DOCSLIB.ORG

Sydney Shines the Spotlight on Innovation, Payments and RMB Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Sydney Shines the Spotlight on Innovation, Payments and RMB Contents RMB Tracker SIBOS special edition Sydney shines the spotlight on innovation, payments and RMB Contents Foreword 3 1. Executive summary & key insights 4 2. Australia deepens financial integration with China 5 2.1 China & Australia grow economic partnership through trade relations 5 2.2 Sydney’s RMB offshore centre delivers RMB capabilities for Australian corporates 8 2.3 ASX’s RMB Settlement service powers Australian RMB offshore settlement capabilities 9 3. Australia – A dynamic and innovative payment landscape 10 3.1 Australia’s New Payments Platform (NPP) – the new normal for domestic real-time payments 10 3.2 Real-time & gpi delivers payments in seconds 11 3.3 Sydney’s fintech capability – A vibrant and robust ecosystem 12 4. Payments made in RMB offers numerous opportunities for corporates 13 5. Australia’s economic linkages with China and the Asia Pacific 17 6. Appendix: RMB payments guide for corporates 19 SWIFT Note to the reader Leah Capili Please note that RMB and CNY Sarah L’Ortye are mentioned in this analysis. The Laetitia Moncarz Renminbi, RMB in the short form, is Michael Moon the official currency of the People’s Astrid Thorsen Republic of China. Eric Yang The yuan is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally. CNY is the ISO code for Renminbi. 2 RMB Tracker Foreword SIBOS special edition I am delighted to present a special edition Globally, China continues to grow its influence, of the SWIFT RMB Tracker for Sibos 2018, mainly through infrastructure development, which takes place in Sydney from 22-25 a key component of the massive Belt & October. The tracker offers a monthly ranking Road Initiative (BRI) that was launched in of the Renminbi (RMB) in relation to other 2013. Through the financing of projects and currencies worldwide. Special editions, such companies involved in the BRI, the initiative as this report, provide in-depth insights is set to increase financial and payment into how currencies are used for payments flows along the maritime and Silk roads, and in a particular segment of the market or eventually lead to an acceleration in RMB geographical area. This SIBOS special edition internationalisation. SWIFT has an important focuses on the RMB and its adoption for hand to play in this and provides the financial global trade. and digital infrastructure necessary for the development of businesses and trade growth Alain Raes This report delivers an overview of the across BRI markets, in the following areas: Chief Executive, APAC & EMEA, SWIFT Australian payments landscape, a highly- • Reach and connectivity: Financial innovative ecosystem that boasts an institutions across the BRI are connected increasingly diverse and dynamic profile to SWIFT and use SWIFT gpi for efficient of fintechs. It is an ecosystem that has and fully-traceable payments transactions. welcomed a number of payment technologies • Optimised products and services: in recent years, such as SWIFT’s Global SWIFT offers a suite of business Payment Innovation (gpi), the New Payments intelligence, reference data, financial crime Platform (NPP) and the ongoing instant cross- and compliance services. These serve border SWIFT gpi payments pilot. This report as important tools for strategic decision- also provides key insights into flows between making, and also allow financial institutions China and Australia, and RMB usage between to monitor their transactions. both countries. • Community and standards: Through the SWIFT community, financial institutions Australia is a strong advocate of the RMB enjoy standardised messaging and as a payment currency, as evidenced by regulator engagement. the dynamism of its RMB offshore centre in Sydney and the Austraclear RMB platform This special edition includes an RMB which is serviced by the Australian Securities Payments Guide for corporates, an initiative Exchange (ASX). Usage of the RMB for that was jointly developed by Bank of payments between the two countries is China (Hong Kong), BNP Paribas, Citi, growing steadily, and now accounts for Commerzbank, Deutsche Bank, HSBC, 13.89% of all payments between Australia and Standard Chartered Bank and SWIFT, to either China or Hong Kong. The strong trade explain the main features of the RMB as relationship between both countries (almost a a payment currency and to address the quarter of trade volumes in Australia) has complexities surrounding it. led to increased RMB usage in Australia. Another key growth driver of RMB usage is I hope you find this special edition of the the China-Australia Free Trade Agreement SWIFT RMB Tracker insightful. (ChAFTA), which came into force in 2015. 3 1. Executive summary & key insights From a payment perspective, Australia The initial trial focuses on cross-border The RMB offshore centre in Sydney was is a highly-innovative ecosystem. Recent payments going into Australia’s NPP, and launched in 2015, following the appointment developments include the launch of the the service has been designed to scale of the Bank of China in Sydney as the RMB New Payments Platform (NPP) and the and integrate with other real-time payment clearing bank for the local RMB market in implementation of SWIFT gpi by four of the systems globally. Initial test results will be Australia. The offshore centre is the eighth country’s largest banks1, and many branches shared at Sibos 2018, in Sydney. largest globally, and accounts for 1.08% of all or subsidiaries of foreign banks2. global RMB offshore flows. The two-ways trade relationship between As an extension of SWIFT gpi, SWIFT is now Australia and China reached A$174 billion ASX RMB Settlement Service, on the other working with these Australian banks and a (US$125 billion) in FY2016/174. This accounts hand, allows payments that are initiated group of banks from China, Singapore and for almost a quarter of total trade volumes within the country to be settled domestically Thailand to test a new cross-border real-time in Australia. The trade relationship between through ASX’s Austraclear settlement platform payments service over gpi. The test sees both countries is also reflected in the keen in just seconds, and to and from Hong Kong the introduction of a set of incremental rules RMB internationalisation efforts in Australia, and China within minutes. The ASX RMB that has been defined on top of SWIFT gpi. comprising mainly of two models that facilitate Settlement Service plays an important role as The rules remove residual friction normally RMB payments with Australian counterparties. a platform to connect the banks and offset encountered in cross-border payments, They are Sydney’s RMB offshore centre and different transactions processed during the and allows these payments to extend into the Austraclear RMB platform serviced by day. domestic real-time payment systems. ASX. Trade3 between Australia and China reached A$174 billion in 2016/17, accounting 23% for 23% of total volume in Australia4. China Briefing reported that more than 98% of Australian goods exported to 98% China are duty-free or enter a preferential rate because of the ChAFTA. The Australian dollar is the main currency used for payments between Australia 31.46% and either China or Hong Kong. The RMB is now used for 13.89% of total payments. The RMB is ranked fifth as an international payment currency, accounting for 5th 1.89% of the value of institutional and commercial payments. 4 Over RMB 6 billion has been settled through the ASX RMB Settlement Service RMB 6 billion in FY2017/18. The number of transactions settled is four times what was settled in the year before. 1The Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Westpac Banking Corporation (WBC) 2Such as Bank of China or HSBC 3Two-way trade between Australia and China 4https://www.austrade.gov.au/News http://www.china-briefing.com/news/2018/05/28/china-australia-opportunities-for-trade-and-investment.html/Economic-analysis/ australias-export-performance-in-2016 4 RMB Tracker 2. Australia deepens financial integration with China SIBOS special edition 2.1 China & Australia grow economic Austrade observed that the composition of partnership through trade relations Australian exports is dominated by resources and fuels, and in the case of China, this is a. Trade made up largely by iron ore, coal and natural Despite the recent strain in relations between gas exports. Australia and China, trade between both countries continue to thrive. According to the Reserve Bank of Australia (RBA) and the Australia Bureau of Statistics, Two-way trade between Australia and China services-related exports between Australia reached A$174 billion (US$125 billion) in and China are on an upwards trend, reaching FY2016/17, accounting for 23% of the total US$11 billion in FY2016/17. This makes trade volumes in Australia5. This figure is more China the largest services export market for than double the two-way trade figures for the Australia. country’s next-largest trade partners, Japan and the United States, which registered A$68 The Reserve Bank of Australia governor, billion and A$66 billion, respectively. Philip Lowe said in May 2018 that China is likely to remain as Australia’s largest export Australia’s exports to China totalled A$110 destination. Lowe also shared optimism billion in FY2016/17, or about 30% of around the broadening and deepening of the country’s entire exports, according to Australia’s economic relationship with China. Austrade6. The value of these exports has grown significantly, rising by 37% from last year. China is also Australia’s largest source of imports, with volumes totalling A$64 billion. Australia: Direction of exports, 2016 - 2017 One of the key drivers of growth is the China- Australia Free Trade Agreement (ChAFTA), which came into force in December 2015, and NZ 3.8% RoW which has dramatically expanded trade and 9.9% India 5.1% investment levels between the two countries.
Load more

Recommended publications
  • Bank Account Information Form Payee
    Bank Account Information Form The payee is responsible for the accuracy and completeness of the data entered in this form. The IAEA is not responsible for any delay in payments resulting from incorrectly supplied banking information. Bank charges resulting from incorrectly supplied information may be deducted from any subsequent payment. Only one bank account, per currency, per payee can be active for payment purposes. Please complete all required fields electronically. If not possible, please complete by hand using BLOCK CAPITALS. Please refer to the numbered instructions for help completing this form. Bank Account to which payment should be made: 01 Account Name (required) You MUST complete the Account Name above or else the IAEA cannot process the payment to your account. It is the name of the bank account; this may not be the same as the payee name and is never the account type. If unsure check a bank statement or ask your bank. The IAEA requires this information to help comply with controls on the movement of funds. Valid Examples: Person • AF E and J Z Abbas • ALing Hong • AMr Peter Smith and Ms Jane Hoff Organization • ARutherford Nuclear Institute • AIndian NMI No2 Payment Account 02 IBAN (for locations listed on reverse) or Account Number 03 SWIFT/BIC 04 Non IBAN Reference (Branch Number or Routing Number) (ABA, BSB, ACH, IFSC etc; see Instructions) 05 Bank Account Currency (if account accepts only one currency) 06 Bank Name 07 Bank Code (required if you do not have SWIFT/BIC) 08 Branch Address (Street, City, Country) Payee: Person 09 Is the above account for a Person or Organization? Organization Family Name First Name Middle Name 10 Person Information (only if you indicated Person above) 11 Organization Name (only if you indicated Organization above) 12 Payee Address (Street, City, Country, as held by your bank) 13 Remittance email address Please email, mail or fax the completed form to your IAEA contact: (For IAEA Use only) Julie Zellinger AIPS Supplier Number P.O.
    [Show full text]
  • Times and the Tough Annual Report 2020 2019/20 Highlights
    Banking that works for you through the good times and the tough Annual Report 2020 2019/20 Highlights Vision Recognition Value Created To be the First $ % Choice for Easy 2.730M 88 Achieved strong profit in times of Reduced landfill wasteconsumption to Understand Named Australian uncertainty of $2.730M, allowing us by 88% Banking to continue our investment in your Mutual Lender of Credit Union The Year % Mission 77 Reduced paper waste consumption 859 by 77% Launched new initiatives to To help our strengthen customer services Customers, Inducted into the and celebrated with families, NSW Business entrepreneurs, individuals and 173 People and groups with 859 loans funded Supported 173 individuals, families, Community Chamber Hall of businesses and communities Realise Their Fame through COVID-19 Relief Packages For providing Excellence in $ and was successful in our application Dreams Professional Service, recognising our to participate in the Australian 85,000 Governments Coronavirus SME unprecedented three consecutive Partnered with over 50 local Guarantee Scheme year win in this category organisations and gave over $85,000 back to community groups across the Northern Rivers to make a real difference in the places we call home Awarded Excellence in Business At the NSW Business Chamber, Northern Rivers Regional Business Awards Contents Opening Statement CHAIRMAN & CEO’S At the heart of our strategy remains our focus on delivering a better DECLARATIONS REPORT 01 35 experience for our customers, businesses and communities. Opening Statement 01 Directors Declaration 35 Never before has this been so meaningful and timely in the unprecedented times in which we now find ourselves, and Financial Performance 06 Auditors Independence Declaration 36 as we continue our journey to invest in our systems, team, services and online technologies to be more responsive, Risk, Regulation, Compliance & Governance 08 relevant and digitally enabled.
    [Show full text]
  • WAW Product and Services Terms and Conditions
    PRODUCTS & SERVICES TERMS AND CONDITIONS THE WAW CREDIT UNION PRODUCTS & SERVICES TERMS AND CONDITIONS CONSISTS OF: WAW CREDIT UNION PRODUCTS AND SERVICES TERMS AND CONDITIONS BOOKLET; WAW CREDIT UNION FEES AND CHARGES SCHEDULE; WAW CREDIT UNION SAVINGS AND INVESTMENT RATES SCHEDULES; WAW CREDIT UNION DISCONTINUED ACCOUNTS FEATURES, FEES AND CHARGES SCHEDULE. THE WAW CREDIT UNION PRODUCT & SERVICES TERMS AND CONDITIONS SHOULD BE READ IN CONJUNCTION WITH THE WAW CREDIT UNION FINANCIAL SERVICES GUIDE. WAW Credit Union Co-Operative Ltd. ABN 48 087 651 787 Australian Financial Service Licence 247298 Australian Credit Licence 247298 Version 44 - dated 17 February 2021 replaces Version 43 - dated 15 June 2020 Page | 1 CONTENTS PAGE TOPIC NUMBER Introduction 4 Customer Owned Banking Code of Practice 4 Section 1 Words Used in this Brochure - Definitions 5 Section 2 Changes to the Terms and Conditions 6 Section 3 Deposits (including Financial Claims Scheme protections) 6 Section 4 Withdrawals 6 Section 5 Future Payments & Direct Debits 7 Section 6 Electronic Credits 7 Section 7 Electronic Payment Processing Times 7 Section 8 Interest, Fees & Charges 8 Section 9 Statement of Account 8 Section 10 Electronic Statements (eStatements) & Notices 8 Section 11 Joint Accounts 8 Section 12 WAW’s Right to Combine Accounts 9 Section 13 Foreign Currency Transactions 9 Section 14 Closing an Account 9 Section 15 Inactive Accounts 9 Section 16 Dormant Accounts 9 Section 17 Anti-Money Laundering & Counter-Terrorism Financing Act 2006 10 Section 18 Phone Banking/Internet
    [Show full text]
  • Scheme Booklet Supplement
    Scheme Booklet Supplement This booklet contains a copy of the Independent Expert’s Report, the Investigating Accountant’s Report and the Merger Implementation Agreement For a proposal to merge St.George Bank Limited (ABN 92 055 513 070) and Westpac Banking Corporation (ABN 33 007 457 141) If you are in any doubt as to how to deal with this document, please consult your financial, legal, tax or other professional adviser immediately. Financial adviser to Legal adviser to St.George Bank Limited St.George Bank Limited St.George Bank Limited (ABN 92 055 513 070) 2 Important notices Contents Purpose of this Scheme Booklet Supplement Consents Important notices IFC This Scheme Booklet Supplement provides St.George Consent to be named Security Holders with additional information about the The following persons have given and have not, before 1. Independent Expert’s Report 1 Merger Proposal, SAINTS Scheme and Option Scheme. the date of this Scheme Booklet Supplement, withdrawn This additional information is in addition to the Scheme their written consent to be named in this Scheme 2. Investigating Accountant’s Report 181 Booklet dated 29 September 2008. Booklet Supplement in the form and context in which 3. Merger Implementation Agreement 189 they are named: UBS as financial adviser to St.George; St.George Security Holders should read the Scheme PricewaterhouseCoopers Securities Ltd as the Corporate directory IBC Booklet in its entirety before making a decision as to how Investigating Accountant; Grant Samuel & Associates Pty to vote on the resolutions to be considered at the relevant Limited as the Independent Expert; Allens Arthur Robinson Scheme Meeting and the Extraordinary General Meeting.
    [Show full text]
  • Supplementary Product Disclosure Statement
    Supplementary Product Disclosure Statement. This document is a Supplementary Product Disclosure Statement issued by Cuscal Limited ABN 95 087 822 455 AFSL 244116 and supplements the Westpac Global Currency Card Product Disclosure Statement dated 31 October 2018. From 6 November 2020, this Supplementary Product Disclosure Statement must be read together with the Westpac Global Currency Card Product Disclosure Statement. The amendments to the Product Disclosure Statement are as follows: Page 7, Introduction, Significant Benefits, seventh paragraph, delete “You will be provided with two Cards.” and insert “You will be issued a Card.” Page 9, Contact Westpac’s Customer Relations and Support Team, delete whole section and insert: “Westpac is here to help. If Westpac can’t resolve your complaint at your first point of contact with them, they will escalate it to their Customer Solutions Team. Telephone 132 032 (8am-8pm 7 days) Online westpac.com.au ‘Feedback and complaints’ or ‘Contact us’ pages, or use the Westpac Mobile Banking App Mail Westpac Customer Solutions, Reply Paid 5265, Sydney NSW 2001” Page 12, Section 3, Cards, first paragraph, delete “you will be issued with two Cards.” and insert “you will be issued a Card.” Page 12, Section 3, Cards, second paragraph, delete “Each of the Cards:” and insert “Each Card:” Page 12, Section 3, Cards, sixth paragraph, delete “The second Card is for your use only in the event that the first Card is lost or stolen or can’t be used.” and insert “If you have a second Card, it is for your use only in
    [Show full text]
  • SG Directshares CNBC.Pdf
    Directshares CHANGE OF NOMINATED BANK ACCOUNT form When to use this form Use this form to change your St.George Bank, Bank of Melbourne or BankSA transaction account linked to your Directshares account. Current Account Details Directshares Account Number: Directshares Account Name Please change my linked St.George Bank, Bank of Melbourne or BankSA account to the following: Bank Account Name Bank State Branch (BSB) Number Bank Account Number Eligible accounts are St.George, BankSA or Bank of Melbourne transaction accounts that permit direct debits. Check your bank account terms and conditions if you are unsure. Accounts that are not eligible include savings and term deposit accounts. Authorisation I/We authorise CMC Markets Stockbroking Limited as the provider of the service to request St.George Bank to: • Link my/our above nominated St.George Bank, Bank of Melbourne or BankSA Account to the trading account, in replacement of the St.George Bank, Bank of Melbourne or BankSA account previously nominated; • Obtain from St.George Bank information about the balance of my nominated St.George Bank, Bank of Melbourne or BankSA account, or any information CMC Markets Stockbroking would reasonably require to perform the services covered under the Trading Terms and Conditions including the CHESS Sponsorship Agreement. Date: / / 20 Account Holder 1 Account Holder 2 (if applicable) Client Signature(s) Name(s) (printed) Title (if company) e.g. director, officer, secretary Please note: This St.George Bank, Bank of Melbourne or BankSA account must be in the name of, or include the name of, your Directshares account, and cannot be a credit card.
    [Show full text]
  • Current Terms and Conditions for Commonwealth Portfolio Loan
    Current Terms and Conditions for Commonwealth Portfolio Loan. Issued 14 June 2019 Contents WHY READ THIS BOOKLET? 1 C SUPERGEAR [Omitted] 1. Current Terms and Conditions For Business D TRADE FINANCE AND Finance 3 CONTINGENT LIABILITIES [Omitted] A General Terms & Conditions 3 E COMMONWEALTH BANK A1 Conditions you need to meet before CORPORATE CARD & BUSINESS CREDIT we provide the Facility 3 CARD* [Omitted] A2 When we can withdraw our offer 4 F MEANINGS OF WORDS 23 A3 General provisions 4 2. OTHER INFORMATION 37 A4 The security property 7 G PRIVACY 37 A5 Payments 9 H ADDITIONAL OBLIGATIONS 38 A6 If you default 11 A7 Calculating and paying interest 13 I WHERE TO GET HELP 39 A8 Notices and communication 14 J CREDIT GUIDE 40 A9 Changing the Facility 14 K INFORMATION STATEMENT 40 A10 Exercising our rights 17 3. MEMORANDUM OF PROVISIONS A11 Trustees 17 FOR LAND MORTGAGES [Omitted] A12 Your declaration 19 4. SECURITY INTEREST PROVISIONS A13 Financial covenants 19 FOR GENERAL SECURITY A14 Refusal of Service 20 INTERESTS AND ASSET SECURITY INTERESTS A15 Variations to Terms and Conditions 20 [Omitted] B-F Specific Terms & Conditions 21 B COMMERCIAL LENDING 21 B1 BetterBusiness Loans [Omitted] B2 Bill Facilities [Omitted] B3 Line of Credit Facilities [Omitted] B4 Multi-Option Facility [Omitted] B5 Market Rate Loans [Omitted] B6 Commonwealth Portfolio Loan 21 VERSION INFORMATION Issued 01 July 2017 as "Current Terms and Conditions for Business Finance" as a booklet together with: • Memorandum of Provisions for Land Mortgages • Security Interest Provisions for General Security Interests and Asset Security Interests. Renamed 30 April 2018 as "Current Terms and Conditions for Commonwealth Portfolio Loan” and abridged.
    [Show full text]
  • The World's Most Active Banking Professionals on Social
    Oceania's Most Active Banking Professionals on Social - February 2021 Industry at a glance: Why should you care? So, where does your company rank? Position Company Name LinkedIn URL Location Employees on LinkedIn No. Employees Shared (Last 30 Days) % Shared (Last 30 Days) Rank Change 1 Teachers Mutual Bank https://www.linkedin.com/company/285023Australia 451 34 7.54% ▲ 4 2 P&N Bank https://www.linkedin.com/company/2993310Australia 246 18 7.32% ▲ 8 3 Reserve Bank of New Zealand https://www.linkedin.com/company/691462New Zealand 401 29 7.23% ▲ 9 4 Heritage Bank https://www.linkedin.com/company/68461Australia 640 46 7.19% ▲ 9 5 Bendigo Bank https://www.linkedin.com/company/10851946Australia 609 34 5.58% ▼ -4 6 Westpac Institutional Bank https://www.linkedin.com/company/2731362Australia 1,403 73 5.20% ▲ 16 7 Kiwibank https://www.linkedin.com/company/8730New Zealand 1,658 84 5.07% ▲ 10 8 Greater Bank https://www.linkedin.com/company/1111921Australia 621 31 4.99% ▲ 0 9 Heartland Bank https://www.linkedin.com/company/2791687New Zealand 362 18 4.97% ▼ -6 10 ME Bank https://www.linkedin.com/company/927944Australia 1,241 61 4.92% ▲ 1 11 Beyond Bank Australia https://www.linkedin.com/company/141977Australia 468 22 4.70% ▼ -2 12 Bank of New Zealand https://www.linkedin.com/company/7841New Zealand 4,733 216 4.56% ▼ -10 13 ING Australia https://www.linkedin.com/company/387202Australia 1,319 59 4.47% ▲ 16 14 Credit Union Australia https://www.linkedin.com/company/784868Australia 952 42 4.41% ▼ -7 15 Westpac https://www.linkedin.com/company/3597Australia
    [Show full text]
  • DEBIT INTERCHANGE REFORM SUBMISSION September 2002
    NATIONAL AUSTRALIA BANK DEBIT INTERCHANGE REFORM SUBMISSION September 2002 Page 1 of 5 NATIONAL AUSTRALIA BANK - DEBIT INTERCHANGE REFORM SUBMISSION Sep 02 1. Introduction The National fully supports the need for reform of debit card interchange and has been an active participant in the Eftpos Industry Working Group (EIWG) formed at the behest of the Reserve Bank of Australia (RBA). We believe that the objective of this reform should be to achieve a simpler more efficient and transparent pricing regime. We agree with the view expressed by the RBA and Australian Competition and Consumer Commission (ACCC) in their paper A Study of Interchange Fees and Access (“the Joint Study”) that the debit card network in Australia no longer needs an interchange fee. Furthermore we have always been of the opinion that there should be simultaneous credit card and debit card reform. This submission set out the background to the reform process, the options for reform and our views on it in more detail together with their rationale. It is made on the basis that credit reform occurs as per the access regime and standards issued by the RBA. The National reserves its position in relation to making further submissions on various matters raised both in this submission itself, and in general in relation to the overall progress of the RBA’s program of regulation. 2. Reform Process Background On February 19th 2002 the Reserve Bank of Australia convened a meeting of financial and selected other institutions that were major participants in the debit card network. At that meeting the RBA questioned participants that “whether an interchange fee is needed at all, given that some successful Eftpos systems, such as those in Canada and the Netherlands, operate without an interchange fee”1.
    [Show full text]
  • ING Credit Update 4Q2020
    ING Credit Update 4Q2020 ING Investor Relations 12 February 2021 Key points . 2020 was a year marked by the Covid-19 pandemic and the unprecedented challenges it presented to our customers, employees and society. We continue to take actions to provide support and with vaccination programmes being rolled out globally, we look forward to return to more normal circumstances in the near future . We continue our efforts to build a sustainable company, also reflected in our strong ESG profile . The current environment underscores the strength of our digital business model. We continued to grow primary customers, as they choose us as their go-to bank, while mobile interactions further increased . Pre-provision result was resilient, though the impact from Covid-19 is visible, most notably on lending and savings. After years of growth, 2020 net core lending was down by €2.5 bln, while net deposit inflow was high at €41.4 bln . Fee growth was good, as our actions on investment products and daily banking more than compensated for the impact of the Covid-19 pandemic on fees for payments and lending . 2020 risk costs were €2.7 bln with ~30% in Stage 1 and 2, mainly due to Covid-19, reflecting IFRS 9 related provisions and management overlays. For 2021 we expect to move close to our through-the–cycle average of ~25 bps . The Stage 3 ratio remained low at 1.7% and we are confident on the quality of our loan book, supported by a proven risk management framework with a strong track record, also compared to peers .
    [Show full text]
  • Ing Direct Login App
    Ing Direct Login App Homologous and reduplicative Hart spying while contiguous Quiggly besmirch her hermitage distractively and dined westward. Aspectual Arnie behooves superhumanly, he dynamiting his jessamine very movably. Devin remains toothy: she obtrude her sedum mobilising too quakingly? You want to ing app is what you have the investment Start your day dissolve the NAB Morning Call Podcast, for the latest overnight key economic and market information straight as our blood of experts. No fuss, no fancy; myself a simple easy after use app. If you are already an ING customer, have your account details ready. ICICI Bank provides a convenient GST registration facility at no motion for ICICI Bank customers. Please enable Javascript for enhanced security. Privacy Policy and agree to our processing of your information and cookies. We strongly advise you ever appoint at nearly two Corporate administrators and nuts a four eyes principle on administration changes. ING BANK NV AMSTERDAM SUCURSALA BUCURESTI Free call the app. Hoeveel pensioen krijg je? Sign In. You can log on to the application after the service has been activated. Use your user ID and new password to log in to the application. Please shower that our Client Contact Center experiences higher than normal call volumes at water time after year Answers to undermine common questions including how. The store for your details are closed for the apple music subscription automatically register hours of our terms and providers. Open ing direct login app? To light a question please log in via your email or create different account. He declare an MBA from the University of Colorado, and has worked for credit unions and large financial firms, in addition to scowl about personal finance for his two decades.
    [Show full text]
  • Scanned Document
    C OMPETITION WITHIN THE AUSTRALIAN BANKING SECTOR The Westpac Group’s Submission to the Senate Economics Committee Inquiry into Competition within the Australian banking sector C OMPETITION WITHIN THE AUSTRALIAN BANKING SECTOR Contents Executive Summary 3 Chapter 1 7 Introduction – the Global Financial Crisis and Australia’s financial services system 7 Chapter 2 10 Competition across the market and within the Westpac Group 10 2.1 Westpac is one of many providers of financial services to Australians 10 2.2 Competition in housing finance 11 2.3 Personal credit 14 2.4 Business credit 15 2.5 The Westpac Group – product and brand competition for customers 17 Chapter 3 20 Funding, pricing and profitability 20 3.1 Customer deposits 20 3.2 Wholesale markets 21 3.3 Net interest margin 23 3.4 Profitability and shareholdings 24 Chapter 4 29 Competition and safety 29 4.1 Prudential regulation and safety balances competition 29 4.2 Raising safety raises costs 30 4.3 Safety benefits 31 4.4 Balancing competition 32 Chapter 5 33 Facilitating competition and contestability 33 5.1 A wide range of ideas to facilitate competition 33 5.2 Supporting customer flexibility and choice 33 5.3 Account number portability 34 5.4 Mortgage fees 36 5.5 A broad-based banking inquiry 38 1 Westpac Banking Corporation ABN 33 007 457 141 C OMPETITION WITHIN THE AUSTRALIAN BANKING SECTOR Chapter 6 40 Funding measures to assist competition 40 6.1 Measures to increase funding 40 6.2 Strengthening the RMBS market 41 6.3 Securitisation of alternative asset classes 42 Conclusion 44 References 45 2 Westpac Banking Corporation ABN 33 007 457 141 C OMPETITION WITHIN THE AUSTRALIAN BANKING SECTOR Executive Summary Australia has a strong, reliable and resilient banking system, with all of its participants contributing to that strength in their own way.
    [Show full text]