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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Consumer delinquencies rise
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05 May 2004 12:00am
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SuperBank ignored
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05 May 2004 12:00amThere doesn't appear to be any mention in the half year result of St George Bank's New Zealand subsidiary of its banking joint venture with supermarket chain Foodstuffs, which trades as SuperBank. » read more »
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Housing credit cycle defies the gloom
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03 May 2004 12:00amThe housing credit cycle may not be turning as rapidly as the multitude of housing loan managers running around owning up to declines in new business levels of between 15 per cent and 20 per cent, or more, would suggest. » read more »
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Building society and credit union profits improve
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03 May 2004 12:00amAustralian Prudential Regulation Authority data on the building society and credit union sectors sector of the banking industry for the December 2003 quarter shows that: » read more »
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Metropolitan takeover lifts Credit Union Australia
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03 May 2004 12:00amBrisbane-based Credit Union Australia in a press release last week said that it recorded a net profit of $10 million for the six months to December 2003, compared with a full year profit to June 2003 of $14.0 million. » read more »
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Telstra introduces credit card surcharging
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30 April 2004 12:00amTelstra's opened the door to widespread surcharging of credit card payments by utilities, and no doubt plenty of other dominant billers, with the introduction of a spread of surcharge levels for payments made by credit card. The credit card surcharge comes into force from June. » read more »
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Coles gives National notice over Eftpos
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30 April 2004 12:00amThere's too much information declared confidential by the Australian Competition Tribunal in Eftpos interchange. If all those monopolies and oligopolies brawling over $60 million in Eftpos fees want to keep things out of the public domain, they can work things out before they get to court. » read more »
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St George wins share from Westpac in professional market
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29 April 2004 12:00am
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Virgin Group buys control of Virgin Money
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29 April 2004 12:00amVirgin yesterday agreed terms to buy the 50 per cent stake in Virgin Money held by HHG plc, the now separately listed international arm of AMP group. » read more »
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Reserve misleads on credit card interchange reform
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29 April 2004 12:00amAt the Australian Competition Tribunal hearing into Eftpos interchange reform on Tuesday, Tom Bathurst, the advocate for the Reserve Bank, stretched an argument with his assertion that, following the reduction in credit card interchange, for the acquiring bank, "there was no obligation to pass it on. It happened as a result of competitive pressure." » read more »
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Banks make weak Eftpos case
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29 April 2004 12:00amOne of the mysteries of the hearing before the Australian Competition Tribunal is why the banks, including building societies and credit unions, that want to set debit interchange at zero, have made such an unconvincing case. » read more »
