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Credit costs to go up under new rules 12 November 2009
The cost of credit and loans to consumers will rise if the Australian government adopts new global rules governing bank liquidity say the Commonwealth Bank."I think it's important we make regulation not on the hoof … I think we need to be very careful that we don't end up with unintended consequences, which could be that the cost of credit increases and the amount of credit available decreases," said Commonwealth Bank CEO Ralph Norris yesterday.Commonwealth Bank's chairman, John Schubert said although "more work needs to be done" on the regulatory system, it made no sense to burden Australian institutions with unnecessary regulations based on the failures of their international counterparts.The banking regulator APRA continues to back the proposed new rules. “APRA supports this objective,” APRA deputy chair John Laker said.“Our own proposals to enhance liquidity risk management have been some time in gestation and have benefited from two years of ‘learning by doing’,” he said.
