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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GE Consumer Finance lifts the lid
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02 June 2004 12:00amIn a company presentation held in Melbourne yesterday for the company's customers, suppliers and assorted hangers on, GE Capital yesterday provided a few details the state of its consumer finance business. » read more »
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GE Capital adopts GE Money brand
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02 June 2004 12:00amAs of a couple of days ago, GE Consumer Finance in Australia has begun a re-branding effort that GE Capital intends to apply to its consumer businesses worldwide, under the name of GE Money. » read more »
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GE tracking well'
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02 June 2004 12:00amA couple of weeks ago, under the headline "Losses mount at GE Capital", this newsletter reported that "GE Capital continues to trade deep in the red", with financial statements for GE Capital Finance Australasia for the year to December 2003 showing that: » read more »
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Ambac wrap facilitates $800 million Adelaide Bank low doc mortgage bond
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02 June 2004 12:00amAdelaide Bank's treasurer Anthony Baum last night asked to defer a detailed conversation on the economics of the bank's $800 million low doc mortgage-backed bond including an explanation of the economics of the deal from Adelaide Bank's point of view - until pricing is confirmed on the bond in the middle of next week. » read more »
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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 »
