DOCSLIB.ORG

The Playing Field

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Playing Field REGIONAL BANKS’ SUBMISSION TO THE FINANCIAL SYSTEM INQUIRY LEVELLING THE PLAYING FIELD MARCH 2014 Bendigo and Adelaide Bank is a full service community focussed retail bank with a national network of more than 500 company owned and Community Bank® branches. With 86,000 ordinary shareholders, almost 6,800 employees including Community Bank employees and over 1,500,000 customers, the strategy of the Group is built on a vision of being Australia’s leading customer connected bank. Established in 1874 as the first permanent building society in Queensland, BOQ today has 265 branches across every state and territory in Australia. With 3,000 employees serving over 800,000 customers across the Group, BOQ strives to prove every day that it’s possible to love a bank. Established as Super Member Home Loans in 1994, ME Bank received its banking license in 2001. Today ME Bank is 100 per cent owned by 30 of Australia’s largest industry super funds who collectively have over $200 billion in funds under management. The Bank has over 280,000 customers and $20 billion in assets. Its unique workplace banking model provides customers with banking access conveniently in their place of work. Originally founded as the Queensland Agricultural Bank in 1902, Suncorp Bank is part of the top-20 ASX-listed Suncorp Group and is an ‘A+’ rated regional bank serving more than 1,000,000 customers and employing more than 2,900 staff across 232 retail and business banking outlets and operations nationally. 31 March 2014 Mr David Murray AO Financial System Inquiry GPO Box 89 SYDNEY NSW 2001 email: [email protected] Dear Mr Murray, We are pleased to provide a submission to the Financial System Inquiry. Our submission is the collective effort of four Australian-owned regional banks: Bendigo and Adelaide Bank, BOQ, ME Bank and Suncorp Bank. We see this as a unique opportunity to ensure that Australian consumers, businesses and economic prosperity are the central focus of our financial system. Banks are a major component of the financial system and best placed to assist in managing the flow of capital to consumers and business in support of Australia’s economic growth. These outcomes are best achieved through an efficient and competitive multi-tiered banking system in which each tier brings a different perspective and vigorously competes for customers on a level playing field. Regional banks have served their customers and communities well over time and provide vital competitive tension in the market. The banking system is strong and stable and proved to be very resilient when tested during periods of financial stress such as the Global Financial Crisis. Issues have emerged since the Global Financial Crisis that result in a significant competitive advantage for larger banks. Specific examples include: • The disparity between the amount of capital required to support assets under the Basel capital adequacy framework that delivers a significant advantage to banks accredited under the advanced approach; • The significant funding and cost advantage available to banks deemed systemically important; • The higher cost for regional banks, in relative terms, of the constant flow of new regulatory and prudential requirements; and • Increasing vertical integration of major players in the market. The underlying premise of this submission is to maintain alignment between the needs of consumers, the community and shareholders, and make recommendations that are based on realistic and sound policy principles. The recommendations seek to reinstate a level playing field and ensure long-term competitive tension while preserving the stability of the system. Competition and efficiency drive productivity and economic prosperity. The regional banks look forward to working with the Inquiry to further explore the issues raised in this submission and to develop solutions that provide genuine long-term benefits to the Australian economy. Yours sincerely, Mike Hirst Stuart Grimshaw Jamie McPhee John Nesbitt Managing Director Managing Director & CEO CEO CEO Bendigo and Adelaide Bank BOQ ME Bank Suncorp Bank CONTENTS 1 Executive Summary 5 2 Introduction and background 13 3 Efficiency and Competition Issues in Retail Banking 29 4 Competitive Neutrality - Key Issues and Recommendations 53 5 Pulling the threads together and conclusions – what is the state of competition? 79 6 References 83 1 EXECUTIVE SUMMARY 1 Executive Summary 6 1.1 Stability, efficiency and competition 8 1.2 Greater efficiency through strengthening competition 8 1.3 Efficiency and competition issues in retail banking 8 1.4 Factors impacting competitive neutrality in retail banking 9 1.5 Recommended actions 10 5 1EXECUTIVE SUMMARY 1 EXECUTIVE SUMMARY The banking system has generally served the market well over time. While other sectors of the financial This submission has been prepared by Bendigo and system, such as superannuation funds, may play Adelaide Bank, BOQ, ME Bank and Suncorp Bank an increased role in the provision of capital to the with the assistance of Pegasus Economics. The economy in the future, the banking system will four banks collectively represent a perspective of continue to play a significant and critical role in the Australian ‘regional banks’. The need for a regional intermediation of capital across efficient payment bank submission stems from the desire of these systems. Regional banks will also continue to institutions to make a policy contribution with the contribute to this process by providing competitive aim of ensuring a healthy and sustainable future for tension in the delivery of quality products and Australia’s financial system, with a particular focus on services to consumers, small business, and the banking sector. A healthy, multi-tiered banking regional communities. sector is the best model to guarantee Australian consumers and business will be able to access The Global Financial Crisis (GFC) provides the main innovative and better value financial products and backdrop to the Financial System Inquiry (FSI). It was services into the future. a pivotal event in the economic and social history of many countries. While the Australian economy and A multi-tiered banking system in which each tier financial system proved relatively robust, the GFC brings a different perspective and vigorously has led to significant changes to the motivations and competes for customers, on a level playing field, actions of consumers, businesses, financial institutions will ensure consumer benefits are protected and government. In turn, these have re-shaped much and enhanced. The regional banking sector has of the competitive and regulatory landscape. consistently delivered a better level of service for all Australians as reflected by superior customer Up until the GFC, a relatively level playing field existed satisfaction ratings. The regional banks bring for large banks, regional banks, foreign-owned essential competitive tension to the market through banks, credit unions, building societies and non-ADIs. an extensive and complete range of quality products However post GFC, regulation has tilted the playing and services for consumers, business and regional field materially in favour of the large banks by lowering communities. Regional banks provide genuine and their capital costs, and relative funding and compliance credible choice for customers. costs. The regional banks believe the basic aim of this Inquiry is to put the end-users of financial products as the central focus. Banking system design must, to the greatest extent possible, identify what is best for the mums and dads, businesses and everyday Australians who rely on safe, efficient and innovative services: to save money, purchase a house, start a business and all the other hundreds of things that people need a banking system to assist with. 6 LEVELLING THE PLAYING FIELD EXECUTIVE1 SUMMARY The current reality is that while there is competition Submission outline in the market and there are many beneficial aspects to Australia’s banking system, issues have emerged The submission is organised as follows: - the banking landscape is now characterised by a Chapter 2 provides an introduction and higher degree of market concentration, consolidation background. It covers the role and importance and increasing dominance of the large banks of regional banks as competitors, makes high relative to other providers. While smaller banks and level comments on the GFC, and discusses the others provide customers with real alternatives and policy objectives commonly used to base financial choice when it comes to financial services, these regulation. smaller participants do so at a distinct competitive disadvantage. Chapter 3 identifies some evidence to indicate that efficiency and competition in retail banking The regional banks believe now is the time to is not optimal and thereby establishes a primary identify, acknowledge and discuss these issues in a motivation for making improvements. constructive way with a view to improving the system for the future. The best means of mitigating the trend Chapter 4 outlines some reasons as to why towards further dominance is to refocus banking efficiency and competition in retail banking is regulation. Competitive neutrality is about ensuring all not optimal and makes recommendations for service providers compete on an equal footing and improving current arrangements. Specifically, this that regulatory arrangements do not favour some section identifies the capital adequacy regime, service providers over others. A small number of “too
Load more

Recommended publications
  • S Sh Ow Wc Car Rds S
    Morgan Gallup Poll SSHOWWCCARDS Yoour Opinion Counts Your answers to all questions will be treated in strict confidence and only used for statistical purposess. ACT Rounds: 2448 / 2449 / 2450 / 2451 PAGE 1 ACT ROTATION 4 4/4 x:\systems\database\cards\docs\2500\2080.doc Front page - ACT A 2 ES 2448 / 2449 / 2450 / 2451 PAGE 1 Alfa Romeo Holden Kia Mini Tesla 8501 Giulia 1531 Acadia 7930 Carnival 9545 Cabrio/Convertible 0603 Model 3 8499 Giulietta 1230 Astra 7344 Cerato 9544 Clubman 0601 Model S 8502 Stelvio 1110 Barina 7540 Optima 9540 Cooper/Hatch 0602 Model X 1832 Captiva 7343 Picanto 9541 Countryman Audi Toyota 1886 Colorado 7215 Rio Mitsubishi 8636 A1/S1 4120 86 1512 Commodore Tourer 7347 Rondo 3110 ASX 8696 A3/S3 4121 C-HR 1506 Commodore 7216 Sorento 3201 Eclipse Cross 4320 Camry/Camry Hybrid 8693 A4/S4 3210 Lancer 1602 Equinox 7348 Soul 4200 Corolla 8738 A5/S5 3230 Mirage 1570 HSV (Holden Special 7213 Sportage 4214 Fortuner 8694 A6/S6 Vehicle) 3713 Outlander PHEV 7142 Stinger 4830 Hiace 8727 A7/S7 1112 Spark 3711 Outlander Land Rover 4820 Hilux 8695 A8/S8 1819 Trailblazer 3235 Pajero Sport 9840 Defender 4861 Kluger 8728 Q2 1879 Trax 3860 Pajero 8726 Q3 9831 Discovery Sport 3820 Triton 4950 Landcruiser Honda 8737 Q5 9830 Discovery Nissan 4880 Prado 9721 Range Rover Evoque 4116 Prius C 8735 Q7 7300 Accord 5386 350Z/370Z 9615 Range Rover Sport 4117 Prius V 8699 TT 7303 City 5401 Juke 9611 Range Rover Velar 4115 Prius 7200 Civic 5387 Leaf BMW 9610 Range Rover 4760 RAV4 7840 CR-V 5850 Navara PAGE 2 PAGE 2 8446 1-Series 4730 Tarago 7841
    [Show full text]
  • The Rise of the Neo-Bank
    The rise of the neo-bank yieldreport.com.au/insights/the-rise-of-the-neo-bank/ 13 January 2020 By guest contributor Jake Jodlowski, Principal, Atchison Consultants Given the continued reputational damage suffered by the big four Australian banks throughout and post the Banking Royal Commission hearings, bank customers and investors may be looking for alternatives. Whilst still in its infancy, Australia’s banking and credit start-up sector has grown leaps and bounds in recent years, with Afterpay Touch Group (ASX: APT) and Zip Co Limited (ASX: ZIP) being high-profile examples. Although the “buy-now, pay-later” (BNPL) sector has received most of the media coverage, the development of so-called “neo-banks” has also started to gain momentum. Neo-banks are best described as traditional banks without a bricks and mortar presence, with their entire offering supplied through digital means, usually through an app and on-line platform. They are fully functioning deposit-taking institutions and therefore fall under the supervision of the Australian Prudential Regulation Authority (APRA). APRA must provide a license before an institution may accept customer deposits. An unrestricted banking license permits a corporation to operate as a “banking business” and therefore an authorized deposit-taking institution (ADI) without restrictions under the Banking Act 1959. Part 5 of the Banking Act defines “banking business” as consisting of both taking deposits (other than as part-payment for identified goods and services) and making advances of money, as well as other financial activities prescribed by regulations made under the Banking Act. The arrival of neo-banking in Australia follows the emergence of start-up banks like Monzo and Starling in the UK.
    [Show full text]
  • Half Year Results 2021 Investor Presentation
    NAB 2021 HALF YEAR RESULTS INDEX This presentation is general background information about NAB. It is intended to be used by a professional analyst audience and is not intended to be relied upon as financial advice. Refer to page 116 for legal disclaimer. Financial information in this presentation is based on cash earnings, which is not a statutory financial measure. Refer to page 114 for definition of cash earnings and reconciliation to statutory net profit. Overview 3 1H21 Financials 16 Additional Information 32 Divisional Performances 32 Technology & Operations Update 49 Long Term: A Sustainable Approach 52 Australian Business Lending 59 Australian Housing Lending 63 Other Australian Products 70 Group Asset Quality 73 Capital & Funding 90 Economics 103 Other Information 111 OVERVIEW ROSS McEWAN Group Chief Executive Officer KEY MESSAGES Financial results reflect improving economy Risks remain – strength and stability continue to be a priority Executing our strategy with discipline and focus Building momentum, with more to do Well positioned to support a business-led recovery 4 SOUND FINANCIAL RESULTS METRIC 1H21 2H20 1H21 V 2H20 Statutory net profit ($m) 3,208 1,246 Large CONTINUING OPERATIONS (EX LARGE NOTABLE ITEMS 1) Cash earnings 2 ($m) 3,343 2,258 48.1% Underlying profit ($m) 4,576 4,952 (7.6%) Cash ROE 11.1% 7.7% 3.4% Diluted Cash EPS (cents) 96.9 67.3 44.0% Dividend (cents) 60 30 100% Cash payout ratio 3 59.1% 42.7% 16.4% (1) For a full breakdown of large notable items in 2H20 refer to Section 4, Note 3 of the 2021 Half Year Results Announcement.
    [Show full text]
  • View Annual Report
    Contents CHAIRMAN’S REPORT ___________ 2 CONSOLIDATED STATEMENT 18. Unearned premium liabilities 80 OF COMPREHENSIVE INCOME __ 56 19. Outstanding claims liabilities 81 20. Life insurance and DIRECTORS’ REPORT ____________ 4 CONSOLIDATED STATEMENT investment contract liabilities 87 1. Directors’ profiles 4 OF FINANCIAL POSITION _______ 57 21. Debt issues 90 2. Directors’ meetings 8 22. Subordinated notes 91 3. Directors’ interests 9 CONSOLIDATED STATEMENT 23. Preference shares 91 OF CHANGES IN EQUITY _______ 58 4. Company Secretary 9 24. Share capital 92 5. Remuneration Report 9 25. Reserves 93 6. Principal activities 9 CONSOLIDATED STATEMENT 26. Group capital management 94 OF CASH FLOWS _______________ 59 7. Dividends 10 27. Notes to the consolidated statement of cash flows 95 8. Operating and financial review 11 NOTES TO THE CONSOLIDATED 28. Financial instruments 96 9. Events subsequent to FINANCIAL STATEMENTS _______ 60 reporting date 16 29. Group risk management 101 10. Likely developments 16 1. Reporting entity 60 30. Group risk management for financial instruments 106 11. Key internal and external risks 18 2. Basis of preparation 60 31. Commitments 123 12. Impact of legislation and 3. Earnings per share (EPS) 61 other external requirements 18 32. Parent entity and subsidiaries 124 4. Dividends 62 13. Environmental regulation 21 33. Unconsolidated structured 5. Segment reporting 62 entities 126 14. Indemnification and insurance of officers 21 6. Underwriting result from 34. Changes in the composition general insurance contracts 66 of the Suncorp Group 126 15. Non-audit services 22 7. Net incurred claims from 35. Key management personnel 16. Lead auditor’s general insurance contracts 67 (KMP) disclosures 127 independence declaration 22 8.
    [Show full text]
  • Additional Cardholder(S) Request Form
    Additional Cardholder(s) Request Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945 Important Information things you should know as the Primary Cardholder • You may nominate up to three Additional Cardholders, aged 16 or over, to be authorised by Bankwest to operate on your Card account. • If the nominated Additional Cardholder(s) are not existing Bankwest customer(s) we will need to confirm their identity. For details on identification requirements, please contact our Customer Help Centre on 13 17 19 or refer to bankwest.com.au • All transactions on your Card account authorised by the Additional Cardholder(s) will be treated as having been authorised by you. You will be responsible for these transactions. • If you have other accounts linked to your Card account, please discuss account access arrangements at your local Bankwest store or contact our Customer Help Centre on 13 17 19 prior to lodgement of this request. • The Request can either be returned to your local Bankwest store ________________________ (include store name if this is where you are returning it), or mailed to Cards Services, Reply Paid 8411, PERTH BC WA 6849. • Once your Request is approved, the card(s) will be issued to you to distribute to your nominated Additional Cardholder(s). Section 1 – Primary Cardholder Details Title Given name(s) Surname Card number ||||||||||||||| Section 2 – Additional Cardholder Details Additional Cardholder 1 Title Given name(s) Surname Date of birth Gender Male Female Home phone
    [Show full text]
  • It's Personal
    SIMON PUGH & PETER WOODS QLM Label Makers BOQ Business Banking customers It’s personal LYNNE POWER BOQ Owner-Manager KATIE KOCHANSKI Daisy Hill branch BOQ customer since age 7 Shareholder Review 2010 BOQ SHR 2010 FA - PRINT.indd 2 21/10/10 11:30 AM JONAH & AMBER Community members SHIRLEY KOLPAK Shareholder It’s personal BOQ SHR 2010 FA - PRINT.indd 3 21/10/10 11:30 AM CONTENTS 1 Operational overview 3 Acquisitions 4 Financial highlights 7 Chairman’s report 11 Managing Director’s report 15 Community 17 Customers 17 Environment 18 Employees 19 Executive team 21 Your Board 25 Remuneration overview 26 Financial calender BOQ SHR 2010 FA - PRINT.indd 4 21/10/10 11:30 AM BRAND RELAUNCH In February 2010, BOQ launched At BOQ, most of our branches are run by local a new brand promise: Owner-Managers. This means they’re running your own personal bank a small business, so they get what it means to The new brand was the culmination of deliver personal service. So we really can deliver an 18 month “inside out” brand review, on our promise of being your own personal bank. where both staff and customers helped The brand relaunch also represented the to really define what makes BOQ different perfect moment in time to reintroduce ourselves to the other banks. The overwhelming as BOQ, rather than the state-centric name of response was that for us, it’s personal. Bank of Queensland. Over the past decade, we have expanded right across Australia. And it all started with this simple question.
    [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]
  • A SOCIAL DIVIDE ENGAGEMENT IS SOARING November 2017 Edition
    A SOCIAL DIVIDE ENGAGEMENT IS SOARING November 2017 Edition ASX 100 Social Media Performance Index 32,860 retweets, shares, comments, likes and other interactions recorded 303 posts analysed across three platforms 100 ASX companies reviewed EXECUTIVE SUMMARY ASX 100 index – Top 20 The 6th edition of our Social Divide Index reveals that RESEARCH OVERVIEW audiences are engaging significantly more with ASX 100 companies who communicate their financial results on FTI Consulting analysed the social media activity of each social media. We recorded a 117% increase in interactions ASX 100 constituent on the three platforms most relevant, with results content compared to our previous report. in our view, to corporate and financial communications – Twitter, LinkedIn and YouTube – at the time of its latest The increase is heavily weighted to the top five businesses, full or half year results announcement. The identified who account for 69% of the total number of engagements results-related activity was measured using three metrics: showing a real gap between ASX 100 companies, and a volume, quality and impact. Scores were given for each huge opportunity for those not taking advantage of social component, which in turn generated an aggregate score. media channels when publishing financial results. More information on the methodology can be found on page 13. This report looks at the best practice tools and techniques used by businesses to extend the reach of their content and make audiences want to engage with them – which leads to a greater opportunity to engage with relevant 1. Qantas Airways 11 Suncorp Group stakeholders. OUR FINDINGS 2. Rio Tinto 12 Orora Qantas topped the list in this year’s ranking in their first 3.
    [Show full text]
  • View Annual Report
    2018 ANNUAL REPORTYear ended 31 August 2018 Annual Report 2018 1 CONTENTS Message from the Chairman and Managing Director & CEO 5 Directors’ Report Directors’ Details 8 Operating and Financial Review 12 Remuneration Report Introductory Message 60 Remuneration Report 62 Lead Auditor’s Independence Declaration 90 Financial Report Income Statements 93 Statements of Comprehensive Income 94 Balance Sheets 95 Statements of Changes In Equity 96 Statements of Cash Flows 100 Notes to the Financial Statements 101 Other Information Directors’ Declaration 162 Independent Auditor’s Report to the Members 163 Shareholding Details 170 Shareholder Information 173 5 Year Financial Summary 174 Glossary 175 Bank of Queensland Limited ABN 32 009 656 740 AFSL NO. 244616 CHAIRMAN AND MANAGING DIRECTOR & CEO’S 2018 MESSAGE ABOUT THIS REPORT This 2018 Annual Report (Report) incorporates the Group’s audited financial statements and other statutory disclosures. The Report is lodged with the Australian Securities Exchange (ASX). Bank of Queensland (BOQ) is publicly listed in Australia. The financial statements have been prepared in accordance with Australian Accounting Standards and interpretations issued by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. Unless otherwise stated, the Report encompasses all BOQ activities for the financial year commencing on 1 September 2017 and ending 31 August 2018. All monetary values in this document are presented in Australian dollars, which is the Bank’s functional currency. OUR 2018 REPORTING
    [Show full text]
  • Suncorp Banks on Cortell and Leads the Pack with Next Generation Business Reporting … SBR XBRL 2.1
    “Prior to Cortell’s fully automated solution, it took several people, several days to provide the numbers. Submitting an APRA report is now as simple as pushing a button and analysing the data.” James Corner, Executive Manager, Financial Control, Suncorp banks on Cortell and leads the pack with next generation business reporting … SBR XBRL 2.1 uncorp Bank is Australia’s 5th in a series of linked spreadsheets and Discover a clear view ahead! largest listed bank, with banking databases that passed through multiple Cortell is here to help. S origins dating back to 1902. They teams and accountants and other financial are part of the Suncorp Group, a top 25 leaders' hands before a two-dimensional Australian company operating some of report was produced. These processes the most respected banking, insurance were inadequate to meet the multi- and wealth brands in Australia and New dimensional requirements of 2.1 and Zealand. future taxonomy releases. Nor did these As a regional bank, Suncorp delivers processes address the common problems banking services to over one million of manual, error prone processes that personal and business banking customers were time consuming and difficult to including: Personal; Small to Medium audit. Enterprises; Commercial Lending; and The Strategy Agribusiness. James Corner was the owner of Financial Suncorp Bank customers have access to Reporting for Suncorp Bank and was 192 branches, agencies and Business confident XBRL was critical to the success Banking Centres across Australia. of the organisation. Corner had first-hand The Challenge experience with XBRL overseas and could clearly see its many benefits.
    [Show full text]
  • Attachment A
    Attachment A Register of Investments and Cash as at 30 November 2018 6 REGISTER OF INVESTMENTS AND CASH AS AT 30 NOVEMBER 2018 Monthly Monthly Net Net Returns Investment Rating Amount $ Net Return Rolling 12 Maturity Date Term (months) Date Institution Returns Annualised Months Call Account Westpac Bank AA 38,036,854 0.15% 1.75% 1.75% 1‐Dec‐18 22‐May‐12 0 Total 38,036,854 0.15% 1.75% 1.75% Term Deposits (TD) Bank of Queensland A 5,000,000 0.22% 2.60% 2.60% 7‐Dec‐18 8‐Dec‐17 12 Credit Union Australia Ltd A 5,000,000 0.22% 2.65% 2.65% 7‐Dec‐18 5‐Feb‐18 10 Suncorp Bank A 5,000,000 0.23% 2.70% 2.70% 7‐Dec‐18 8‐Aug‐18 4 Bank of Queensland A 5,000,000 0.22% 2.60% 2.60% 11‐Dec‐18 1‐Mar‐18 9 ME Bank A 5,000,000 0.22% 2.60% 2.60% 13‐Dec‐18 29‐Jun‐18 5 National Aust Bank AA 5,000,000 0.23% 2.80% 2.80% 13‐Dec‐18 15‐Jun‐18 6 Bank of Queensland A 5,000,000 0.22% 2.60% 2.60% 14‐Dec‐18 9‐Feb‐18 10 Bank of Queensland A 5,000,000 0.22% 2.60% 2.60% 14‐Dec‐18 14‐Feb‐18 10 Bendigo & Adelaide Bank A 5,000,000 0.23% 2.80% 2.80% 14‐Dec‐18 4‐Jul‐18 5 ME Bank A 5,000,000 0.22% 2.60% 2.60% 17‐Dec‐18 1‐Mar‐18 10 National Aust Bank AA 5,000,000 0.23% 2.80% 2.80% 18‐Dec‐18 28‐Jun‐18 6 ME Bank A 5,000,000 0.23% 2.70% 2.70% 20‐Dec‐18 9‐Apr‐18 8 Bankwest AA 5,000,000 0.23% 2.70% 2.70% 21‐Dec‐18 24‐Aug‐18 4 Bankwest AA 5,000,000 0.22% 2.65% 2.65% 21‐Dec‐18 29‐Aug‐18 4 Bankwest AA 5,000,000 0.22% 2.65% 2.65% 28‐Dec‐18 28‐Aug‐18 4 Bankwest AA 5,000,000 0.23% 2.70% 2.70% 4‐Jan‐19 23‐Aug‐18 4 Westpac Banking Corporation (Fixed Rate , interest paid quaterly) AA 5,000,000
    [Show full text]
  • The Federal Reserve System Shuffle
    100 YEARS OF THE FEDERAL RESERVE SYSTEM The Federal Reserve System Shuffle A Federal Reserve Centennial Lesson that illustrates change over time 1945-1987 FRS Centennial Lesson Plan TM The Federal Reserve System Shuffle | FRS Centennial Lesson Plan Lesson Authors Karen Kokernak, Federal Reserve Bank of Richmond Michele Wulff, Federal Reserve Bank of Kansas City Sarah Yohn, Federal Reserve Bank of Richmond Lesson Description Through an interactive card sort and human time-line activity, students explore how key events, legislation, innovations, and technology led to changes and/or efficiencies in the Federal Reserve System and U.S. banking system from 1945 through 1989. This lesson highlights both consistency and change over time and is designed as a supplemental resource for students with a basic knowledge of the roles and functions of the Federal Reserve System. Grade Level 9–12 Standards and Benchmarks See page 39 Concepts Automated teller machine Bretton Woods Agreement Community Reinvestment Act Computerized currency counting equipment: REI High-Speed Machine Consumer protection Diners Club Employment Act of 1946 Equal Credit Opportunity Act Expedited Funds Availability Act Federal Reserve Reform Act Full Employment and Balanced Growth Act (Humphrey-Hawkins Act) Lender of last resort Payment services Regulation J Truth in Lending Act 2 @2013, Federal Reserve Bank of St. Louis: Permission is granted to reprint or photocopy this lesson in its entirety for educational purposes, provided the user credits the Federal Reserve Bank of St. Louis, www.stlouisfed.org/education_resources. The Federal Reserve System Shuffle | FRS Centennial Lesson Plan Objectives Students will be able to: ■■ provide examples of how the Federal Reserve System has supported and incorpo- rated new technology and innovations to foster efficiencies in the banking system over time; ■■ analyze and explain why the Federal Reserve has instituted new consumer protec- tion regulations over time; and ■■ examine and explain why the Federal Reserve has changed the way it processes payments over time.
    [Show full text]