Posted: February 3rd, 2017 | Author: Michael Courtenay | Filed under: Business News, Indeep Media | Tags: Australia, Bank, Banking, consumer-finance, regulation | Comments Off on Report Into Australian Bank Practice Finds Lenders Unfair
I’ve banked with a small bank – Bendigo Bank – since my return to Melbourne 8 years ago. Australia’s big banks have plenty of critics, and now they can add the Small Business Ombudsman to that fast growing list.
The high profile Ombudsman, Kate Carnell, who has authored a report released today into banking practices, has found lenders are not being fair when they enter into contracts with small and medium-sized businesses.
The big four banks enjoy a $19 billion advantage over their smaller rivals by still being able to self-calculate the riskiness of their home loans according to analysis from the Australian Prudential Regulation Authority.
Despite a new regulatory framework requiring the big banks to hold larger top tier capital buffers, their ability to internally assess their asset risks is still a huge advantage in terms of the amount of “expensive” capital locked up and their ability to access cheaper funding.
While the CBA, NAB, Westpac and ANZ are now required to base their regulatory capital on a blanket of at least 25 percent of mortgages being at risk, smaller lenders must base their risk weightings at 39 percent :: Read the full article »»»»
Posted: March 28th, 2015 | Author: Michael Courtenay | Filed under: Business News | Tags: Asia Development Bank, Asian Infrastructure Investment Bank, Australia, Banking, Business News, G20, World Bank | Comments Off on Australia to Sign-up For China-based Asian Infrastructure Investment Bank
The Australian Federal Government will sign a memorandum of understanding that will allow Australia to participate in negotiations to set up the $100 billion China-led Asian Infrastructure Investment Bank – AIIB.
The Beijing-based bank was launched late last year and is designed to help finance development projects like road, rail and power infrastructure in the rapidly growing Asian region.
More than 20 countries have signed on as founding members.
In the past month, major Western powers including Britain, France, Germany and Italy have also announced their intention to join.
Australia had resisted joining, but a joint statement from Prime Minister Tony Abbott, Foreign Affairs Minister Julie Bishop and Treasurer Joe Hockey said the Government would sign the MOU that would allow Australia to participate as a prospective founding member :: Read the full article »»»»
Posted: February 10th, 2015 | Author: Verity Penfold | Filed under: Business News, CRIME! | Tags: Bank, Banking, HSBC, International Consortium of Investigative Journalists, Tax Evasion | Comments Off on Secret Files Reveal HSBC Helped High Profile Clients Dodge Taxes
A cache of secret bank files shows HSBC’s Swiss banking arm helped wealthy customers avoid taxes and hide millions of dollars, according to a report by a network of investigative journalists.
The files, analysed by reporters in the International Consortium of Investigative Journalists (ICIJ), showed the British banking giant provided accounts to international criminals, corrupt businessmen, politicians and celebrities.
The files list a range of former and current politicians from Britain, Russia, India and Africa, as well as Saudi, Bahraini, Jordanian and Moroccan royalty, late Australian press magnate Kerry Packer and model Elle Macpherson :: Read the full article »»»»