| Sports Betting Online |
Shareholders review Members Equity bank
11 August 2008 |
| |
| Members Equity Bank is to be subjected to a strategic review of its direction by its four largest industry fund shareholders. Melbourne consultants LEK have been contracted by AustralianSuper, Cbus, HESTA and Host Plus in the wake of three new board appointments and an injection of liquidity. Members Equity merged with Industry Funds Services in 2007, a merger devised in 2006. The credit crunch has forced MEB to adapt its short-term strategy given the bank's previous reliance on securitisation to fund the bulk of its mortgage book. As a result MEB slowed its growth in mortgages under management to only 0.9 per cent in the year to March 2008. The industry-wide rate of growth over the same period was 11.1 per cent. (Data derived from State of Play, the mortgage industry reported published by InfoChoice and The Sheet). MEB has about $16 billion in mortgages under management, equal to about 1.7 per cent of the market. Industry Super Holdings, the holding company for MEB and IFS, reported a net profit of $14.8 million in the year to June 2007, and is yet to report for the 2008 financial year. |
| |
| Source : The Sheet |
| |
|
|
|
| |
| 30 August 2008 | - Australian Credit Card Interest Rate Summary |
| |
| 29 August 2008 | - Less money coming in to AMP |
| | - Banks lend super contributions to customers |
| | - Aussie picks AMP for mortgage insurance |
| | - ANZ leads on rate cuts |
| |
| 28 August 2008 | - The Rock loses deposits |
| | - Raise the retirement age to 75 say seniors |
| |
| 26 August 2008 | - Super loser sold |
| | - Suncorp profit slide |
| | - St George needs Westpac |
| | - Force boss to go green say workers |
| |
| 25 August 2008 | - ANZ sacks 8 over Opes |
| | - No gaol for Westpoint salesman |
| | - ANZ fallout continues |
| |
| 22 August 2008 | - Time to end the landlord's tax break says NAB |
| | - Swan tells CBA, ANZ and Westpac to fall into line |
| | - Non-bank lenders will come back |
| | - NAB losing the mortgage war |
| | - NAB commits to cut rates |
| |
| 21 August 2008 | - Responsible lending code not needed say banks |
| | - PayPal told to change |
| | - Cut rates says Westpac |
| | - Banks manipulate customers |
| |
| 20 August 2008 | - RBA makes rate cuts crystal clear |
| | - More three generation homes than ever before |
| | - Melbourne is most liveable city |
| | - Global banking crisis to continue |
| | - Aussie John sells out to Commbank |
| |
| 19 August 2008 | - Mortgage rates cut |
| | - More disturbance at The Rock |
| | - Australian Central moves west |
| |
| 18 August 2008 | - Term deposit rates come down |
| | - Swan tells the banks |
| | - Good debt drives bank profit |
| | - Fixed rate mortgages fall |
| |
| 15 August 2008 | - Woolies MasterCard, Woolworths MasterCard, Woolworths Credit Card launches new financial services |
| | - Westpac sacks planners |
| | - CBA expects flat year with no nasty surprises |
| | - Banks told to pass on cuts |
| |
| 14 August 2008 | - Profit up for IMB |
| | - Commonwealth sells more mortgages and overdrafts |
| | - Commonwealth loses business customers |
| | - Profits and bad debts up at Commbank |
| | - Green light from regulator for St George and Westpac |
| |
| 13 August 2008 | - St George on track for big profit |
| | - Deposits pour in at St George |
| | - Commonwealth banks profits |
| |
| 12 August 2008 | - Profit surges up for Bendigo & Adelaide |
| | - NAB signs Chinese deal |
| | - NAB looks to expand into shares |
| |
| 11 August 2008 | - Westpac emerges |
| | - Smoke and mirrors cost ANZ |
| | - Credit laws get reviewed |
| |
| 08 August 2008 | - Rates to fall to five per cent next year |
| | - Mortgage broker posts strong sales growth |
| | - GE looking to do something with Wizard |
| |
| 07 August 2008 | - Westpac is the safest bank |
| | - Taxes dampen market activity |
| | - Low doc borrowers cut out of market |
| | - Banks may not pass on rate cuts |
| | - Aussie on the prowl |
| |
| 06 August 2008 | - Consumer demand for credit falls. |
| | - The Reserve Bank Australia set to lower rates in September. |
| | - Wealth managers struggle |
| | - Competition in home loans alive and kicking |
| |
| 05 August 2008 | - Suncorp faces losses |
| | - Consumer lending and delinquencies up for HSBC |
| | - Bank margins widen |
| | - House prices falling |
| |
| 04 August 2008 | - Suncorp's bank business slows sown |
| | - Hard to make ends meet on $273 a week |
| | - DIY super outperforms |
| |
| 01 August 2008 | - Top end of property market hit by high rates |
| | - Grains and meat drive Elders Rural Bank profit |
| | - BankWest's east coast plans eat into profit |
| | - Aviva suffers with markets |
| | - Rates could fall half a per cent next week |
| | - Non bank lender goes belly up |
| | - Market unimpressed by new NAB boss |
| | - Credit growth stalls |
| |
|
|
| |
