BFCSA Blog

  Posted by Houses and Holes in Banks on November 14, 2012 | 25 comments   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...

David Collyer was right. Denise's evidence and assertions are based in many years' research. There is no room for speculation in the black and white of her evidence. It's FRAUD. What is more it is intentional, premeditated and well organised systemic fraud. How can the regulators and the politicians deny the facts and keep their credibility? They can't. Further evidence has been revealed since the initial hearing at the Senate Inquiry. It underlines the even greater need for a Royal Commission. The Australian public want the truth. Investors want the truth. Borrowers want the truth. Our international reputation is also under scrutiny. Surely it is part of the job description of any chief regulator or parliamentary representative to supply informed, well-researched answers not off the cuff comments based on assumptions and their own opinion in order to protect their jobs! They are paid handsomely to supervise and ensure the stability our...

Video: http://www.abc.net.au/7.30/content/2012/s3588021.htm Australian Broadcasting Corporation Broadcast: 11/09/2012 Reporter: Nick McKenzie Following our story on the bribery scandal centring on the Reserve Bank of Australia, new evidence raises questions about the RBA's response. Transcript LEIGH SALES, PRESENTER: The scandal over alleged bribery and corruption in companies owned by the Reserve Bank is deepening.Explosive new evidence shows that RBA subsidiaries paid more than $3 million in commissions to a Malaysian arms dealer to secure bank note contracts in Asia. Even after the arms dealer was sacked for corruption, the payments continued with the RBA's approach.The revelations pose serious new questions for Reserve Bank Governor Glenn Stevens about what the bank knew of Australia's worst corporate corruption case.Nick McKenzie has this report, with Richard Baker of The Age.NICK MCKENZIE, REPORTER: The bribery scandal that is engulfing the Reserve Bank of Australias has reverberated across the globe. Last year in Kuala Lumpur, the former assistant...

"A Royal Commission into the Australian Banking Sector is our democratic right. To deny us that right is truly unAustralian."   There are many strong arguments in favour of holding a Royal Commission into Banking with wide terms of reference.  One of the side effect of the Royal Commission is its capacity to bring the issues into every Australian home through the main stream media. This in turn will generate far greater awareness of the serious anomalies and inherent risks within the Australian Financial Sector. It may also answer the questions for so many Australians whose lives have been smashed by the deregulated "free market" Australian Financial Sector, directly and indirectly, including the big ones: Why weren't we told? How could this be allowed to happen in Australia? Consumer protection isn't for just for the elderly - it benefits all Australians. We've been badly misled by those entrusted to protect us,...

Please forgive me if this has already been posted before ... Lisa     AAP  August 22, 2012 12:11AM   THE Australian Greens will move for a royal commission into whether the Reserve Bank of Australia (RBA) covered up evidence of bribery by its note-printing subsidiaries. The scandal was exposed in the media in mid-2009.A committal hearing in Melbourne last week heard eight former executives of the wholly RBA-owned NPA and the part-owned Securency were involved in a conspiracy to bribe public officials at foreign banks in trying to secure contracts to make plastic banknotes. But ABC Television reported on Tuesday then NPA company secretary Brian Hood detailed corruption concerns in the mid-2007 memo to then RBA deputy governor Ric Battellino. Greens banking spokesman Adam Bandt said he would move for the establishment of a full independent inquiry into the banknote bribery scandal. "The inquiry should have the powers of a royal...

For advice I will be referring others to this website to join, (BFCSA).   Also we are using our resourceful teenagers and placing like a type of ad on U- tube, tumblr etc encouraging people to join this website (BFCSA) and I am going to start bombarding twitter etc with ad's to join this website too.. This is only the start - have a few more plans in place. Hopefully this will also help bring round a Royal Commission that is desperatley needed.. Also another idea floating around is to put sign post in your front yard advertising BFCSA website. I live on a busy street so I am going to trial it (with a few other friends) to see how it will go. The biggest feedback I get from people when banks start moving in and bullying is that they don't know where to go.. So hopefully my efforts will...

Firstly, let me introduce myself. My name is Lindie Mehan & my submission to this inquiry was published at # 69. It may only be a light-weight 4 pages long however, there is a 6 year (almost 7) history behind that backing up my submission. That timeframe has seen me visit some very deep dark places & now there is only ice cold anger at the processes I have been subjected to - very un-Australian processes from quite a few different directions.   Today I watched the Senate Inquiry via live streaming on my computer. Denise Brailey has her finger on the pulse which is far more than the other entities presented had. She disclosed how the banks & ASIC would try to blame the brokers well ahead of this inquiry. Please check her blogs on the website: www.bfcsa.com.au/index.php/easyblog Denise has been spelling out quite clearly what is not working, what is fraudulent, what is...

5 people so far have sent the Press Release to the Media. Add your efforts where they can count.  The next 24 hours is crucial!    So copy and paste the Press Release below into an email and send to 3 media outlets in your area.  We can create an avalanche of awareness.  Don't worry about possible duplication, it is the numbers that count!  Add yours to the comments list below the Press Release!!  Come on Friends and Members of BFCSA!    It's up to us to support Denise with a combined effort!  ...