Westpac CEO Gail Kelly is believed to be concerned that St George customers may move to Bendigo or ANZ as the merger takes hold. Just one St George executive ha.....
CreditMart recently undertook some analysis around interest rates on reward program credit card offers and found that the average interest rate on these cards was 1.....
Not all credit cards are created equally. And so it makes it that much harder to decide which credit card offer to choose. There are many factors you sh.....
Rudd Government will intervene to save non-banks 13 October 2008
Further to the Treasurer's announcement in September, the Government has decided to direct the Australian Office of Financial Management (AOFM) to purchase an additional $4 billion in Residential Mortgage Backed Securities (RMBS). The Government has been monitoring the market closely and has determined that this additional $4 billion in funding is required for the purchase of RMBS from non-ADI lenders (those being lenders who are not banks, building societies or credit unions) by the AOFM. This will benefit Australia's mortgage market by levelling the playing field for non-ADI institutions and ensuring that this sector of the lending market has access to funding for their operations. My officials have done considerable work on the design of these arrangements and, in developing these measures I have received advice from the Governor of the Reserve Bank of Australia, the Chairman of the Australian Prudential Regulation Authority and the Secretary to the Treasury. Collectively, these measures will reassure Australian depositors that their deposits are safe and that they can have full confidence in the Australian financial system. In addition, these measures will assist Australia's financial institutions weather the global financial turbulence.
