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NAB's Cameron Clyne calls for bank inquiry aimed at funding: Son of Wallis ineffectual whitewash

Posted by on in ROYAL COMMISSION URGENT
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Congratulations to Cameron Clyne of NAB for last night’s Lowy Lecture, in which he called for a Son of Wallis Inquiry specifically aimed at addressing Australia’s addiction to offshore wholesale funding. In a strangely blunt and at times in-eloquent speech, Clyne nonetheless made perfect sense:

 

Australian banks have significantly reduced exposure in recent years and we have sat out of the offshore markets for extended periods when spreads were wide and credit demand was low. But our banks still regularly feature in the top 10 of global issuance which is disproportionate given we represent only two per cent of global GDP. We are reluctant to further increase that position but we do need to move towards more stable balance sheet settings required by regulators.

Read on .... http://www.macrobusiness.com.au/2012/11/nab-calls-for-bank-inquiry-aimed-at-funding/

 

COMMENT

The commenters don't agree that this is a good idea at all....

 

 

Mav

Oh please.. This is what Clyne said.. As always, the devil is in the detail and Clyne took the trouble not to use the word “super”:

Reviewing how investment mandates may change given an ageing population which will require a greater need for diversification and more fixed income options. As OECD data shows, Australian Pension Fund allocations to Fixed Income are only 9% compared to an average of 53%.

Now tell me if you think that is a good idea or not?

IMHO, this inquiry will go the way of the Swanny’s covered bond banking “reform”: banks will cut a behind-the-scenes deal with both political parties, get what they want and taxpayers will be left holding the basket.

 

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  • doyla66
    doyla66 Thursday, 15 November 2012

    ROYAL COMMISSION INTO BANKING - WIDE TERMS OF REFERENCE: One way to use the current state of politics to focus the Federal Government's attention on the NEED to flush out WHITE COLLAR CRIME in banking and finance could be to target the Liberal/Coalition State Governments.
    The Gold Coast wasn't dubbed the Scam Capital of Australia for nothing: sports arbitrage, gambling, telephone scams, multiple property and real estate scams and a wide variety of other activities marketed as "investments".
    Maybe Campbell Newman would be interested in an Inquiry into White Collar Crime, based on the Gold Coast experience?

  • doyla66
    doyla66 Thursday, 15 November 2012

    Royal Commission in banking corruption - ...."wide terms of reference"...

    Yes good point Lisa,--thats "VeryGC" thinking...VeryGoodCrime[capital] & throw those pesky "bikies" into the mix while they're "going thru the motions"...incidentally,[trivia pursuit?] ...when was the last time Melbourne instigated a Royal Commission into their corrupt police activities, --releasing "protected witness' details, [since murdered], --commissioners tipping off corrupt officers under the guise of a radio interview, which such subtlety would be known to alert the culprits that they were currently under "internal" surveillance etc...perhaps a permanent Commonwealth Crime & Misconduct Commission [CCMC] to tackle ASIC,APRA, AOFM et al, ---after the Royal Commission in banking corruption - wide terms of reference...

  • doyla66
    doyla66 Friday, 16 November 2012

    :) I'd forgotten that bikies could be considered part of "white collar" crime ...
    Thanks for the reminder about "protected witness' details"...
    What gets to me is the overflow of banking culture/abusive legalism into the wider community. It makes for very unpleasant business dealings and a total lack of trust. GC not a nice place to do business, especially at present. Big clean up overdue and massive shift in attitude needed. Some really scary psychopathic conduct around ...

  • doyla66
    doyla66 Thursday, 15 November 2012

    We must have a Royal Commission - there is just far too much systemic corruption inside the banking & financial industries. This corruption also infects the Regulators, who are totally inefficient, and the External Dispute Resolution Schemes like FOS, who are NOT INDEPENDENT, as they are funded by the very banks that they are supposed to be investigating !!!
    The head of ASIC is also an ex-banker!!!

    You wouldn't put a multiple murderer in charge of a prison or a serial rapist in charge or a woman's association would you?

    Sack, get rid of these corrupt people in charge of these organisations & replace them with truly independent people, that will do the job properly & effectively.

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