Credit Union (169 items)

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Mutuals rattled amid S&P ratings clutter

Around a dozen mutual banks or credit unions, including one ASX listed bank, find their debt securities ineligible for use in repurchase operations with the Reserve Bank of Australia as of yesterday, thanks to an S&P Global Ratings downgrade that yanked the credit ratings of this group one notch lower.Quick punditry by sell-side analysts on the debt side settled on the smaller, and mostly mutual ADIs as the sub-set of Australian banks whose cost of funds in institutional markets may be most affected by the ratings jolt. read more

Maestros evade S&P ratings razor

Navigating fraught terrain, S&P Global Ratings yesterday spared all the major banks and six lesser Australian banking names from its epic ratings downgrade that embraces 23 entities, most ADIs and a handful of non-banks. S&P's sparing of the major banks is one conundrum for a banking sector under ever closer scrutiny.As recently as seven or eight weeks ago, S&P planned to feature all four of Australia's major banks in the near sector-wide reset one notch lower of rated Australian banks. S&P sets out the macro risk in Australia plainly, saying the country's banking sector faces "an increased risk of a sharp correction in property prices and, if that were to occur, a significant rise in credit losses." read more

Briefs: Moore's irrelevance, and RBA tone softens

We've worked out readers find our news briefs pretty useful. Some days the briefs get more readers than views on the lead article and hits on other stories the editors thought warranted more time and length.Today's collation picks the best of the routine news flow since Friday morning. Old hat if you're a heavy business news consumer. It's a service for others. (And even select tasters for Monday's edition of Banking Day.)The routine news flow - thanks to the Fairfax strike since Wednesday - had a different calibre on Friday and today. Our brief on the RBA missive of the day, its Statement on Monetary Policy and its muted media reception elaborates. read more

Briefs: Ramsay EDR review done, Walter on advice watch, Medcraft digs bank crowd challenge and more

A panel headed by Professor Ian Ramsay into external dispute resolution schemes, including the Financial Ombudsman Service, the Superannuation Complaints Tribunal and the Credit and Investments Ombudsman, has handed its final report to the Australian government.Andt he Australian government has appointed Cathy Walter (pictured) as the chair of a new body set up to "professionalise" the financial advice sector. read more

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