GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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.

Visitors

Articles View Hits
610458

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Lee Doyle

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.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: Dedicated Consumer Protection Unit $733m levy bank$ter cabal

Posted by on in Consumer Protection Disaster
  • Font size: Larger Smaller
  • Hits: 2254
  • 2 Comments
  • Print

A levy to raise $733m to create a purported "financial stability fund" to be administered by a govt agency, shall be collected by banking regulator APRA. These "proceeds", without fail, must be dedicated to establish a fully funded and truly independent Consumer Financial Protection Bureau.

Such an urgently needed protection unit will finally cover consumers -- aggrieved or otherwise -- whom to date, have been hopelessly let down by a dysfunctionally conflicted ASIC, which itself, is the subject of a recently set down Parliamentary Inquiry and stands open to substantive allegations of malfeasance, if not sheer criminally negligent laziness to adequately protect consumers from the rivers of fraud, deceit and cover-up flowing out of the Australian bank$ter cabal unabated -- and the brazenly contrived model of an ill-conceived bank$ter wholly owned & shambolically operated EDR scheme; an external dispute resolution model that stands for nothing less than a bank$ter cabal scheming 24/7 program.....

BFCSA: shall spearhead & identify required consumer entitlements to be properly allocated in its drive to establish a CPB from the new Bank-Deposit Levy which is expected to raise $733m (over 3 yrs) which such funds are to be "quarantined" according to the Rudd Govt. 

The fund is designed as insurance in the event that a big Australian bank requires a bailout owing to global instability.

Australian money. The Reserve Bank has kept interest rates at 2.75%, as expected.
 

 

Bank levy to raise $733m as Rudd government strives for surplus---

 

The levy, expected to take effect in January 2016, will be collected by the banking regulator.

A new levy on Australia's banks will raise $733m, adding to a tobacco tax rise worth $5.3bn to be unveiled in the Rudd government's looming economic statement.

The government will create a financial stability fund recommended by the International Monetary Fund, the Reserve Bank of Australia and the Council of Financial Regulators, paid for by the levy on the banks.

The fund is designed as insurance in the event that a big Australian bank requires a bailout owing to global instability.

The levy will be collected by the banking regulator, the Australian Prudential Regulation Authority, and deposited into a fund administered by a government agency. The money will be quarantined but, for accounting purposes, will go to the bottom line. The measure will help the government meet its surplus target for 2016-17.

The levy is not expected to take effect until January 2016. The government envisages imposing a notional 5 basis points levy on deposits of up to $250,000 for each account holder at every bank, mutual bank or credit union.

Banks are expected to pass the cost of the levy to their customers. Speculation about an imminent levy hit bank stocks heavily on Thursday, with some down 2% before recovering later in the afternoon.

The proposed bank levy adds to a substantial jump in tobacco tax that will deliver more than $5bn to the federal budget between now and 2016.

The treasurer, Chris Bowen, confirmed on Thursday that tax on tobacco would rise 12.5% over the next four years. The government has been attempting to frame the revenue grab as a health measure, pointing to the preventive health issues it is also undertaking.

The increases will begin on 1 December. Further rises will follow on 1 September 2014, 1 September 2015 and 1 September 2016. The tax rise is in addition to increases that would have occurred through indexation.

Bowen said the move would bring Australia closer to the taxation standard recommended by the World Health Organisation. "This I know won't be universally popular at all," he said. "It's a difficult decision. But it's a decision which is taken in the best interests of the nation taking account all the impacts it has, both on the government's budget and also on the health outcomes for Australia."

Bowen told reporters in Sydney on Thursday morning the $5.3bn tobacco tax rise was a "substantial" measure; one of the biggest revenue measures in the government's economic statement expected on Friday.

He also confirmed that the statement would outline the full costs of the regional resettlement agreement with Papua New Guinea. The government has thus far declined to quantify the costs of that deal.

The government faces a difficult task to meet its commitment to return the budget to surplus in 2016-17. Tax revenues have been weak and the government must offset spending associated with policy changes made by Kevin Rudd since he returned to the Labor leadership.

Bowen and the prime minister began to soften the ground for the tobacco tax increase on Wednesday at separate events in Sydney and Brisbane. "As the prime minister said today, we need to be continually looking at what we can do to reduce smoking," Bowen said on Wednesday afternoon.

"There is not a family in Australia that hasn't been touched by cancer caused by smoking. I think the Australian people would agree with us, that we need to consider all sorts of measures to reduce smoking."

Labor has been active throughout its two terms in government to reduce smoking, winning a landmark high court case that imposed plain packaging on the tobacco industry.

The Cancer Council has endorsed the tax rise. Its chief executive, Professor Ian Olver, said price control through tax was by far the most effective public health measure to bring down smoking rates, particularly among young people and people on lower incomes.

"Evidence shows that the increase in excise in 2010 has driven down tobacco consumption by around 11 per cent," Olver said.

There is speculation the government will use the release of the economic statement as a springboard for calling the federal election for 7 September.

The Coalition has been critical of the tobacco measure. It says the government should seek to control spending rather than raise taxes, particularly those impacting disproportionately on low income earners. "This is just another tax. Let's not listen to this palaver about health, it's all about revenue," the opposition leader, Tony Abbott, told reporters in Melbourne on Thursday morning.

Abbott said the opposition would respond to the statement once it was in the public domain. He would not be drawn on specific measures until then.

"This is a government that can't control its spending," he said. "Whenever it gets into trouble, it hits you, the Australian people, with new taxes. If they do this to you before the election, think how much worse it will be after the election."

http://www.theguardian.com/world/2013/aug/01/bank-levy-733m-rudd-surplus

Last modified on
Rate this blog entry:

Comments

  • doyla66
    doyla66 Thursday, 01 August 2013

    Can you believe it? There's ASIC, APRA and all the rest of the regulators. Then there's an overview council for the regulators! What does this council do? - apart from chat to all the rest? Any sign of an impartial auditor of regulatory practices and failures by the rest of them? I doubt it very much.
    Once again the IMF and WHO and UN are being invoked as the best judges of what's good for Australia! This is so annoying. The Australian people are the best judges of what's good for us!
    As a refresher, the IMF are the same "experts" paid by our government to keep writing good reports on the Australian economy. Plenty more than the $7bAUD European Bank Bailout went to the IMF to sweeten our international reputation. The IMF also told us that our debt wasn't all that bad compared to other countries. If Australia's debt doesn't work for Australian voters that should be the end of it. Unfortunately it probably won't be, as once these organisations get dissed by a country that listens to the people (democracy) they can become rather unpleasant. Let's test them out lol!
    Why anyone would think Australians would support a bank bail out, bank bail in or why the wealthy and flamboyant Australian Banks would need anything like it is a total mystery to me. Maybe the loan fraud issue is making Bank execs a little edgy and they don't want to have to pay for their crimes? Maybe someone doesn't really want another term in office...?
    I agree, any Bank levy should go towards paying for the protection of consumers of financial products in this country. That's what's essential.
    And if the Banks pass on the levy, well you know what to do: ditch your savings accounts. This levy will be the thin edge of the wedge, for certain. So long as this levy does wait until 2016 we're pretty safe. I don't believe they'll wait that long.
    Bottom line, Banks engineered the fraud, Banks profited from the fraud, Banks did great harm to Australian citizens due to the fraud and their Bankster culture, Banking execs led the high life and flaunted it in the media. Guess who will be paying for the fraud, the extra work by regulators and the consumer protection authority to prevent this recurring?
    Da Banks!

  • doyla66
    doyla66 Saturday, 03 August 2013

    Just another red tape coverup

    Government in Australia is a joke they really do think we are all idiots. Why in god name would you spend millions of dollars (and lets not kid ourselves thats what it will cost to get an effective regulator) to set up a fund to look after the aggrieved. Well I suppose that answer is simple really, when you look at it our spin doctor leader already knows the FRAUD his Bankster mates have created he knows his current crew if they were effective would bring down those crooks. So what better way to take the focus off the Bankster Buddies set up a whole new baby sitter to look after the failures you already have, give your mates time to flee the crime scene before the forensic experts come in and work out what has happened and who is at fault. Of course us plebs will be left with all the usual excuses we get now, you all know the ones OH THAT HAPPENED BEFORE WE WERE THE REGULATOR or WE ONLY LOOK INTO THING FROM 2014 ONWARDS or WE DONT HANDLE ANY CASE IF YOU SAY THE WORD FRAUD or TAKE THIS MATTER TO THE POLICE THIS IS NOT FOR A REGULATOR TO PRESIDE OVER or THAT OLD CLASSIC WE CAN SEE NO SYSTEMIC PROBLEM HERE. If our Government is truely above board with this idea to protect and regulate finalise all the cases that exist right now, send in a team to really examine what has taken place in this last BANKSTER FRAUD give an AMNESTY PERIOD for the BANKS to come clean pay out their crimes then move on to get a truely honest system. JUST A THOUGHT.

  • Please login first in order for you to submit comments