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BFCSA
MORTGAGE
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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Recent blog posts
Brendan French and Michael Fraser
COMMONWEALTH BANK’S BRENDAN FRENCH. IS HE AUSTRALIA’S BIGGEST BANK FRAUDSTER? The Commonwealth Bank of Australia’s senior executive Brendan French, who is one of Australia’s biggest fraudsters, recently won a defamation case against a whistleblower. This is quite amazing given that it is French’s role at the Commonwealth Bank to cover-up multi-million-dollar fraud and theft by Commonwealth Bank staff and others and Brendan French should be in jail for his crimes, not winning defamation cases. Background The CBA is currently facing multiple fraud scandals involving their senior staff which are currently before the courts and various Australian senate inquiries. There is a standard theme with all of them with 3 key elements: Massive fraud and theft involving Commonwealth Bank staff. Customers ripped off and the bank refuses to pay compensation or at best minimal compensation well below what the customer has lost because of fraud by CBA staff. Senior management at the...
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    Aries says #
    The CBA has a lot to answer for the corruption and cover ups seems to be monumental....like wise with the other banks...A ROYAL C
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Sam Dastyari says despite being a product of the ALP machine, he only really gained an understanding of how power ...
Labor senator Sam Dastyari has warned there is something "fundamentally wrong and rotten" with Australia's entire political system, claiming there are 10 huge companies with so much power and influence they have killed proper democratic process at the federal level in this country. In a firebrand speech in Canberra this week, delivered with the enthusiasm of someone with their eye on the party leadership, Mr Dastyari told a Politics in the Pub audience that he thought he understood power before coming to Canberra as a senator. But his time in Parliament House has opened his eyes to the realities of the political-business nexus in Australia in a way he could not have anticipated. Sam Dastyari says despite being a product of the ALP machine, he only really gained an understanding of how power dominates Australia's political system after becoming a senator. Photo: Dominic Lorrimer "You will not find somebody who came more from...
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    Duped says #
    It seems to me that Sen. Sam Dastyari is the only politician with the guts and knowledge to understand that for one the banking sy
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Home lending defies property downturn, Australia takes debt gold medal By business reporter Michael Janda Updated Fri at 11:09am PHOTO: Both owner-occupied and investor lending rose in November. (ABC TV) MAP: Australia Home lending has posted a surprise increase, as an economic analysis showed Australian households are the world's most indebted. Research by Philip Soos from LF Economics - using data from the Australian Bureau of Statistics, Bank for International Settlements and OECD - showed that Australian households have debt totalling 123.08 per cent of the nation's annual economic output (GDP). The figures from the third quarter of 2015 showed that Australia overtook Denmark, where unconsolidated household debt to GDP fell to 122.99 per cent. Switzerland was in third place with a ratio of 121.3, while the Netherlands was the only other country studied where the ratio was over 100. "Denmark long held this unholy accomplishment, but has been slowly deleveraging over the last several years...
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Soos article in the Guardian 15th Jan, Australia now has the world’s most indebted household sector. http://www.theguardian.com/business/2016/jan/15/how-australian-households-became-the-most-indebted-in-the-world   Also ABC: http://www.abc.net.au/news/2016-01-15/home-lending-defies-property-downturn/7091016?section=business       The results are in: Australian households have more debt compared to the size of the country’s economy than any other in the world. Research by the Federal Reserve has shown the consolidated household debt to GDP ratio increased the most for Australia between 1960 and 2010 out of a select group of OECD nations. Australia’s household sector has accumulated massive unconsolidated debt compared with other countries. As of the third quarter of 2015, it now has the world’s most indebted household sector relative to GDP, according to LF Economics’ analysis of national statistics.   Denmark long held this unholy accomplishment, but has been slowly deleveraging over the last several years as its housing bubble peaked and burst during the GFC. The latest debt-financed boom in Sydney and Melbourne has...
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Supreme Court of NSW Judgment: French vs Fraser Tuesday 8 December 2015 https://www.commbank.com.au/about-us/news/on-the-record/2015/supreme-court-nsw-judgment-french-vs-fraser.html On 4 December 2015, the Hon. Justice McCallum awarded $300,000 to Dr Brendan French as a result of Michael Fraser's defamation and aggravating conduct. Supreme Court of NSW Judgment: French V Fraser   http://www.austlii.edu.au/au/cases/nsw/NSWSC/2015/1807.html   French v Fraser (No 3) [2015] NSWSC 1807 (4 December 2015) Last Updated: 4 December 2015...
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    Aries says #
    How could anyone win against their lawyers...?
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Commonwealth Bank of Australia's new PR spin   CBA victims of two decades of Low Doc Mortgage Lending will laugh till they cry!!!!! CBA Created unimaginable wealth for its CEO Engineers and left 150,000 vulnerable and often elderly customers homeless and in DEBT.   CEO's then left with $150 million each for five years of criminal activity.  They need to be hauled into a Royal Commission and eventually jailed.   http://switzer.com.au/the-experts/janine-perrett/cbas-new-pr-spin/ Janine Perrett  Published: Thursday, November 19, 2015 Laugh Out Loud. That's what I did when I read this headline in the Sydney Morning Herald this morning - "CBA wants to be the ethical bank". You really have to wonder about their huge highly paid PR team. This is the bank that gave us the original and biggest financial planning scandal, covered it up and was only exposed after a whistleblower went to the media which led to damning findings from a Senate investigative committee This was not...
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    Aries says #
    The CBA always claimed they were ethical......now they are being exposed by the Senate Inquiries as being unethical...they all of
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Bank rescues put bondholders on the hook 5 January 2015 http://www.afr.com/business/banking-and-finance/bank-rescues-put-bondholders-on-the-hook-20160104-glzceq   by Jim Brunsden and Patrick Jenkins In the late afternoon of November 28, Luigino D'Angelo typed a suicide note on his computer. Twenty minutes later he hanged himself from the banister of his home in the Italian city of Civitavecchia.   The 68-year-old pensioner, a former employee of energy group Enel, had lost his life savings in a government-backed reorganisation of Banca Etruria, a troubled lender active mainly in Tuscany and central Italy, where D'Angelo had been a customer for 50 years. His mistake had been to place €110,000 of savings not in a conventional deposit but in an investment product, in practice a risky form of the bank's own debt. As soon as the reason for his suicide was clear, D'Angelo became a symbol of the human damage wrought by Italy's reorganisation effort, which covered four banks and saw thousands of people lose money...
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Irish Banks and Australian Banks. One could say – same here!   1.4 Primary Weaknesses in Valuation Processes In section 3 of this paper the Central Bank provides an overview of the primary weaknesses in commercial and residential property security valuation process that arose during the boom lending years. The purpose is to provide a valuable summary of the Lessons Learned and recommendations regarding good practice going forward. The Recommendations are to be read in conjunction with the general principles outlined in section 2 of this paper. The Central Bank has identified three over-riding areas of weaknesses: 1. Inaccurate or inappropriate definition of valuation requirements by Credit Institutions and subsequent inadequate assessment and understanding of valuations received. 2. Inadequate valuation processes and standards or a disregard for adherence to such processes. 3. Lack of appreciation of the significance of the valuation document as independent evidence of risk mitigation effectiveness. Many bankers...
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CBA, NAB used wrong loan column 28 September 2012   http://www.afr.com/real-estate/residential/cba-nab--used-wrong-loan-column-20120928-j1o6o Two of Australia’s biggest banks have admitted to wrongly classifying billions of dollars of loans as mortgages when they were in fact business debt. Commonwealth Bank of Australia and National Australia Bank revealed the error on Friday after earlier reporting it to regulators. Since June 2011, CBA has categorised $9 billion worth of business loans as household debt. It also classified up to $1 billion of deposits as coming from households, when they originated with corporate customers. Similarly, for two years NAB wrongly labelled 5000 business loans worth $3.9 billion as either mortgages or personal debts.   The banks uncovered the problems during internal reviews, and reported the mistakes to the Australian Prudential Regulation Authority. Both banks said the reclassification would not affect their financial positions. However, business loans are typically riskier than housing credit. In a statement on Friday, CBA said moving the...
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Aha...loophole in APS112 ... The Capital Rort By Delusional Economics in Miscellaneous at 10:36 pm on November 16, 2010   http://www.macrobusiness.com.au/2010/11/deep-t-the-capital-rort/   ........There are two ways an Australian Deposit taking Institution (“ADI”) calculates capital to be allocated against a residential mortgage. Either in accordance with APRA’s APS 112 Attachment C or under Advanced Basel II methodology. Let’s address the rather simple APRA methodology first and then look at the implications of the advanced method.   My critics may be saying that I oversimplify. If it’s the simple truth then they’re correct but you can’t understand the bigger position without knowledge of the basic fundamentals. That’s where it starts.  My simple question is, how much capital does an ADI need to allocate to a mortgage over time? Let’s start with a $100 mortgage and the table below from APS 112 for standard mortgages.  The way ADI capital calculations are articulated, a 100% weighting on a $100 loan asset translates into $8...
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http://www.nakedcapitalism.com/2011/02/deep-t-australian-banking-system-on-unstoppable-path-to-collapse-or-government-bailout.html   Deep T: Australian Banking System on Unstoppable Path to Collapse or Government Bailout Posted on February 11, 2011 by Yves Smith Yves here. This long and informative post on the pending train wreck in the Australian financial system might seem to be too narrow a topic for most Naked Capitalism readers, but it makes for an important object lesson. Australia managed to come out of the global financial crisis largely unscathed because its banks did not swill down toxic assets from the US (chump quasi retail investors were another matter) and it benefitted from the commodities boom.  Nevertheless, one might think its bank regulators might see what happened abroad as a cautionary tale. Mortgage debt took center stage in the crisis, and Australia is in the throes of a serious housing bubble. Yet as this post describes, the regulators seem asleep at the switch as to one of its major drivers. By...
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'Explosive' BBSW revelations imminent: Dastyari By Tim Stewart and Alice Uribe Tuesday, 08 December 2015   http://www.investordaily.com.au/regulation/38618-explosive-bbsw-revelations-imminent-dastyari   ASIC has dedicated 20 per cent of its resources to the "rigging" of the bank bill swap rate (BBSW), says Labor Senator Sam Dastyari – and he predicts the corporate regulator's findings will be "explosive" for the big banks. Speaking in Sydney yesterday, Labor Senator Sam Dastyari – who is chair of the Senate Economics References Committee – said the "stuff that's about to come out" about the BBSW is "very, very big". The BBSW is the Australian equivalent of LIBOR (the London Interbank Overnight Rate) in the UK and determines the rate at which banks are willing to make short-term loans to each other. Deutsche Bank was fined US$2.5 billion in June by a number of US regulators after the UK Financial Conduct Authority found its employees had manipulated LIBOR and the eurozone equivalent,...
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    Duped says #
    So banks have been acting as a CARTEL. ASIC will tell you that banks wouldn't be doing that sort of thing after all its illegal ?
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Just like living in a time warp...the Mafia and Drug Cartels must own all of them...   Submission On Misleading Statements Made To The House Of Representatives Standing Committee On Banking, Finance and Public Administration 26 October 1995   Page 4 Preparation of this submission has been an enormously difficult and time consuming task for voluntary officers who are still struggling to recover from the financial ruin caused by their foreign currency loans. We ask how much more damaging evidence has to be presented before our Parliamentarians will act? It is not that there is a lack of knowledge......... Your own newsletter, “Dollars and Sense”, Issue No 3 of June 1991 admits the problem, and yet, we are still awaiting some action. ........We have become thoroughly disillusioned with the Martin Inquiry, particularly in regard to its investigation into the Banking industry and its malpractices (Enclosure 1J). The banks (particularly Westpac and CBA) repeatedly insisted...
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Well here’s a clue..........The government body that regulates the banks, APRA, declined to comment on the RBA's findings.    RBA says big banks are cashing in Di Bain reported this story on Friday, March 12, 2010 18:32:00 Listen to MP3 of this story ( minutes) Alternate WMA version | MP3 download   http://www.abc.net.au/pm/content/2010/s2844573.htm     MARK COLVIN: The Reserve Bank of Australia has found that Australia's major banks actually managed to make more money from loans during the global financial crisis.  In a report today, the RBA says the big banks increased their interest margins, despite their higher funding costs.  The findings have angered small business groups, they say it's proof the banks are gouging them.  But the Bankers' Association claims that, overall, the profit margins on bank loans are at historical lows.Di Bain reports.DI BAIN: Remember when Westpac tried to explain why it raised its home loan rates by 45 basis points.   It compared mortgages to banana smoothies.WESTPAC...
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So who gave the Royal Order??     Australian Valuation Office shut to help or hinder bubbles? Karl Fitzgerald on January 24, 2014   https://www.prosper.org.au/2014/01/24/australian-valuation-office-shut-to-help-or-hinder-bubbles/   Today is a testing day for economic democracy with the announcement the Australian Valuation Office will be closed. The office has for 104 years valued our land – and was the cornerstone of the first federal tax office – the Federal Land Tax Office.   We show concern at this development because this austerity manoeuvre could spread to state government valuation officers. The use of private appraisers by the US banking system hints at the concerns we raise...........   Whilst dozens of books have been written about causes to the global financial crisis, just a few sentences written back in the year 2000 were a sufficient warning, as Randy Wray quotes:   We, the undersigned, represent a large number of licensed and certified real estate appraisers in...
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New rules could force Sydney unit owners to sell 22 December 2015 http://www.realestate.com.au/blog/new-rules-could-force-sydney-unit-owners-to-sell/   In NSW, your title to an apartment or terrace may not be quite as secure as you thought. Until now, developers were required to buy out all owners before being able to terminate a strata scheme and redevelop a building. But under new legislation, developers will only need to acquire 75% of units in a building before the remaining owners can be forced to sell. The new rules have the potential to affect over two million people in Sydney in 75,000 strata and community schemes. In Victoria and Western Australia, similar proposals are being considered by state governments. The amendments to the Strata Titles Act have been welcomed by developers who argue thousands of ageing buildings in Sydney are run down and should be replaced. Chris Johnson, Chief Executive of Urban Taskforce says “In NSW, there are lots of...
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Major banks reduce maximum loan amounts   This means banks are today lending average $400k loan decreased by $65k,  BUT still sell the toxic Low Doc products to vulnerable Pensioners.  Same as always, ARIPs are still the target market for Bankers.   6 January 2016   http://www.brokernews.com.au/news/breaking-news/major-banks-reduce-maximum-loan-amounts-210230.aspx   Major banks have significantly reduced the amount they are prepared to lend home buyers, a new analysis by leading brokerage Home Loan Experts has revealed.A couple with a combined income of $120,000 purchasing an investment property can now borrow up to $80,000 less from a major bank than they could a year ago, according to the calculations published in a report by the Sydney Morning Herald.Investment property buyers aren’t the only ones affected either. The maximum loan size for the same hypothetical couple buying an owner-occupied home has fallen by up to $65,000, according to the Sydney-based brokerage’s calculations. According to the Sydney Morning Herald report, the calculations were based on the...
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http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/customer_loans/Additional_Documents   Tabled Documents Download All 1 Document tabled by ANZ at a public hearing in Sydney on 13 November 2015. 2 Document tabled by ANZ at a public hearing in Sydney on 13 November 2015. 3 Document tabled by Mr Trevor Hall at a public hearing in Sydney on 13 November 2015. 4 Opening statement tabled by the National Australia Bank at a public hearing in Sydney on 18 November 2015. 5 Opening statement tabled by the Australian Bankers' Association at a public hearing in Sydney on 18 November 2015 6 Opening statement tabled by Westpac at a public hearing in Sydney on 18 November 2015 7 Document tabled by Legal Aid Queensland at a public hearing in Brisbane on 19 November 2015. 8 Opening statement tabled by the Commonwealth Bank of Australia at a public hearing in Canberra on 2 December 2015. 9 Document tabled by the Commonwealth Bank...
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http://www.citi.com.au/citigroup/consumer/overview.html   Home Loans Citibank is an established player in the Australian mortgage market. Since 1987 it has been a catalyst for change in the mortgage industry with a reputation for innovation. The 'line of credit' or equity loan was pioneered by Citibank Australia and has been replicated worldwide. Citibank also established the securitisation market for Mortgages and was the first bank to implement a web-based loan system from application to settlement. Citibank Mortgages encompasses a range of products designed to suit all customer needs, including Offset Mortgage, Mortgage Power, Fixed Mortgages and Basic and Standard Variable Mortgages. Citibank Mortgage Plus gives clients a range of discounts and rewards for one low package fee and provides a complete banking package for customers with a choice of mortgage, credit card and transaction account. Home loans are available through mortgage brokers and direct from Citibank...
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After the mortgage crisis during the late 2000s, some mortgage lenders stayed afloat by originating refinances!     II. THE LIFE CYCLE OF A MORTGAGE LOAN Introduction     https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Understanding%20the%20Basics%20of%20Mortgage%20Fraud%20Chapter%20Excerpt%202014.pdf   A key to detecting, preventing, and investigating mortgage fraud is to understand the weaknesses and stress points in the mortgage loan process. Those who commit mortgage fraud understand how to exploit those weaknesses. Consequently, to become better at enacting controls, detecting red flags, and investigating fraud, examiners must look at the mortgage loan process as a fraudster would...........Mortgage fraud is primarily committed by, or with the assistance of, industry insiders (such as builders, property sellers, loan officers, appraisers, realtors, attorneys, and title agents).  Moreover, mortgage fraud can be perpetrated at any stage of the mortgage process, but the majority is perpetrated at origination............   Mortgage Broker A mortgage broker originates loans for mortgage lenders and, in return, receives a commission. The loans...
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CBA buys third of Aussie August 29, 2008   http://www.theadviser.com.au/breaking-news/1078-cba-buys-third-of-aussie   The Commonwealth Bank (CBA) today revealed that it has reached an agreement to purchase a 33 per cent stake in Aussie Home Loans (Aussie). The acquisition, according to CBA, is a “strategic holding” and provides it with “an additional investment in the strong and growing home loans industry”. “As Australia’s largest home loan provider it makes good strategic sense to look at alternative investments in this industry that will continue to bring benefits to shareholders and consumers,” CBA CEO Ralph Norris said. “We understand that there are some consumers that seek the advice and assistance of mortgage brokers in helping them select a home loan option that best suits their needs and circumstances. “As this market continues to develop, a strategic investment in one of the market-leading providers in this industry is a natural fit for [CBA].” According to Mr...
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Member comment: To discover 7 years AFTER the event I had one of these “in disguise” was like being slapped in the face with a dead fish from “across the Tasman”!   Loans reach new depths   Tim ElliottNovember 12, 2008Page 1 of 6 | Single page   http://www.theage.com.au/news/business/money/property/loans-reach-new-depths/2008/11/10/1226165478844.html   Low-doc mortgages were sold to struggling consumers and now many are worse off, reports Tim Elliott. In late 2005, Mandy, a 55-year-old postal worker from the NSW Central Coast, heard an advertisement on her radio for a company called Professional Funding Group. The ad, offering credit to people having trouble making ends meet, was of great interest to Mandy, whose financial situation could best be described as disastrous. Despite working 16 hours a day in two jobs, she and husband Keith, a truck driver, were several months behind on mortgage payments and owed thousands of dollars in tax, utility bills and credit...
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Valuation industry faces sea change     Greg Ninness 28 August 2011 http://www.stuff.co.nz/sunday-star-times/5514727/Valuation-industry-faces-sea-change   A wave  of change is about to sweep over the valuation industry, with valuation clearing houses threatening small firms with extinction.  The changes should work to clean up an industry that has critics saying it failed to maintain standards, with unreliable valuations underpinning investments losses of hundreds of millions of dollars. The problems came to public attention as a result of the infamous Blue Chip scandal, in which thousands of investors paid hugely inflated prices for properties based on allegedly jacked up valuations.  When the investments went sour, the properties were often found to be worth substantially less than the original valuations, leaving some investors facing financial ruin and the banks which provided mortgage funding for the deals exposed to large losses.   The problem is believed to have extended beyond the Blue Chip debacle, and banks have taken action to...
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1999 Special Article - Institutional Arrangements and PolicyThis article was published in the 1999 issue of Finance, Australia (ABS Catalogue No. 5611.0) http://www.abs.gov.au/ausstats/abs@.nsf/featurearticlesbytitle/338F7A49F638369FCA256F2A00073471?OpenDocument Following publication of the Campbell Report in 19811, the Australian finance sector and the financial markets have experienced almost two decades of deregulation both of the participants and in the operations of financial markets. The Campbell Committee made recommendations regarding the following policy areas: changes to policy for macroeconomic management; removing direct controls on interest rates and portfolio composition; strengthening regulations to preserve stability; and removal of entry barriers. In the area of macroeconomic management, the Campbell Report recommended a tender system for the issue of government securities, which was adopted for T-Bonds in 1982. The recommendation to lift Loan Council control on the borrowing by 'market' public authorities was implemented for large semi-government authorities in July 1983. In late October 1983 the arrangements applying to foreign exchange...
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This article appeared in Issue 1 of the Global Financial Services Regulators – Asia Pacific, 2004. Australia Introduction   https://www.abl.com.au/ablattach/Australia.pdf   Australia’s marketplace for financial services is one of the largest and most highly developed in the Asia-Pacific and enjoys a global reputation for sophisticated and innovative financial services and products. ..........Foreign banks are relatively recent participants in Australian domestic retail and wholesale banking. Prior to deregulation of the banking industry in Australia in the 1980s, foreign entrants were required to operate as a subsidiary of an Australian company and not as a branch of an overseas bank. Foreign banks may now open branches in Australia provided they limit their activities to wholesale banking and do not conduct business in the domestic retail market.............   Regulatory structure Until 1998, financial institutions were regulated and supervised on the basis of their status rather than the functions they performed. From 1 July...
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