This gives a good summation…some snippets
Banking inquiry: Westpac has 'no plans' to change political donations policy – live
In her questioning this afternoon Liberal MP Julia Banks suggested the tribunal would be “under the auspices of Asic” and have “strong interventionist powers” to set benchmarks on sales, and mandate ethics and unconscious bias training. Not a word on compensation, but all kinds of otherregulatory powers.
She has no idea what she is talking about....a dud examiner.................
Brian Hartzer blames increased funding costs relative to the cash rate, requirements to hold more capital for small business loans, and the need to “price risk through the cycle”.
When you look at small business lending over time, those loans are more likely to go bad, [and] you lose more when they go bad. (so why now chasing SME’s to invest in property?)
Adam Bandt has asked about a couple who banked with Westpac for more than 20 years and had an inflated income in a loan application.
The chief executive, Brian Hartzer, said he could not go into detail but denied the bank was responsible for inflating their income. (liar)
Asked to rule out anyone else’s incomes being altered or inflated, Hartzer said: “I can’t say it’s never happened, but not to my knowledge (bullshit).”
Matt Keogh has returned to asking about the UK’s new laws requiring individual accountability of executives. He suggests senior managers are responsible for training and systems around incorrect financial advice, not just the financial planners who give it.
Liberal MP Julia Banks has asked about a bank tribunal and has added the details that it would be “under the auspices of Asic” and have “strong interventionist powers” to set benchmarks on sales.
It’s interesting that none of the MPs have said explicitly that the tribunal’s role would be to grant compensation, as Liberal MP Warren Entsch has advocated.
Andrew Thorburn is crowing that just 700 complaints about NAB went to the financial ombudsman last year, down 64%.
NAB’s chief executive, Andrew Thorburn, is defending small business loan rates of up to 15% for unsecured loans and as low as 5.59% for residentially secured loans.
As has been discussed in previous hearings, small business loans are risky because many small businesses fail. Nothing to see here.
Asked a very global question about why the committee is holding hearings into the banks, NAB chief Andrew Thorburn suggests it’s mainly about educating the public. huh