Articles on Banking

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In a blistering speech to the Banking Committee, Senator Elizabeth Warren exposed profound weaknesses in the US’ current system of financial regulation. Flickr\mdfriendofhillary

Bankers left reeling as Senator Elizabeth Warren grills financial regulators

It was an artful if devastating performance. In just seven minutes, Senator Elizabeth Warren from Massachusetts signaled the arrival of what appears destined to be a powerful force on Capitol Hill. At…
More of the same: the UK government’s banking reform bill is merely another capitulation to the banking lobby. AAP

UK banking reform bill won’t curb reckless risk-taking

Some four and-a-half years after the banking crisis that has resulted in massive public debt and a deep austerity program, the UK government has finally unveiled its Financial Services (Banking Reform…
Earlier this week, Stefan Ingves (left), chairman of the Basel Committee on Banking Supervision’s governing body, and Mervyn King announced amendments to Basel III’s liquidity rules for banks. AAP

Is the Basel process broken? You can bank on it

This year, the Basel process of banking regulation is 25 years old. In 1988, the first set of global banking regulations, known as Basel I, was adopted by the world’s senior banking regulator, the Basel…
As part of its settlement with the Department of Justice, an external monitor will be appointed to oversee HSBC’s corporate compliance processes.

Banks on alert as regulators step up pressure on HSBC

This week, two different approaches to embedding restraint began to take shape as London-headquartered banks reflected on the exceptional power of the United States Department of Justice to shift cultural…
As regulators finally move on the Libor scandal, are they asking themselves the right questions?

In the Libor scandal, where were the regulators?

Welcome to the third and final part of Back to the Future. AS HSBC is fined US$1.9 billion for “egregious” money laundering and the first arrests are made in the Libor scandal, the need for the public…
Institutionalising restraint is business practice will prove challenging for HSBC and regulators alike.

Banks behaving badly: HSBC settles in money laundering probe

The $1.92 billion deferred prosecution entered into by HSBC with US regulators is one of the most significant financial penalties imposed on a global bank. On Tuesday in a Federal Court in Brooklyn, HSBC…
Rampant litigation in the financial sector will only create more risk for Australia’s banks. AAP

Too many lawsuits might break the banking sector

This week, the National Australia Bank published its 2012 annual report, confirming that its net profit for the year had fallen by about 21%, mainly from higher bad and doubtful debt charges. Buried deep…
Is there such thing as an ethical finance system? Proponents of Islamic finance believe so. Image from www.shutterstock.com

Can Islamic finance provide salvation for the banking sector?

Islamic finance has grown and expanded rapidly in recent years. It was recently announced that, following in the footsteps of some of its European neighbours, Germany will soon have its first Islamic bank…
Had it come out five years ago, APRA’s consultation paper could have left taxpayers footing the bill for BankWest’s collapse in 2008. AAP

Protecting taxpayers from systemic risk should be at the heart of APRA changes

At first glance, a consultation paper released by Treasury last week aimed at strengthening the crisis management powers of the Australian Prudential Regulation Authority, could pass for a routine tidy-up…
Is a full enquiry into Australia’s banking industry overdue? source: shutterstock. Image sourced from shutterstock.com

Debunking the myth of our ‘well-regulated’ banks

A Senate Economics Committee has been reflecting on life after the global financial crisis for Australian banks. The general consensus has been to date that Australian banks escaped the worst of the fall-out…
Taking care of business: given the glacial pace of financial reforms since the GFC, it is not unreasonable to expect another crisis of the same magnitude. _Davo_

Crisis? What crisis? Five years on, we’ve surrendered to the global financial sector

It has been five years since the sub-prime mortgage crisis emerged in the US. This was followed by financial institutions suffering liquidity shortfalls in both US and Europe, and their eventual collapse…
A former mortgage broker - who is now facing fraud charges - has blown the whistle on predatory lending practices in Australia’s financial services industry. Image from www.shutterstock.com

There are predators in our own backyard, but where are our financial watchdogs?

The level of sub-prime mortgages in Australia may be far in advance of what was previously assumed and provided for by banks. The story was broken on the ABC, and covered elsewhere. The revelations centred…
To ensure a sound financial system, policymakers should balance the twin objectives of stability and competition.

Is competition crucial to the health of the financial sector? You can bank on it

Reactions to my call this week for another inquiry into Australia’s financial system have been mixed. Most commentators seem to accept that there’s logic in having another inquiry, even if some think that…
HSBC chief executive officer Irene Dorner testifies before the US Senate about allegations of money laundering within HSBC. AAP

HSBC’s money laundering scandal is more than just risky business practice

Recent news that HSBC executives admitted to allowing Iran, terrorists and drug dealers to launder nearly USD$16 billion over a six-year period would make earth underneath you shake. How is that the bank’s…
A Diamond in the rough: Former Barclays chief executive Bob Diamond bore the brunt of public anger over the LIBOR scandal. But attention should be paid to behaviour of regulatory authorities. AAP

Gloom of the system: Barclays fallout highlights structural flaws in financial regulation

As the Deputy Governor of the Bank of England, Paul Tucker, prepares to give evidence to the Treasury Select Committee, he will be mindful of the insult thrown at Bob Diamond, the recently crestfallen…
Will super Mario Draghi, President of the European Central Bank, come to the Eurozone’s rescue? AAP

It will take courage to end the Eurozone crisis

Today Eurozone leaders will meet in Brussels. On the agenda is nothing less than the survival of the euro. Officially, it is about Spain: Spain’s economic and financial woes show the urgency. Moody’s drastically…
Could online peer to peer lenders compete with major banks? Flickr: Alan Levine

Could peer-to-peer lending challenge our banks?

In a recent speech, Bank of England executive director Andy Haldane has said that peer-to-peer (P2P) lending through online sites has the potential to eventually replace old-fashioned banking. It was followed…

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