager, consumer products. » read more »
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Second wind for ANZ's Hartzer
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23 April 2004 12:00amBrian Hartzer, head of cards at ANZ Bank, has made the most of his second chance, and is to be elevated to a new job at the bank as group managing director personal banking in Australia. » read more »
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PIN-based authorisation on cards for Visa Debit
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23 April 2004 12:00amVisa International and issuers of Visa Debit cards in Australia are conceding a further reduction in interchange fees paid from the acquiring bank to the issuing bank, but are hoping to defend the "honour all cards" rule and head off imposition of a "no surcharging" policy. » read more »
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No precedent from Wal-Mart case
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23 April 2004 12:00amVisa's submission otherwise seeks to protect the honour all cards rule, and persuade the RBA that it cannot rely on the precedent from the class action settled in favour of merchants in the US last year (the Wal-Mart case). » read more »
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Debit interchange cuts credit union revenue
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23 April 2004 12:00amThe submission from Credit Union Services Corp estimates that credit unions collectively issue 1.2 million Visa Debit cards, or 31.2 per cent of the of the total number of Visa debit cards in Australia. » read more »
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MasterCard revives debate on positive reporting
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22 April 2004 12:00amMasterCard is the latest stakeholder in the credit market to renew the periodic campaign for an overhaul of Australia's privacy laws that forbid so called positive credit reporting, a system under which lenders would pool information on all customer loans, including those paid back on time, rather than simply pooling information on delinquent or defaulted loans, as they do now. » read more »
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Consumer lobby sceptical on benefits
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22 April 2004 12:00amChris Field, executive director of the Consumer Law Centre in Melbourne said yesterday that, "at this stage I would not support a positive credit reporting system," and said he believed this was the view of the consumer lobby generally. » read more »
