Latest news (24,745 items)

BankWest gains share with Lite card

BankWest said in its annual report that the "Lite" MasterCard, introduced in mid 2002, already accounts for 20 per cent of credit card outstandings of a little more than $309 million. read more

Promina closes mortgage insurance arm to new business

Royal & Sun Alliance and its Promina spin-off yesterday acknowledged that the company's lenders mortgage insurance business would be placed in run off leaving the business of underwriting low margin home loans to the general banking market to just two providers, GE Capital and PMI. read more

Royal & Sun raids $115 million from mortgage pot

By moving the lenders mortgage insurance business into run off at a time when claims or low and the unearned premium pot is bulging, Royal & Sun Alliance is able to raid the coffers of the LMI arm and in effect boost the sale price of its overall Australian insurance business. read more

Housing lending accelerates; business lending slows

Predictions that growth in housing and consumer lending would slow, and that business lending would pick up in 2003 are so far off the mark, with the latest measures of credit growth from the Reserve Bank showing that the reverse is true, with growth in housing lending accelerating in February: read more

Building societies won't budge on consumer code

A handful of specialised retail banks won't play the regulators and consumer lobby's game, and are determined not to belong to "voluntary" codes of practice that govern banks, building societies and credit unions. read more

APCA developing Eftpos access regime

The Australian Payments Clearing Association is in the early stages of scoping out new rules for its "consumer" clearing stream that would tackle the controversies over access to the system by non banks, such as merchants that want to acquire transactions initiated on their own and switch those payments directly to the banking system. read more

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