Dear Mr Munchenberg,,,,quit whilst you are ahead. You are giving a miserable excuse for toxic lending and asset stripping homes from vulnerable low income families. I have to assume you have not been told the secrets of the mechanics and engineers. If no not told, then you better start brushing up on the details of this scandal and crimes perpetrated by your Members.
Our members are the victims and their documents show how wide spread these scams are. Your Members have placed the economy at risk all in the name of greed. The Cartel of Bankers engineered the worst crimes in Australian History. Then you say:
"We don't understand what this royal commission is meant to achieve,"
It WILL achieve the TRUTH and expose the FRAUD. It will stop further toxic loans being sold, it will bring Justice to the aggrieved and it above all WILL lead into our Bankers going to Jail. It will also bring the banking system back under control of the people and not under the control of thieves and charlatans dressed in high-powered suits. Now that's a good and decent outcome given the stress and trauma they have intentionally created.
Members say angrily: "We don’t understand???.Is this guy kidding??
Banks slams call for royal commission
8 April 2016
http://www.sbs.com.au/news/article/2016/04/08/banks-slams-call-royal-commission
A royal commission into the financial industry will damage its strong reputation among international investors, the top banking body says.
The Australian Bankers' Association has slammed federal Labor's pledge to hold a royal commission if elected, labelling it unnecessary and a waste of money.
"We don't understand what this royal commission is meant to achieve," ABA chief executive Steven Munchenberg said.
"Banks are particularly concerned that a call for a royal commission will send alarm signals to international investors about Australia at a time of global volatility."
He acknowledged there have been too many incidents in the banking system where standards have not been met and customers failed.
But the banking industry has recently undergone a comprehensive review by the Financial System Inquiry, and is implementing measures to ensure the integrity of the system, Mr Munchenberg said.
A royal commission would cost taxpayers $53 million and take several years before delivering its findings, he added.
"Australian banks are already highly regulated," Mr Munchenberg said.
"Banks support the core of the economy and highly value their social license to operate."
Labor leader Bill Shorten said public confidence in the banking and financial services sectors had taken "hit after hit" in recent years, with a series of scandals in the industry leaving tens of thousands of victims out of pocket.
Industry Super Australia has backed Mr Shorten, saying it is becoming increasingly concerned a lack of trust and confidence in the banks could infect confidence in their involvement in compulsory super.
"Over recent weeks, months and years Australia's major banks have faced repeated allegations and evidence of wrongdoing that has reduced public confidence in banking and finance," ISA said.