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).
-
Revolve rate holds back Westpac cards
-
26 March 2004 12:00amWestpac is finding the competitive climate in the credit card business in Australia more challenging than expected. In an investor briefing yesterday, the bank's chief financial officer Phil Chronican said the "tougher competitive environment [was] impacting profitability". Chronican cited new no frills cards, low introductory rates and special offers (on balance transfers) as factors affecting cards earnings. » read more »
-
Virgin passes 300,000 cards
-
26 March 2004 12:00amRohan Gamble, managing director of Virgin Money, said yesterday that its "had just gone through the 300,000" cards mark, which compares with 200,000 cards on issue in mid December. » read more »
-
No regulatory action of Bank of New Zealand
-
26 March 2004 12:00amNational Australia Bank may under close scrutiny from the Australian Prudential Regulation Authority, including working to a higher group capital ratio, but the bank's subsidiary in New Zealand isn't subject to any special regulatory action. » read more »
-
RBA financial stability review
-
26 March 2004 12:00amSix years ago, the Wallis committee-inspired reforms removed direct responsibility for bank supervision from the Reserve Bank and handed that task to APRA, but awarded to the RBA the broader overall goal of responsibility for stability of the financial system. » read more »
-
Investment loans defaults above average
-
26 March 2004 12:00amOne detail in the financial stability review that contradicts they typical bank chief executive line on the mortgage market is the observation that, "APRA data confirms that, even in the benign environment of recent years, default rates on these loans have been somewhat higher than for owner-occupier loans." » read more »
-
Wholesale funding frisky
-
26 March 2004 12:00amOne piece of data that stands out in the review is the aggregated level of foreign-sourced wholesale funding on the liability side of banks' balance sheets. » read more »
-
Large exposures leap
-
26 March 2004 12:00amDemand for large licks of loans from big business is pretty slack in the banking, so perhaps as a result some banks are willing to stretch limits on large exposures to drum up business. » read more »
-
Revolve rate holds back Westpac cards
-
26 March 2004 12:00amWestpac is finding the competitive climate in the credit card business in Australia more challenging than expected. In an investor briefing yesterday, the bank's chief financial officer Phil Chronican said the "tougher competitive environment [was] impacting profitability". Chronican cited new no frills cards, low introductory rates and special offers (on balance transfers) as factors affecting cards earnings. » read more »
-
Virgin passes 300,000 cards
-
26 March 2004 12:00amRohan Gamble, managing director of Virgin Money, said yesterday that its "had just gone through the 300,000" cards mark, which compares with 200,000 cards on issue in mid December. » read more »
-
No regulatory action of Bank of New Zealand
-
26 March 2004 12:00amNational Australia Bank may under close scrutiny from the Australian Prudential Regulation Authority, including working to a higher group capital ratio, but the bank's subsidiary in New Zealand isn't subject to any special regulatory action. » read more »
-
RBA financial stability review
-
26 March 2004 12:00amSix years ago, the Wallis committee-inspired reforms removed direct responsibility for bank supervision from the Reserve Bank and handed that task to APRA, but awarded to the RBA the broader overall goal of responsibility for stability of the financial system. » read more »
