- Deposit pricing tough for ING
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13 August 2010 6:40amING Bank (Australia) yesterday said it earned a net profit of $133 million in the the six months to June 2010, the first half of the bank's financial year. » read more »
- Virgin Saver prompts response
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13 August 2010 6:35amWith the official cash rate sitting at 4.5 per cent since May, pricing committees in retail banks have been able to take a breather. But one area where there is still plenty of action is in the online savings account market. » read more »
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Chapman replaces Bartlett
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13 August 2010 6:35amRob Chapman will take over as head of Westpac’s St George-branded business units, the bank said yesterday in a statement. He replaces Greg Bartlett who will formally retire at the beginning of December.
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- Banking sector policy issues sidelined
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13 August 2010 6:34amA bank chief executive was asked this week whether the federal election campaign had raised any issues that were of concern to him. He said not really, he was watching from the sidelines. » read more »
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Reviewing the funding guarantee
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13 August 2010 6:34amThe Labor government decision that had the biggest impact on the financial system was the move, in October 2008, to provide a government guarantee over wholesale debt and deposits. It has also been the most controversial because of the perception that it contributed to the resurgence of the big banks over the past couple of years. » read more »
- National Credit Act a success but the job is half done
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13 August 2010 6:34amGetting the states to agree to hand over power to the commonwealth is no mean feat, so the government deserves credit for persuading the states to scrap the Uniform Consumer Credit Code and allow the federal government to take control of consumer credit law. » read more »
- Governments should not design financial products
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13 August 2010 6:33amThe Labor government’s two attempts to design financial products – the first home saver account and green loans – were both failures. The experience should convince any government that policy should not extend to that level of detail. » read more »
- Savings tax discount and IWT reform works in progress
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13 August 2010 6:33amTwo areas where the government made policy decisions that would assist the financial services industry but did not implement those decisions successfully are the tax discount on savings and the removal of interest withholding tax on foreign-sourced savings. » read more »
- Loan strife still dragging on bank profits
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12 August 2010 7:18amThe net profit of Commonwealth Bank – at $5.66 billion in the year to June 2010 and up 20 per cent on 2009 – isn’t really a record. In fact, thanks to the continuing annoyance of BankWest and its endless bad loans, the profit is well short of a stellar return. » read more »
- BankWest gives CBA a bad debt headache
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12 August 2010 7:16amCommonwealth Bank chief executive Ralph Norris defended the acquisition of BankWest in late 2008, despite unforseen problems with its loan portfolio. » read more »
- CBA hits business banking targets
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12 August 2010 7:14amCommonwealth Bank has defied the no-growth business banking trend reported by other financial institutions, most notably National Australia Bank earlier this week, with solid growth in business loans and deposits.
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