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Credit unions object to guarantee fees
20 November 2008 |
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| The credit union umbrella organisation Abacus says the proposed three tiered fee system for the federal government's deposit guarantee is unfair on them. Most credit unions are not rated by Standard & Poor's and other ratings agencies. Abacus says it has concerns over using the opinions of international ratings agencies to establish the tiers for the fees. 'All regulated banking institutions - Australian banks, building societies and credit unions - meet the same regulatory requirements under APRA,' said Louise Petschler, CEO of Abacus, in a statement. 'In our view, regulation by APRA offers far better protection than the now frequently criticised international debt rating agencies. 'Those ratings are not relevant for most mutual banking institutions as we do not need to raise debt funding in wholesale markets,' said Petschler. 'It''s ironic that the safe, mutual part of the banking system, which is not exposed to wholesale market turmoil, looks likely to be charged more than those who are in these markets.'
The Sheet
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| 27 November 2008 | - Mortgage company closes doors |
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| 26 November 2008 | - Soft landing for house prices |
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| 25 November 2008 | - Suncorp pummelled by storms and markets |
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| 24 November 2008 | - Mortgages dry up for Liberty |
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| 21 November 2008 | - Westpac running ‘stand-alone’ St George |
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| 20 November 2008 | - Traders betting on 1% rate cut |
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| | - Credit card rates going up |
| | - Banks to launch Guarantee accounts |
| | - Banks to launch Guarantee accounts |
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| | - Lenders bid for loan business |
| | - Traders betting on 1% rate cut |
| | - Credit card rates going up |
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| 19 November 2008 | - Banks to shed 10,000 staff |
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| | - Commonwealth ends no deposit home loans |
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| | - Bank chiefs get pay rises as staff cuts loom |
| | - Foreign banks retreat from Aussie businesses |
| | - Lower spending means more rate cuts |
| | - House prices crash in October |
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| 18 November 2008 | - Foreign banks retreat from Aussie businesses |
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| | - House prices crash in October |
| | - Bank chiefs get pay rises as staff cuts loom |
| | - More big rate cuts on the way |
| | - ANZ toughens mortgage lending rules |
| | - Westpac and Nab advising wealthy customers to deposits under different accounts |
| | - Tax office looks carefully at kid’s accounts |
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| 17 November 2008 | - ANZ Cuts Credit Card Interest Rates |
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| 11 November 2008 | - Credit Unions take on the banks |
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| | - More flights for credit card holders |
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| 10 November 2008 | - First signs of recovery in property market |
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| 06 November 2008 | - Commbank keeps $50 per month from home buyers |
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| | - RBA worried about recession |
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| 04 November 2008 | - RBA Cuts Cah Rate By 75bps |
| | - RBA may cut by 0.75 per cent |
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| | - UBank trims term deposit rates |
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