Latest news (24,996 items)

Credit Corp collections mature with age

One of the better features of the Australian banking market in recent years is the emergence of a class of consumer lenders that will make loans for an extra margin regardless of a bad credit history. read more

Rams relies on low doc loans

"Low doc" loans are driving volumes at mortgage lender Rams Home Loans, accounting for about 43 per cent of new business. read more

Westpac's Virgin card backlog grows

Westpac and Virgin Money have cranked up the level of resources dedicated to handling the heavy demand for the bank's Virgin branded credit card, but the bank still appears to be struggling with a backlog of applications in the tens of thousands, if not higher. read more

CBA clarifies capital changes

Commonwealth Bank at a strategy briefing yesterday provided details about likely revisions to its capital requirements, in light of news rules from the local bank regulator, the international bank regulator, and changes required by international accounting standards. read more

ASB Bank wins market share

Commonwealth bank provided few clues yesterday as to whether or it was or was not seeking to buy National Bank of New Zealand. The market assumes that CBA is in the running, using as the preferred proof this week the bank's roadshow, being conducted by Marten Touw and chief financial office Michael Cameron, to sell up to US$750 million in deeply subordinated debt that would qualify as tier one capital. read more

CBA expects modest profit growth

Finally Commonwealth Bank, while reporting fast growth in business volumes in retail banking, is not expecting to report much profit growth when it publishes its June 2003 full year profit in three weeks. read more

Charge card spend twice credit card spend

The Reserve Bank separated key performance data on personal credit card trends from commercial and charge card trends in the Australian market in revised, and more detailed, tables on payment data published in their monthly bulletin. Michael Ebstein from MWE Consulting notes that these numbers can be used to obtain the activity levels on an average account in each segment. read more

APRA rules discourage credit card competition

Robert Roylance, a director of TransAction Resources, emailed the following comments yesterday over the Australian Prudential Regulation Authority's final guidelines on the authorisation of specialised credit card issuers, reported in yesterday's edition. read more

CommSecure buffs direct debit

Payments solutions provider CommSecure said yesterday it would implement a variation of traditional direct debit processes for Toyota Financial Service, in a system that switches the control over the timing and size of payments from the merchant to the consumer. read more

Same old faces on the PSB

The federal government passed up the opportunity to introduce some fresh perspectives into the decision making of the Payments System Board, with the decision to reappoint John Thom, Susan McCarthy and Joseph Gersh as part-time members of the PSB for terms of three years, four years and five years respectively. The terms of all three originally appointed in 1998 for five years terms expired last week. read more

Horizon restructure rewards Macquarie

Macquarie Bank will extract a $300,000 fee from the money merry go round relating to the restructure of the troubled Horizon Energy group of companies and trusts that the bank plans to liquidate, as part of the proposed sale by Horizon of that group's stake in the Loy Yang Partnership to an AGL-led consortium. read more

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