Heritage Bank has moved to improve its data security, appointing Mikhail Lopushanski as its chief information security officer. Lopushanski is joining from the Australian Prudential Regulation Authority, where he spent the past 10 years as chief security officer. “Heritage has done a lot in regards to security but it is an ongoing journey,” he said. NAB issued A$85 million of subordinated notes yesterday, with a July 2037 maturity and a fixed interest rate of 6.15 per cent paid annually in arrears. The notes were issued under the bank’s global medium term note program. Payday lender Cash Converters has reported a deterioration in its credit quality this year. In a trading update yesterday, the company said bad debt write-offs net of recoveries as a percentage of the gross loan book fell from 3.5 per cent in the June quarter last year to 3.4 per cent in the September quarter and then 3.3 per cent in the December quarter. But things turned around in the March quarter, when the loss ratio jumped to 4.1 per cent and then 4.2 per cent in the June quarter. Cash Converters’ book is made up of small amount credit contracts, which account for 35 per cent of loans, medium amount credit contracts (36 per cent of the book), Green Light Auto loans (22 per cent) and pawnbroking loans (7 per cent).