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
741708

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

Bank secrets hidden. APRA warns releasing information "may affect the stability of Australia's economy"

Posted by on in Corrupt Regulators
  • Font size: Larger Smaller
  • Hits: 3011
  • 13 Comments
  • Print

THEY are 12 secret documents judged to be so potentially damaging that releasing their contents would endanger the stability of Australia's whole economic system.

Australia's biggest banks, insurers and superannuation funds are named, and some are apparently shamed, in ''risk registers'' kept by the federal government's banking regulator.

But in a gaping hole in Australia's defences against the global financial crisis, the Herald can reveal the crucially important registers were only compiled months after the worst of the crisis struck.

The regulator warns the risks outlined in the registers are so sensitive that releasing the information ''may affect the stability of Australia's economy''.

The registers pinpoint the weakest links in Australia's multibillion-dollar financial services industry, outlining where individual institutions pose systemic risks and the possible remedies by the regulator.

The Herald sought risk registers drafted by the Australian Prudential Regulation Authority, which is responsible for addressing system-wide risks in Australia's financial system, under freedom-of-information laws.

The request sought registers kept during the height of the global financial crisis, which occurred when Lehman Bros collapsed in 2008.

But in denying the Herald's request the regulator revealed it had not compiled the crucial documents during the worst of the crisis.

A schedule released by APRA shows the first register was dated November 2008, suggesting it only drafted the documents after the worst shocks from the crisis in the US.

APRA's rejection of the request was based on the assessment of its general counsel, Warren Scott, of the dangers to the economy if the registers were to be released.

''In my view the confidence in the economy may be undermined if the potential emerging risks and APRA's discussions and thoughts were disclosed … this may have a systemic effect in the industry which may affect the stability of Australia's economy,'' he wrote.

The risk registers gather information from all areas of APRA, including confidential information from banks, insurers and super funds gained by its ''frontline'' supervisors, specialist risk officers and statistics teams.

Officers from APRA meet every six weeks to discuss the ''key risks'' facing each of four industry groups - banking, superannuation, general insurance and life insurance.

Key risks are assigned to an APRA ''risk owner'' to recommend and carry out a response.

Mr Scott said release of the registers could influence investing decisions by Australians and harm individual institutions - a reference to behaviour such as a run on a bank when funds are withdrawn all at once.

''The subject matter of the registers is sensitive and remains sensitive at this point in time,'' he wrote.

Mr Scott's decision was supported by the Freedom of Information Commissioner, James Popple, in a draft ruling shortly before Christmas. The Herald's application to the Office of the Australian Information Commissioner took more than a year.

Mr Popple partly based his decision on secret examples that showed banking, insurance and other financial services would suffer a ''substantial adverse effect'' if the registers were disclosed.

Mr Popple found that releasing the registers would be contrary to the public interest because of the damage it could cause by providing businesses with premature knowledge of APRA's actions.


Read more: http://www.smh.com.au/national/financial-institution-risk-list-kept-secret-20111226-1pahf.html#ixzz2DKdRiuMD

Last modified on
Rate this blog entry:

Comments

  • doyla66
    doyla66 Monday, 26 November 2012

    Amazing! Let's get busy after the horse has bolted... What a great place to start!! So the info really has no value as there is no relevant comparative data! I feel like Bart Simpson: Like D'oh!

  • doyla66
    doyla66 Monday, 26 November 2012

    So they interfere with the market once again

    On the one hand we get an RBA official being quoted in The Australian in August, 2012 about letting the market decide who lives/dies, survives/fails & on the other hand (geez, starting to sound like a 2-handed eCONomist here :D ), they now decide which industry they're going to protect? For goodness sake, you cannot have it all ways. That is just plain & simple, NOT fair.

    The federal govt chose which car makers to bail out, they chose which bank to bail out of/protect whilst trading insolvent, propped up the big 4 with guarantees on personal banking but now they hide this?

    Either we have a market with capitalism, socialism, etc or we have the ubeaut Aussie variety of 'Heinz 57 mix'. Yep, starting to sound like an eCONomist. This does my head in . . .

  • doyla66
    doyla66 Monday, 26 November 2012

    The "Cover-up" by Government et al ~ all depts, all levels

    Systemic-Bank$ter-fraud, certainly generates "systemic-effects" --will effect stability upon full disclosure; indeed influence investing decisions by Australians[who are 'entitled' to be fully informed & prior to those decisions of buy and/or sell those 'effected' [infected] stocks as a consequence of institutional "self-harm" committed with impunity by 'those' respective institutions..ie, 'the gang of 36', led all the way by 'those' BIG4 bank$ters...

  • doyla66
    doyla66 Monday, 26 November 2012

    Amazing! Let's get busy after the horse has bolted... What a great place to start!! So the info really has no value as there is no relevant comparative data! I feel like Bart Simpson: Like D'oh!

  • doyla66
    doyla66 Monday, 26 November 2012

    Actually, having thought about it, now I'm pretty upset at being treated, like what feels like an idiot... But I guess I have been. I trusted the banksters, just like I'd been taught to do! I trusted the regulators, just like I'd been assured I could do! I trusted the politicians, just like really wanted to do! Unfortunately I bet on a dud trifecta! My Bad!

    Bankers and Lenders, you still have some time to come forward. Remember, even as kids, it was always better when we came forward voluntarily, rather than being 'outed' in public :-? or :-$

  • doyla66
    doyla66 Monday, 26 November 2012

    So the truth is coming out about the Government censorship. Hide the truth from the people, protect the banks at all costs. Are we living in communist Russia, where corrupt Governments carry on the secret suppression of their own people?

  • doyla66
    doyla66 Tuesday, 27 November 2012

    Bank of Queensland

    This article could be a clue about the information contained in those reports; First Bank to post a loss in 20years, has millions of bad loans on the books etc. Then this article below from yesterday;
    The Australian banking sector isn't stressed - (who said that? - APRA of course), yet BOQ has already broken the unwritten contract on which the brokers and flacks made their pitch.
    In the bank's own words: ''BOQ has determined not to redeem PEPS (the 2007 issued Perpetual Equity Preference Shares) on the first optional call date of 17 December, 2012.''
    This means the securities won't be redeemed next month and investors WON'T get their money back as many might have expected.
    Reading this article is very distrubing and points to a BOQ takeover and the possibilty they are insolvent and about to collapse. Why else would they be taking this course of action. This article screams - BEWARE OF BANK OF QUEENSLAND AND GET YOUR MONEY THE HELL OUT OF THERE!!

    Read more: http://www.smh.com.au/money/investing/in-lieu-of-redeeming-features-20121126-2a2dd.html#ixzz2DNQl55xJ

  • doyla66
    doyla66 Tuesday, 27 November 2012

    That article is more than a little bit scary & IntelligentInvestor tend to write pretty good articles so I would take their word as true. No real investment choice permitted by BoQ! Damning writeup about the misnamed 'regulators' too. Just a take it or leave it attitude by BoQ is NOT a fair nor a reasonable offer of a choice.

  • doyla66
    doyla66 Tuesday, 27 November 2012

    " Welcome to the Geoffrey Robertson Website "

    indeed..."trading whilst insolvent"...if your an individual/private corporation...it's jail-able.. but if it's Bank$ters ~ "impunity"...send in the{AFP] police...do we have any??? ...Bank$terGang$terCartel of rotten-to-the-core lawyers --abhorrently seeking court "order" ~ to prohibit an individual "accessing the internet", are they joking, if the judiary granted such an insanity = Headline News Globally..Maybe it would be great if they granted it and fell on their sword, as a member suggested, bring in Geoffrey Robertson... as they attempy to breach every human right under the sun, and deprive him[Norman] of his lawful livelihood amongst other things...and Bank$sters wilfully running amok!!!

    Welcome to the Geoffrey Robertson Website

    Geoffrey Robertson QC has been counsel in many landmark cases in constitutional, criminal and media law in the courts of Britain and the commonwealth and he makes frequent appearances in the Privy Council and the European Court of Human Rights. His recent cases include: appearing for the Wall Street Journal in Jameel v WSJ, the landmark House of Lords decision which extended a public interest defence for the media in libel actions; representing Tasmanian aborigines in the novel action which stopped the Natural History Museum from experimenting on the remains of their ancestors; defending the Chief Justice of Trinidad at impeachment proceedings; arguing the Court of Appeal case (R v F) which first defined “terrorism” for the purpose of British law; arguing for the right of the public to see royal wills and representing a trust for the education of poor children in litigation in Anguilla over a billion dollar bequest. He has maintained a wide advisory practice and has served part-time as a UN appeal judge at its war crimes court in Sierra Leone. In 2008 the UN Secretary General appointed him as one of the three distinguished jurist members of the UN’s Internal Justice Council.

    Mr Robertson is the author of Crimes against Humanity – The Struggle for Global Justice, published by Penguin and the New Press (USA), now in its third edition; of a memoir, The Justice Game (Vintage), which has sold over 100,000 copies, and of Robertson and Nicol on Media Law (Sweet & Maxwell). He writes and broadcasts regularly on international legal issues and creates Geoffrey Robertson’s Hypotheticals for television and for ethics education. His most recent publication is The Tyrannicide Brief, the story of how Cromwell’s lawyers produced the first trial of a Head of State – that of Charles I. It traces the memorable career of John Cooke, the radical barrister and visionary social reformer who had the courage and intellect to devise a way to end the impunity of sovereigns. The book is published by Chatto & Windus in the UK, after Australia (where it rose to second in the non-fiction bestseller list) and is pubished by Anchor Books in the U.S., where it won a “Silver Gavel” Award from the American Bar Association. Mr Robertson has written an extensive introduction to Geoffrey Robertson presents The Levellers – The Putney Debates (Verso, 2007); the foreword to Torture (Human Rights Watch/ Macmillan) and A Question of Zion (Professor Jacqueline Rose/ Melbourne University Press) and is a contributor to Human Rights in the War on Terror (Cambridge University Press). His paper Ending Impunity: How International Criminal Law Can Put Tyrants on Trial has been published in the 2005 Cornell Law Journal (issue 3, Volume 38). In 2006 he chaired a Commission of Inquiry into the United Nation’s internal justice system. A copy is available on this website: see “Recent Articles”.

    Geoffrey Robertson is founder and head of Doughty Street Chambers, the UK’s leading human rights practice, which comprises some 80 barristers and 30 staff. He is a Bencher of the Middle Temple; and a Recorder (part-time judge) in London; an executive Member of Justice, and a trustee of the Capital Cases Trust. He is visiting Professor in Human Rights at Queen Mary College, University of London. He lives in London with his wife, author Kathy Lette, and their two children.

  • doyla66
    doyla66 Tuesday, 27 November 2012

    SH*T! BOQ better give me my money back, you thieves.... I read somewhere near the $6.50 range - they are insolvent. They have dropped from almost $1.00 in a matter of a month and a half. 4th Oct to 27th November and dropping further each day. Dropped about 13.44%

  • doyla66
    doyla66 Wednesday, 28 November 2012

    Most BOQ managers are franchise owners too.

  • doyla66
    doyla66 Wednesday, 28 November 2012

    Notice how Merill Lynch has a big hand in this?? With BOQ that is..

Leave your comment

Guest Monday, 28 September 2020