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Deposit guarantee favours big banks
24 November 2008 |
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| The government has published its sliding scale of fees it will charge banks and credit unions for guaranteeing retail deposits over one million dollars and bank borrowings on wholesale credit markets. That effectively creates a distinction between those banks rated AA or above by international ratings agencies such as Standard & Poor's, Moody's and Fitch, and those with lesser ratings. That's the same international ratings agencies that have been blamed for failing to properly assess the risk associated with residential mortgage backed securities and collateralised debt obligations in the US sub-prime home lending market. The safest deposit taking institution in Australia, according to the international ratings agencies is Rabobank Australia. They are the only institution to carry a triple A long term credit rating, which is based on the rating held by Rabo's big Dutch parent bank, who ultimately guarantee all deposits held by the Australian subsidiary. Rabobank recently reported a twelve per cent rise in pre-tax profits and a Tier 1 capital ratio of 11.2 per cent. Most Australian banks have a tier one capital ratio around seven per cent. The big four Australian banks are all rated AA by Standard & Poor's. The smaller banks and regionals are generally not so highly rated by the international ratings agencies. Bank Of Queensland, Elders Rural Bank, Members Equity Bank, Macquarie Bank and Bendigo Bank all share triple B ratings. |
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| Source : Sunday Mail |
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| 28 November 2008 | - Women don't talk money |
| | - Only Rabo not offering guarantee |
| | - Card rates not coming down |
| | - Banks to issue debt bonds |
| | - ANZ, St George most popular banks |
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| 27 November 2008 | - Mortgage company closes doors |
| | - Big depositors get to opt out of guarantee |
| | - ANZ and Macquarie have the most bad debts |
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| 26 November 2008 | - Soft landing for house prices |
| | - Netbank customers can get cash |
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| 25 November 2008 | - Suncorp pummelled by storms and markets |
| | - NAB is least popular bank |
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| 24 November 2008 | - Mortgages dry up for Liberty |
| | - Adelaide launches guarantee account |
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| 21 November 2008 | - Westpac running ‘stand-alone’ St George |
| | - Sharia loans hard to find |
| | - Credit Unions offering best interest rates |
| | - Banks complain about credit union rates |
| | - Aboriginal home ownership scheme launched |
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| 20 November 2008 | - Traders betting on 1% rate cut |
| | - Visa card for solar hot water |
| | - Traders betting on 1% rate cut |
| | - Lenders bid for loan business |
| | - Credit unions object to guarantee fees |
| | - Credit card rates going up |
| | - Banks to launch Guarantee accounts |
| | - Credit unions object to guarantee fees |
| | - Banks to launch Guarantee accounts |
| | - Visa card for solar hot water |
| | - 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 |
| | - ING launches PowerSuper loans |
| | - Commonwealth ends no deposit home loans |
| | - RBA puts rates policy into full reverse |
| | - Credit card rates remain too high |
| | - 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 |
| | - Credit card rates remain too high |
| | - 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 |
| | - Lay-by making comeback |
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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 |
| | - Weak city auction results continue |
| | - Easy savings on home loans |
| | - More flights for credit card holders |
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| 10 November 2008 | - First signs of recovery in property market |
| | - Members Equity Bank passes on full rate cut |
| | - Banks get debtors’ super |
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| 06 November 2008 | - Commbank keeps $50 per month from home buyers |
| | - Rates headed down to 3 per cent next year |
| | - RBA worried about recession |
| | - Card rates slow to come down |
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| 04 November 2008 | - RBA Cuts Cah Rate By 75bps |
| | - RBA may cut by 0.75 per cent |
| | - Non-banks struggle to survive |
| | - UBank trims term deposit rates |
| | - Buyers market at top end of town |
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