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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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Bendigo Bankster: delivers a warning ~ "as much as five years of lower growth"

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Chairman: "If history is any guide, we have some time before this [financial crisis] is over...these financial crises occur regularly & follow consistent patterns, as such, we should expect this one to last at least another 5yrs, maybe longer."

CEO: "that poor business & consumer confidence continues."

The banks clearly have some ugly stuff in their loan books & while it seems odd that the banks could still be expecting a rise in unrecoverable loans so long after the GFC [not odd says BFCSA] it suggests many businesses that have held on are now running out of options.

Bendigo’s warning is supported by the fact that BoQ & ANZ have both recently warned that bad debt levels could increase as the tail of the GFC washes through.

_______________________________

Bendigo Bank delivers a warning

30 Oct 2012  

The annual general meeting season is in full swing and yesterday’s big event saw Bendigo and Adelaide Bank deliver a pretty solemn warning, with investors told to brace for as much as five years of lower growth.

CEO Mike Hirst says that poor business and consumer confidence continues to weigh heavily on demand for credit, making it difficult for banks to grow revenue without resorting to margin-destroying price cuts.

Hirst, and the rest of the banking sector, is also facing the challenge of meeting new regulatory requirements that flow from global changes to banking laws. Essentially, these changes mean the banks will be required to hold more capital – which means they will have a bit less to lend.

“These imposts, combined with the lower level of absolute interest rates, will ensure lower returns from banks than those experienced in the years prior to the global financial crisis,” Hirst told the AGM yesterday.

Hirst’s chairman, Robert Johanson, spoke more plainly.

“If history is any guide, we have some time before this [financial crisis] is over. These financial crises occur regularly and follow consistent patterns and, as such, we should expect this one to last at least another five years and maybe longer.”

Bendigo’s warning is supported by the fact that Bank of Queensland and ANZ have both recently warned that bad debt levels could increase as the tail of the GFC washes through.

While it seems odd that the banks could still be expecting a rise in unrecoverable loans so long after the GFC, it suggest that there are many businesses on their books which have held on and held on and held on, but are now running out of options.

These are likely SMEs, which reinforces the fact that our sector faces a few more patchy years yet.

It also suggests that access to credit issues will persist, notwithstanding the fact that demand for loans looks likely to remain somewhat depressed.

The banks clearly have some ugly stuff in their SME loan books and they are likely to see what happens to those businesses before lending to new ones.

However, Mike Hirst also provided a nice lesson for SMEs yesterday after his warning when he said this about his own company: “Long-term research on companies shows that the best performed firms are those that invest, innovate and grow through periods of difficulty and that is what we plan to do.”

Couldn’t agree more, Mike.

But just remember those rules also apply for SMEs, who will need a good bank standing by them to invest, innovate and grow.

James Thomson is a former editor of BRW’s Rich 200 and the publisher of SmartCompany andLeadingCompany.

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  • doyla66
    doyla66 Tuesday, 30 October 2012

    CEO Mike Hirst says that poor business and consumer confidence continues to weigh heavily on demand for credit, making it difficult for banks to grow revenue without resorting to margin-destroying price cuts.

    What an amazing conclusion! In the first Money As Debt"movie, there is, what is to me, the phrase that sums up the whoel situation in a nutshell, If there is NO DEBT, there is NO MONEY!" It still amazes me how some people believe that AUSTERITY will solve the debt problem.
    Think about. Our unfriendly scam banksters create money (debt) when people borrow. If people don't/can't afford to borrow, no debt is created, for Joe Public at least. When people don't/can't borrow, they can't afford to buy the stuff that they don't need anyway and so the SELLERS of STUFF don't buy STUFF from the MAKERS of STUFF. Workers are laid off so the POLLIES have to borrow, from their bankster friends, of course, to pay the benefits that people claim because they have no job.
    I am not going to preach here, but the Bible describes both the PROBLEM AND the SOLUTION.
    Problem- Proverbs 22:7 "The rich rule over the poor and the BORROWER is SLAVE to the LENDER"
    Solution-Matthew 21:12 "Jesus entered the temple area and drove out all who were buying and selling there. He overturned the tables of the money changers and the benches of those selling doves.
    New Living Translation
    Ungers Bible Dictionary page 737 describes the shenanigans of the money changers back 2000 years ago. The only difference between then and now is that they are not only IN the temple (seat of government) they now RUN IT! The church is part of the problem too, not part of the solution In all the many years I attended a "church" I NEVER heard a sermon preached on the verses set out above. Another interesting Old Testmant rea is Nehemiah 5. HE was a REAL public servant, he actually SERVED and did right by/for the people, unlike what we have "supposedly" serving the people today

  • doyla66
    doyla66 Tuesday, 30 October 2012

    Very nicely put Geoff, and --the people are interested in ~ if a 'Second Coming' is at all imminent, or equivalent as such???

  • doyla66
    doyla66 Tuesday, 30 October 2012

    Second Coming? Pre, Mid or Post Tribulation?

    The sheeple/pew warmers are HOPING (and praying?) that the second coming will be PRE Tribulation. There are 3 theories about the second coming, as shown in the title. All 3 are supported,supposedly, by "scripture" according to the preachers, problem IS, of course, if there IS to be a second coming, 2 out of the 3 theories have to be wrong! OOOPS! Now THAT could cause problems for the ones who got it wrong. I am a "Plan B" advocate, hope for the BEST (PRE) but prepare for the worst (MID or POST)

  • doyla66
    doyla66 Tuesday, 30 October 2012

    NZ Pinot Noir

    Cheers Geoff, may i suggest it may be timely to enjoy a glass of your fine [NZ] marlborough pinot noir, that is, whilst you wait!!!

  • doyla66
    doyla66 Tuesday, 30 October 2012

    the rest of the banking sector, is also facing the challenge of meeting new regulatory requirements that flow from global changes to banking laws. Essentially, these changes mean the banks will be required to hold more capital – which means they will have a bit less to lend.


    ...translated... call in all those shonky Lo Doc loans that require more capital no loan = no capital

  • doyla66
    doyla66 Wednesday, 31 October 2012

    Yoda, banks are yelling "call-it-in" [low-docs] before the masses discover "the truth" about the tainted loan application process thru BFCSA ~ a tad more than just satisfying the new Basel III capital requirement - disgorging all those ill-gotten gains to reinstate the borrower to a position as if it [the loan event] never happened, moreover, didn't those banksters move those RMBS loans "off the books"[to the 2nd set of "hidden books"] concurrent to securitisation?...and in the event of "enlightened" retail investors, upon learning of the bankster inspired fraudulent shananigans and insist on exercising "hand-back" [clauses] relating to the infected paper, to the originator/issuer of the RMBS tranche ~ wont this create an exponential capital dilemma??? ...over & above the tame Basel III commitments.

  • doyla66
    doyla66 Tuesday, 30 October 2012

    DO NOT BELIEVE A WORD ANY BANK MANAGER TELLS YOU ABOUT ANY COUNTRIES ECONOMY.

    THE ORGANIZERS OF THIS WEBSITE HAVE BEEN GIVEN THE TRUE REASONS WHY THE WORLD'S ECONOMIES HAVE BEEN UNSTABLE SINCE THE FALL OF THE ROMAN EMPIRE.

    THE ORGANIZERS OF THIS WEBSITE HAVE NOW BEEN GIVEN THE CORRECT PLANS AND FORMULAS TO PERMANENTLY STABILIZE THE ECONOMIES OF THE UNITED NATIONS.

    THE OBJECTIVES ARE FOR CONSISTENT , AND STEADY AND REASONABLE GROWTH. NOT VOLATILITY. THE DAYS OF THE NATIONS ECONOMIES BEING DELIBERATELY DE-STABILIZED BY CRIMINAL AND CORRUPT INSTITUTIONS ARE GONE FOREVER.

  • doyla66
    doyla66 Tuesday, 30 October 2012

    RANDOLPH

    BANK MANAGERS ARE TELLING LIES ABOUT FORECASTS.
    ANY CORRUPT ORGANIZATION IS GOING TO FEAR HYPER-REGULATION BECAUSE IT MAY MEAN A LITTLE BIT LESS FOR THE MANAGERS AND THEIR CRONIE MATES IN THE LEGAL AND ACCOUNTING PROFESSIONS.

    IT MAY ALSO MEAN THAT THEY HAVE TO ACTUALLY WORK FOR A LIVING.

    THEY ALWAYS SAY THAT THEY ARE DOING IT HARD TO GET SYMPATHY OUT OF THE PUBLIC, AND TO SQUEEZE CLIENTS FOR MORE FUNDS.

    IF THEY TELL THE PUBLIC THAT THE MARKET IS TOUGH, IT IS USUALLY TO JUSTIFY THEIR OWN VERY POOR PERFORMANCE.

    PLEASE NOTE THAT THE SHAREHOLDERS ARE BEING SCREWED BY THE CORRUPT HIERARCHY OF MANAGEMENT AND CRONIES.

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