DOCSLIB.ORG

What's Important to You Is Important To

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
What's Important to You Is Important To What’s important to you is important to us. 2015 Westpac Group Annual Review & Sustainability Report It’s personal. CONTENTS 02 CHAIRMAN’S REPORT 05 WESTPAC AT A GLANCE It’s more than being a bank—becoming 06 CEO’S LETTER 08 Service-led strategy a world renowned service organisation is 12 2015: A solid financial performance more than knowing and serving customers. 15 Divisional performance 16 Asset quality continues It’s about understanding what matters to to improve 17 Impact of changing regulation them, how we can help, and make a real 18 Summary 20 SUSTAINABLE FUTURE difference in their lives. Getting that right 24 FIVE-YEAR SUMMARY 26 BOARD AND EXECUTIVE TEAM is deeply personal to every one of our 28 REMUNERATION 29 FINANCIAL CALENDAR 40,000 people at the Westpac Group. & CONTACT DETAILS Meet Gail. Aspiring hospitality professional. “I was so shy, I could hardly look at anyone in the eye, let alone speak to them.” This is how Gamilaraay woman Gail Morgan felt before she joined the Warrigal Program, a hospitality apprenticeship co-created last year by Westpac and catering partner Compass Group. A year into the program, with her newfound confidence and industry “For anyone out there who’s shy like I was, My mum would qualifications, Gail works full time I’d say just give it a go. I did, and life is so at Westpac Place in Sydney. much better now.” be amazed if she The best part for Gail is she can now The Warrigal Program is one of the could see me now. share her success with her family. “I love innovative ways Westpac is initiating long taking my nephews out to the cinema or term career pathways for Aboriginal and for an ice cream on the weekends. They Torres Strait Islander people in line with know I can do that now because I have a the aspirational commitments set in our great job. And they want to have a great Reconciliation Action Plan. job too, just like their aunty,” Gail said. Westpac Banking Corporation ABN 33 007 457 141 What’s important to our stakeholders Customers Customer complaints down5 Community 31% Community investment Shareholders1 Employees Requests for cardless withdrawals Ordinary dividends up Women in leadership $116m up from 44% to CleanTech and environmental 0.7m+ services sector lending 3% 46% Pre-approved limits for Cash earnings up2 existing business customers $ bn 6 High performer retention 6.1 via LOLA rate remained high at 3% Social and affordable $30bn+ housing sector lending Reported profit up3 95% Products per customer7 Lost time injury frequency $1bn 6% 2.98 rate improved from 1.1 to Up 24% 4 232 grants and scholarships Cash return on equity Up from 2.96 0.8 awarded from Westpac Group’s foundations valued at 15.8% Customers Employees using flexible work arrangements $4.1m Expense to income ratio 13.1m (cash basis) 63% People undertaking Westpac’s financial literacy 42.0% Bankers professionally education programs Sector leading qualified through our Best Banker program 67,122 4,000+ Assurance over the content and key data sets in this report is provided by Ernst & Young. Detailed assurance statement available in the 2015 Sustainability Performance Report at www.westpac.com.au/2015AnnualReview 1 All comparisons in this review are against results for the 12 months ended 30 September 2014 unless otherwise stated. 2 Cash earnings is net profit attributable to equity holders adjusted for the impact of treasury shares, fair value on economic hedges, amortisation of intangible assets and one-off significant items not part of ongoing business operations. 3 Net profit attributable to owners of Westpac Banking Corporation. 4 Cash earnings divided by average ordinary equity. 5 Across Westpac Retail & Business Banking, St.George and BT Financial Group. 6 LOLA is Westpac’s Live Online Lending Application platform, limits conditionally pre-approved. 7 Westpac Retail & Business Banking and St.George. Annual Review & Sustainability Report 2015 01 Choosing a new CEO is one of the most important roles of a Board and we were very pleased to appoint such a strong executive with the skills and experience to take Westpac into its third century. In selecting a new CEO, the Board set clear criteria and undertook a global search. I would like to share some of our considerations with shareholders as it reinforces how the Board thinks about Westpac’s future, and the areas we want to develop. At the top of our criteria list, the Board was looking for a seasoned banking executive with excellent leadership skills. While it may appear obvious, it is important to highlight that banking is a complex industry and the Board strongly believes that deep banking experience is essential to run one of the largest banks in the world. On strategy, the Board is committed to our customer-centric approach, and we were looking for an executive who would further develop this strategy while recognising the significant change facing our industry. Accordingly we sought a CEO who was alert to the issues and had the capability to proactively respond and turn opportunity into advantage. Brian Hartzer met this criteria, particularly with his strong grasp of digital technologies and how they are Lindsay Maxsted. impacting our industry. This, combined with his success in managing our Australian Financial Services division for the prior three years, made Brian Positioned the clear choice for CEO. for the future. Performance summary The Group has had another solid year in 2015. Cash earnings1 were $7,820 million, an increase of 3% over the previous year. The company uses cash earnings as a key metric for determining dividends and Chairman’s Report believes it is the most appropriate measure for assessing financial performance. Statutory net profit in 2015 increased In another period of significant change and 6% to $8,012 million. This year, the Group reported some significant infrequent development, Westpac has continued to deliver items including a gain on the partial sale of BT Investment Management value for shareholders. (BTIM), a tax benefit associated with our acquisition of select Australian businesses The 2015 financial year has been In February 2015 Brian Hartzer of Lloyds Bank, and costs from changes to another significant period for Westpac. commenced as our 25th CEO, taking the accounting of technology investment We appointed a new CEO, refreshed the reins from Gail Kelly who had spending. Because of their size and the Group’s strategy, and proactively successfully led your company for the nature they were excluded from the responded to regulatory change. previous seven years. Gail was a great calculation of cash earnings. At the same time we have supported leader and left the organisation in shareholders by enhancing the value of very good shape. 1 Results refer to cash earnings unless otherwise stated. For an the franchise and increasing dividends. explanation of cash earnings see footnote 3 of the Performance Highlights section of Westpac’s full Annual Report. 02 Westpac Group Cash earnings growth was supported to 9.5% by September 2015 and by a solid operating performance above our preferred range. Dividends across all divisions which led to a 4% The Group’s solid financial performance In July this year APRA responded to the rise in operating revenue, and a 3% has supported a further increase in FSI report, including announcing changes lift in core earnings (profit before dividends through the year. The 2015 to the calculation of risk weighted assets impairment charges). final dividend was 94 cents per share fully for Australian mortgages. That change franked, and combined with the 2015 The Group’s key financial metrics also is to apply from 1 July 2016. This was interim dividend, total dividends for the remained strong with a cash return on significant, increasing the capital year were 187 cents per share, an increase equity of 15.8%, net interest margin of we need to support our Australian of 3%. Comparing dividends paid to the 2.08% and an expense to income ratio mortgage portfolio by over 50%. share price at 30 September 2015 of $29.70, of 42%. This latter efficiency metric The size of this required increase led that translates to a yield of 6.3%. places Westpac as one of the more us to announce a fully underwritten efficient banks in the world. While dividends have increased, pro rata Entitlement Offer to raise because of our capital initiatives, approximately $3.5 billion of additional the path of increases has slowed with equity. We decided to raise capital via a one cent per share rise over the last Strength remains an Entitlement Offer as we felt this was two halves. We continue to pay out the fairest alternative for shareholders. a hallmark of Westpac a high portion of profits as dividends At the time of writing, the Entitlement to distribute franking credits that are with all dimensions Offer had not been finalised but feedback valued by shareholders. improving. has been very positive. The institutional offer was particularly well supported It is important to highlight that with approximately 95% of institutional despite increasing capital, we have entitlements being taken up. maintained our dividend approach A hallmark of Westpac is strength and of steadily increasing dividends within In aggregate, and following the this continued in 2015 with all dimensions a sustainable pay-out ratio. Entitlement Offer, we will have topped of the business improving, including: up our capital by around $6 billion While on the topic of dividends, — Asset quality has further improved this calendar year with the majority a number of shareholders have with impaired assets declining raised from existing shareholders. written to me following suggestions 19% and delinquent accounts The Board and I greatly appreciate the that Australia’s imputation system remaining low; very strong support from shareholders should be reviewed.
Load more

Recommended publications
  • Submission Royal Commission Into Misconduct in the Banking, Superannuation and Financial Services Industry
    Submission Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry David Richardson March 2018 ABOUT THE AUSTRALIA INSTITUTE The Australia Institute is an independent public policy think tank based in Canberra. It is funded by donations from philanthropic trusts and individuals and commissioned research. We barrack for ideas, not political parties or candidates. Since its launch in 1994, the Institute has carried out highly influential research on a broad range of economic, social and environmental issues. OUR PHILOSOPHY As we begin the 21st century, new dilemmas confront our society and our planet. Unprecedented levels of consumption co-exist with extreme poverty. Through new technology we are more connected than we have ever been, yet civic engagement is declining. Environmental neglect continues despite heightened ecological awareness. A better balance is urgently needed. The Australia Institute’s directors, staff and supporters represent a broad range of views and priorities. What unites us is a belief that through a combination of research and creativity we can promote new solutions and ways of thinking. OUR PURPOSE – ‘RESEARCH THAT MATTERS’ The Institute publishes research that contributes to a more just, sustainable and peaceful society. Our goal is to gather, interpret and communicate evidence in order to both diagnose the problems we face and propose new solutions to tackle them. The Institute is wholly independent and not affiliated with any other organisation. Donations to its Research Fund are tax deductible for the donor. Anyone wishing to donate can do so via the website at https://www.tai.org.au or by calling the Institute on 02 6130 0530.
    [Show full text]
  • Westpac Case Study
    CEW CASE STUDIES Westpac “CEW’s case study on Westpac is the newest addition to our series devoted to understanding how Australia’s leading organisations are moving closer to gender equality. This is an important resource for anyone who is serious about more women reaching senior leadership roles.” – Diane Smith-Gander, President, Chief Executive Women Who is CEW? To produce this case study, Chief Executive Women undertook 24 detailed interviews with the CEO, members of the Westpac Chief Executive Women is the pre-eminent organisation executive team, members of the Westpac Board, a range of representing Australia’s most senior women leaders from the employees from across the business, members of Chief Executive corporate, public service, academic and not-for-profit sectors. Women (who have been or are members of the Westpac Our vision is women leaders enabling other women leaders. We executive team, senior executives and Board members) as strive to educate and influence all levels of Australian business well as external experts and commentators. CEW has also and government on the importance of gender balance. undertaken a detailed review and independent assessment of We offer innovative and substantive programs to support and the policies, practices and outcomes at Westpac. nurture women’s participation and future leadership. This includes: • Our extensive CEW scholarships program The Leadership Shadow: • CEW’s Leaders Program, a twelve month group coaching In 2013 Chief Executive Women collaborated with the Male program attended by female executives throughout Australia Champions of Change, a group established by Sex Discrimination • CEW thought leadership (including collaborations with Commissioner Elizabeth Broderick made up of CEOs from some partners) and engagement with the business community.
    [Show full text]
  • The Wallis Report and Implications of Bank Mergers for Efficiencies
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics Faculty of Business and Law SCHOOL OF ACCOUNTING, ECONOMICS AND FINANCE School Working Paper - Economic Series 2006 SWP 2006/12 The Wallis Report and Implications of Bank Mergers for Efficiencies Author: Su Wu The working papers are a series of manuscripts in their draft form. Please do not quote without obtaining the author’s consent as these works are in their draft form. The views expressed in this paper are those of the author and not necessarily endorsed by the School. The Wallis Report and Implications of Bank Mergers for Efficiencies Author: Su Wu Affiliation: School of Accounting, Economics and Finance, Deakin University, Australia Address: 221 Burwood Hwy, Burwood, Vic 3125, Australia Email: [email protected] Phone: 61-3-92517808 Abstract: This paper examines the competitive consequences of bank mergers and acquisitions with particular reference to the Wallis Inquiry into the Australian Financial System in 1996. The Government responded by adopting a four pillars policy preventing mergers among the four major banks. Using the super-efficiency data envelopment analysis model, the technical efficiencies of banks operating in Australia over the period from 1983 to 2001 are estimated. Two separate methods are employed to evaluate the characteristics and determinants of merger and acquisition activities in the sector. The first method examines economic performance of banks involved in merger activities. A second method is also used to determine program efficiency differences between banks of different entry types after adjusting for differences in intra-group managerial inefficiency.
    [Show full text]
  • Financial Report Annual Financial Report 1999 Form 20F Cross Reference Index 2
    Westpac Australia’s First Bank Official Partner Official Bank of the 2000 Sydney 2000 Olympic Games Paralympic Games 1999 Annual Financial Report Annual Financial Report 1999 Form 20F cross reference index 2 Description of business 3 Financial review 9 Selected consolidated financial and operating data 10 Management’s discussion and analysis of financial condition and results of operations 14 Overview of performance 14 Profit and loss review 15 Balance sheet review 18 Business group results 19 Risk management within Westpac 22 Board of Directors 30 Corporate governance 32 Directors’ report 35 Five year summary 44 Financial report 45 Shareholding information 118 In this report references to ‘Westpac’, ‘we’, ‘us’ and ‘our’ are to Westpac Banking Corporation. References to ‘Westpac’, ‘we’, ‘us’ and ‘our’ under the captions ‘Description of business’, ‘Financial review’ and ‘Shareholding information’ include Westpac and its consolidated subsidiaries unless they clearly mean just Westpac Banking Corporation. We are providing our report to shareholders in two parts: • a Concise Annual Report • an Annual Financial Report Both parts will be lodged with the Australian Stock Exchange Limited (ASX) and the Australian Securities and Investments Commission (ASIC) and are available on www.westpac.com.au The Annual Financial Report includes the disclosure requirements for both Australia and the United States Securities and Exchange Commission (SEC). It will be lodged with the SEC as an Annual Report on form 20F. Westpac Banking Corporation ARBN 007 457 141 1 Form 20F cross reference index (for the purpose of filing with the US SEC) 20-F item number and caption Page Currency of presentation, exchange rates and certain definitions 126 Part I Item 1.
    [Show full text]
  • Westpac Banking Corporation September 2017
    Productivity Commission Inquiry into Competition in the Australian Financial System. Westpac Banking Corporation September 2017 Note: In this submission, a reference to ‘Westpac’, ‘Group’, ‘Westpac Group’, ‘we’, ‘us’, and ‘our’ is a reference to Westpac Banking Corporation ABN 33 007 457 141 and its subsidiaries, unless it clearly means just Westpac Banking Corporation. Table of contents Executive summary 2 Section 1 – The Nature of Competition in the Australian Financial System 5 1.1 Introduction 5 1.2 Market Structure 8 1.3 Business models 11 1.4 Key indicators of competition 13 1.5 Profitability over the cycle 15 1.6 The funding profile of the banking system 18 Section 2 – Supervision and regulation 22 2.1 Introduction 22 2.2 Competition and regulation 24 2.3 Regulatory steps to encourage competition and innovation 25 Section 3 – Facilitating beneficial customer outcomes 26 3.1 Investment in innovation and service 26 3.2 New entrants and disrupters 28 3.3 Open data’s role in competition 30 3.4 Supporting customer flexibility and choice 31 3.5 Innovations in payments 33 3.6 Disclosure and transparency 34 3.7 Financial inclusion 35 Section 4 – Competitive dynamics within particular segments 36 4.1 Residential mortgages 36 4.2 Credit cards 40 4.3 Customer deposits 45 4.4 Banking for SMEs 46 4.5 Wealth management and insurance 51 Conclusion 56 Inquiry into Competition in the Australian Financial System | Westpac Banking Corporation 1 Executive summary Australia’s financial system is strong, competitive and well-regulated. However, Westpac will always support changes that further improve competition, enhance customer choice, and ultimately promote better consumer outcomes.
    [Show full text]
  • Report: Inquiry Into Aspects of Bank Mergers
    The Senate Economics References Committee Report on Bank Mergers September 2009 © Commonwealth of Australia 2009 ISBN 978-1-74229-148-2 Printed by the Senate Printing Unit, Parliament House, Canberra. Senate Economics References Committee Members Senator Alan Eggleston, Chair Western Australia, LP Senator Annette Hurley, Deputy Chair South Australia, ALP Senator David Bushby Tasmania, LP Senator Barnaby Joyce Queensland, NATS Senator Louise Pratt Western Australia, ALP Senator Nick Xenophon South Australia, IND Participating members participating in this inquiry Senator John Williams New South Wales, NATS Former Members Senator Doug Cameron New South Wales, ALP Senator Mark Furner Queensland, ALP Secretariat Mr John Hawkins, Secretary Mr Greg Lake, Principal Research Officer Mr Glenn Ryall, Senior Research Officer Ms Hanako Jones, Executive Assistant Ms Lauren McDougall, Executive Assistant PO Box 6100 Parliament House Canberra ACT 2600 Ph: 02 6277 3540 Fax: 02 6277 5719 E-mail: [email protected] Internet: http://www.aph.gov.au/senate_economics/ iii TABLE OF CONTENTS Membership of Committee iii Chapter 1.............................................................................................................. 1 Introduction .............................................................................................................. 1 Referral of the Inquiry ............................................................................................ 1 Conduct of the inquiry ...........................................................................................
    [Show full text]
  • Competition in the Australian Financial System
    Productivity Commission Inquiry into Competition in the Australian Financial System Australian Competition and Consumer Commission submission September 2017 0 Executive Summary The Australian Competition and Consumer Commission (ACCC) welcomes the opportunity to make a submission to the Productivity Commission’s (PC) Inquiry into Competition in the Australian Financial System. We note that the inquiry’s terms of reference centre on the banking sector. We have focussed this submission on promoting competition in the banking sector to enhance the welfare of all Australians. This submission provides our observations on the issues we consider may warrant consideration by the PC in the course of its deliberations. State of competition in retail banking markets A number of market structure and behaviour indicators, taken together, suggest that the current oligopoly structure of retail banking in Australia is not vigorously competitive, and has not been for some time. It is not clear that sustained high profits of the large banks (compared internationally) can be traced to exceptional performance. To the contrary, there appears to be an element that reflects the degree to which the competitors of the large banks are handicapped in their ability to effectively contest the market. We consider that there may be several factors impeding effective challenge by new entrants and smaller rivals, including but not limited to: government regulation and policies in the banking sector barriers arising from large banks’ expansion into other financial services markets, and barriers to customer switching. We recognise that there is an important role for government to safeguard the stability of the banking system. However, competition policy should not be viewed as a threat to this objective.
    [Show full text]
  • Accounts No Longer Offered. Transaction, Savings and Investment Accounts
    Accounts no longer offered. Transaction, Savings and Investment Accounts. Fees and charges and how to minimise them. Effective Date: 30 June 2021. Important notes: Contents. Information in this booklet is current as at the date of this booklet but may change from Part A – Account fees and charges. ............................................................................. 4 time to time. We will give you notice of changes as set out in the Terms and Conditions applying to your account. Table 1 – Summary of fees: Transaction, Savings and Investment Accounts – accounts no longer offered ........................................................................................................................4 Nearly all financial services provided by us will be “input taxed” under GST. This means that Table 2 – Fee exemptions: Transaction, Savings and Investment Accounts – GST of 10% will not be added to the fee/charge for that service. There are a few services we accounts no longer offered .........................................................................................8 provide which will be subject to GST of 10%. In these circumstances, GST of 10% has been included in the fees and charges for these services. Where applicable, the fees stated are 1 General. ........................................................................................................................... 10 GST inclusive. 2 Further details about our account fees and charges. ......................................................... 10 3 Further details about
    [Show full text]
  • Report: Inquiry Into Aspects of Bank Mergers
    Chapter 4 Recent Australian bank mergers The Westpac takeover of St George Bank 4.1 Westpac (the second-largest bank by market capitalisation) announced its intention to take over St George Bank (the fifth-largest bank, which also operated 100 branches under the BankSA brand in South Australia) in May 2008 and sought informal clearance for the merger from the ACCC.1 The offer of 1.31 Westpac shares for each St George share was equivalent to around a 25-30 per cent premium on St George's share price. It was not a hostile takeover as the St George board recommended acceptance by its shareholders. In November 2008, around 95 per cent of votes by St George shareholders were cast to accept this advice. 4.2 When the deal was announced, Westpac's share price fell and that of St George rose (as also happened when the deal was sanctioned by the ACCC in August). As noted above, this is not an unusual response to bank mergers. 4.3 Westpac's CEO described the motive for the merger as cost savings: The increased scale and integration of operations would drive further investment in our back office processes ensuring more reliable, consistent and improved customer service.2 4.4 It would also allow St George, currently rated A, to raise funds more cheaply given Westpac's AA rating. This advantage has been increased since the global financial crisis, but it is wrong to suggest that St George was 'in trouble' before the merger: St George made a stable $1.17 billion net profit in the financial year 2007-08.
    [Show full text]
  • Research Commons at The
    http://waikato.researchgateway.ac.nz/ Research Commons at the University of Waikato Copyright Statement: The digital copy of this thesis is protected by the Copyright Act 1994 (New Zealand). The thesis may be consulted by you, provided you comply with the provisions of the Act and the following conditions of use: Any use you make of these documents or images must be for research or private study purposes only, and you may not make them available to any other person. Authors control the copyright of their thesis. You will recognise the author’s right to be identified as the author of the thesis, and due acknowledgement will be made to the author where appropriate. You will obtain the author’s permission before publishing any material from the thesis. Credit Loss Dynamics in Australasian Banking A thesis submitted in partial fulfilment of the requirements for the degree of Doctor of Philosophy at the University of Waikato by Kurt Hess Department of Economics University of Waikato Management School 2008 [email protected] Date: 10 April 2008 i Abstract The purpose of this thesis is to analyze the drivers and dynamics of credit losses in Australasian banking over an extended period of time in order to improve the means by which financial institutions manage their credit risks and regulatory bodies safeguard the stability and integrity of the financial system. The analysis is based on a specially constructed data base of credit loss and provisioning data retrieved from original financial reports published by Australian and New Zealand banks. The observation period covers 1980 to 2005, starting at the time when such information was published for the first time in bank financial statements.
    [Show full text]
  • Competition Analysis of Bank Mergers in Australia Garry K Goddard+ and Greg Walker
    Goddard and Walker Competition Analysis of Bank Mergers in Australia Garry K Goddard+ and Greg Walker# Abstract This paper reviews the competition analysis of bank mergers in Australia, a regulatory task that is undertaken by the Australian Competition and Consumer Commission (ACCC) under the Trade Practices Act 1974 (Cth), s 50. As a preliminary step, some background is provided on ACCC merger assessment procedure. This is followed by a discussion of the three most signifi cant bank merger investigations undertaken by the ACCC, including the ACCC’s most recent and comprehensive investigation into the Commonwealth Bank of Australia’s acquisition of Colonial Limited. Five major themes running through these investigations are then identifi ed and discussed. The fi ve themes include: the use of market share thresholds and analysis of coordinated conduct by the ACCC; market defi nitions, especially the impact of electronic banking and convergence on defi nitions; contestability and entry barriers in retail banking; the importance of regional banks in promoting competition; and the nature of competition remedies accepted by the ACCC. Some brief observations on the implications of all of this for future bank mergers are then presented by way of conclusion. 1. Introduction government and implemented in full over the past fi ve years; In Australia, few, if any, corporate mergers or acquisitions the policy ban on mergers between the four major banks was generate greater public interest and concern than those between retained by the Treasurer and remains in force to the present major fi nancial institutions, and especially those involving day. large retail banks.
    [Show full text]
  • Bank of Melbourne Interest Rates Term Deposits
    Bank Of Melbourne Interest Rates Term Deposits Sometimes trampling Olle warp her benchers disproportionably, but ungentlemanlike Byron plucks snatchingly or flue-cure veryrespectively. blindingly Substructural while Clyde remainsLemuel neverarrestable top so and unconformably niobous. or engilds any paul capriciously. Casual Neale tabularized Individuals at bank of interest rate on the election more interest rate loans only and fees may not take into a term deposits rated? If position are looking to buy a home soon, have some or available of damage money must use as talking down payment and outer cover closing costs. Want to deposits rated by making it offers a decision. Bank of Melbourne as part perform the Westpac Group has established additional. For proper Term Deposit account claim you dream with us you will be permit the P N Bank Term Deposit Interest Rate Schedule and stage Terms and Conditions. With bless of Australia's widest range of fixed and variable rate home loans we. When choosing between financial. Rely on bank? Greater Bank home loans mortgages credit cards Greater. Site is of melbourne are just the rates are prohibited from rbi falls, as deposits rated bank branch or examples given timeframe, which sets out. History also be brutally clear film this: he fulfil not. We put our members educated and disease Public Holiday Closure January 26th Holiday office hours Changes to Deposit Interest Rates Changes to Fees. Circle with an option bank decreased the borrowing and will be a temporary basis of interest rates are always remaining terms, available via internet and. Where next I proclaim my seat instead dilute a bank? Iranian cities have recently been swamped by smog and balloon by by blackouts.
    [Show full text]