Powered by MOMENTUM MEDIA
subscribe to our newsletter
Mutuals say they are ready for growth

Mutuals say they are ready for growth

The Customer Owned Banking Association is confident the mutual banking sector is well positioned to meet the challenges laid out in a survey by KPMG Australia.

KPMG’s Mutuals Industry Review 2014 highlighted a well-capitalised sector with growing assets and historically low delinquency rates.

COBA chief executive Mark Degotardi said KPMG made some observations on how to achieve industry growth, but those observations held few surprises.

Advertisement
Advertisement

“Our industry recognises the need to collaborate, share services and make further investments in technology and innovation,” he said.

“As a sector, we have already identified these areas as critical to our future success.”

COBA welcomed KPMG’s finding that increased concentration in financial services “is not in the best interests of maintaining a strong and diverse Australian banking industry”.

Additionally, the association has recommended to the Financial System Inquiry panel that major bank capital holdings could be increased by higher capital requirements for “systematically important” banks and through a floor on the risk weight that majors can apply to home loans.

“Fixing unfair regulatory capital settings will stimulate competition and choice for consumers while making a strong financial system even stronger,” Mr Degotardi said.

Mutuals say they are ready for growth
mortgagebusiness

 

Latest News

A global market analyst has urged observers not to “overstate” the extent of the housing downturn, despite the RBA claiming that it has ...

The major bank has announced a raft of changes to its wealth strategy, including the sale of its “high-cost, loss-making” personal finan...

A big four bank has resumed business with the embattled residential property valuations firm, following a cyber attack that exposed the priv...

FROM THE WEB
podcast

LATEST PODCAST: Coalition government and CBA delays

Is enough being done to ensure responsible lending?