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).
- Commonwealth planning sanctions a 'landmark'
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05 June 2013 6:42amThe Australian Securities and Investment Commission told a Senate committee yesterday that 202 investors of Commonwealth Bank's financial planning division recovered A$23 million from the bank over improprieties in the management of investments. » read more »
- Briefs: APRA approves CCP membership, PayPal secures utilities deals
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05 June 2013 6:41amAPRA has 'no objection' to banks' CCP membership; PayPal secures deals with two utilities.
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Moody's moves to implement new bank rating criteria
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04 June 2013 6:53amMoody's Investors Service announced yesterday that it has placed the ratings on the subordinated debt of eight Australian banks on review for a possible downgrade. » read more »
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Western banks' credit rationed
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04 June 2013 6:52amForeign bank loans to Australia are holding steady at a time when lending to advanced economies is on the wane, data compiled by the Bank for International Settlements shows. » read more »
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Deposit flow is drying up
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04 June 2013 6:51amGrowth in household deposits is slowing, as savers move their money out of at-call and term deposits in search of higher rates. Some deposit-taking institutions are experiencing substantial outflows. » read more »
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LVR tiering an increasingly popular mortgage pricing strategy
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04 June 2013 6:50amLender State Custodians changed its mortgage pricing six months ago to reflect the varying risks that different classes of borrowers represent. In a move that has become increasingly common in the mortgage market, it set different rates for different loan-to-valuation ratios.
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Dodgy home loan complaints aggregated
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04 June 2013 6:49amThe Banking & Finance Consumers Support Association has published copies of loan applications and correspondence between banks and brokers relating to 250 loan applications that the association claims are questionable. » read more »
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Western Union launches online transfer service
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04 June 2013 6:47amWestern Union has launched a new online international payment service for small financial institutions, giving them a secure internet banking portal where they can make overseas transfers. » read more »
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Briefs: NAB announces share buyback, Firstmac launches RMBS, CEO departs EzeATM
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04 June 2013 6:46amNAB will buy back up to A$300 million of shares to meet DRP demand; Firstmac launches RMBS; CEO Todd Zani departs EzeATM. » read more »
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NAB's UK subsidiary gets a bleak review
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03 June 2013 7:17amStandard & Poor's has placed the credit rating of National Australia Bank's British subsidiary, Clydesdale Bank, on review. S&P has also downgraded several British banks because of the poor outlook of the UK economy. » read more »
- NAB builds, while Westpac slides
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03 June 2013 7:16amNational Australia Bank and ANZ picked up market share in the home loan market over the three months to April 2013, with growth for each bank of 1.7 per cent.
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