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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Connect reconsiders demutualisation
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24 February 2004 12:00amThe forces arrayed for and against the demutualisaiton of Hobart-based Connect Credit Union came away from Friday's annual general meeting of the bank with a minor victory each., » read more »
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Edition 200
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24 February 2004 12:00am
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NAB zeroes onto home loans
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23 February 2004 12:00amNational Australia Bank have either decided to show some price leadership in the domestic mortgage market, or the product that's at the core of NAB's domestic banking franchise is experiencing flagging sales. » read more »
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One per cent of bank capital covers market risks
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23 February 2004 12:00amStill on National Australia Bank, one morsel from reading through the Hansard of the Senate Economics Committee's hearing last Thursday produced the following estimate from the Australian Prudential Regulation Authority over the level of capital held by big banks to cover market risk. » read more »
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Kraehe in a tangle over APRA report
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23 February 2004 12:00amNational Australia Bank seems to be getting into a fresh tangle over the management of its public relations tied to the release of the Pricewaterhouse Coopers report into the foreign exchange option trading losses. The weekend media blitz by National's new chair, Graham, Kraehe, created some fresh agitation over the separate report by the Australian Prudential Regulation Authority that seems to deal both with those losses, and wider risk management weaknesses at the bank. » read more »
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AmEx card on Westpac menu
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23 February 2004 12:00amWestpac will market a variant of the American Express credit card to their consumer customers in Australia from this week, under an agreement between the bank and AmEx that is sure to infuriate MasterCard and Visa, and also hasten the interest of the Reserve Bank of Australia in the details of arrangements between banks generally and the "charge card" brands. » read more »
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Terminal trouble restrains Keycorp
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20 February 2004 12:00amPayments company Keycorp returned to the black in the December 2003 half year thanks to its Eftpos carriage business, though the company's traditional business of supplying payment terminals continues to incur losses. » read more »
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Eftpos use lags credit surge
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20 February 2004 12:00amUsers of payment cards continue to prefer to use their credit and charge cards rather than makes purchases direct from funds in their cheque or savings accounts. Reserve Bank of Australia data published yesterday on payment card transactions for December 2003 shows: » read more »
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ING churns out the profit
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20 February 2004 12:00amDutch bank ING continues to sustain and even accelerate growth in its ING Direct business in Australia. » read more »
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APRA identified risk weakness at National
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20 February 2004 12:00amThe Australian Prudential Regulation Authority identified risk management issues at National Australia Bank in 2002 and 2003, APRA's chair John Laker, told a Senate estimates committee hearing yesterday. » read more »
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Designation of Visa Debit imminent
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18 February 2004 12:00amThe Reserve Bank of Australia is close to taking the step of formally "designating" the Visa Debit payment card product under the Payments System (Regulation) Act. The talk yesterday was that designation might take place within the next week. » read more »
