BFCSA Blog

Bad Bank of the Week is ANZ re its TIMBERCORP maneuvers. Wants confidential settlements to settle for pocket money, bury the bodies and then COVER IT ALL UP.     Timbercorp victims get four-week respite from writs Author: Adele Ferguson, Ruth Williams Date: 13/12/2014 Words: 688 Source: AGE       Publication: The Age Section: Business Page: 9   http://newsstore.fairfax.com.au/apps/viewDocument.ac?sy=nstore&pb=all_ffx&dt=selectRange&dr=1month&so=relevance&sf=text&sf=headline&rc=10&rm=200&sp=brs&cls=3238&clsPage=1&docID=AGE141213LG5HT47A57I   Thousands of victims of collapsed agribusiness spruiker Timbercorp have been given a four-week reprieve from the threat of being served a writ to repay a combined $394 million in loans owed to creditors that include ANZ Bank. Timbercorp's liquidator, KordaMentha, has also appointed former senior executive of Consumer Action Law Centre, Catriona Lowe, as an independent hardship advocate to help strike a "compassionate" deal for victims who are facing hardship after losing their life savings from shoddy advice to invest in the company's schemes. But at least one Timbercorp investor...

http://online.wsj.com/articles/australian-banks-warn-against-tougher-regulations-1409301494 Australian Banks Warn Against Tougher Regulations Australia's Big Four Argue Against Imposing Tougher Capital Buffers Aug. 29, 2014   MELBOURNE, Australia--Australia's largest lenders defended their ability to withstand any future banking crisis and warned against further moves to strengthen the financial system, in submissions published Friday to a government-backed review.  The country's so-called Big Four banks in submissions to the review of the financial system opposed the imposition of tougher capital buffers. They have also argued against the need to ring-fence investment banking operations and advised caution over introducing any creditor "bail-in" system.   "A compelling case has not been made that further strengthening would provide additional benefits to the financial system," Mike Smith, chief executive of ANZ, said in a submission published on the inquiry's website Friday, adding steps had already be taken by the banks and regulators that would protect the public from losses. The big banks and...