Bank lobby endorses Murray Inquiry

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From the AFR:

Australian Bankers Association chief executive Steven Münchenberg said it was important to debate new ideas, but warned that any changes had to support growth and development. “Any new measures must pass the test of ensuring benefits to customers clearly outweigh costs and they should not present risks to system stability or reduce credit availability,” he said in a statement.

The ABA said it was critical for the inquiry to examine the country’s capacity to fund economic growth, the capacity for lenders to source and distribute capital to encourage competition, ensuring regulatory barriers do not impede innovation and ensuring a level playing field for banks.

That rules out pretty much anything of value. Why wouldn’t Mr Munchenberg be happy. According to Banking Day:

Industry lobbying over the past few months for a wide-ranging inquiry has borne fruit.

#%$$&!

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Comments

  1. I think Murray an acceptable choice – someone with considerable experience and understanding of the sector should be part of any panel addressing issues within that sector.

      • Jeez dudes. This appointment makes sense. If the remainder of the panel are all former heads of the Big4 I’ll cry foul.

        • This appointment guarantees the inquiry is a fellatio party, 2D.

          Do banks compete? Of course, look at our advertising budgets.

          I mean on price. Certainly not! We have millions of satisfied customers.

          Why are ni margins the widest in the world? Oh, we need strong banks.

          Why have you poured so much fuel on the property Ponzi? We saw a way to capture the lifetime incomes of an entire nation with nil risk because of our government guarantees.

          Aren’t you exposed to a property downturn? No No No! Our customers are exposed. The laws and practices in Australia mean we get back everything plus interest under all conceivable circumstances, including an Ireland-style bust.

          That is quite a script.

          Australia and NZ have the most concentrated banking sector in the world. No other advanced country would tolerate this oligarchic and systemic looting of depositors and borrowers.

          Citizens live under intense competitive pressures, but not these troglodytes who sleep between silk sheets.

          I don’t resent their success; I abhor their economic, social and political manipulation of my country.

        • “I abhor their economic, social and political manipulation of my country.”

          You mean …… like this?

          Episode 35

          Disclaimer: All characters and events in this Episode -–even those based on real people–-are entirely fictional. All celebrity voices are impersonated…..poorly. The following Episode contains coarse language and due to its content it should not be viewed by anyone.

          Not so long ago in a galaxy not so far away……

          Darth Münchenberg: What is thy bidding, My master?

          Darth Goldman: There was a disturbance in the Force. The nation down under is attempting a banking inquiry.

          Darth Münchenberg: I have felt it.

          Darth Stanley: The inquiry must not disrupt the steady cash flow to the Wall Street.

          Darth Münchenberg: If the inquiry can be turned, it can be used to enhance our cash flows.

          Darth JPM: Yes….. it can be used to our advantage. Can it be done?

          Darth Münchenberg: I will head the inquiry and make sure to suppress any views within the committee that go against the collective wishes of the Wall Street. Plus, I will use this opportunity to enhance our grip on the country by making their banks way too big to fail.

          Darth HSBC: Introduction of negatively amortizing interest only loans will be a good start.

          Darth Deutsche: Add multi-generation full recourse mortgages into the mix.

          Darth UBS: Above all, maintain the bank funding guarantees at all costs.

          Darth Citi: Darth Abbott just managed to disrupt the military ties with their populous northern neighbour to make them vulnerable. We can send a few nuke armed subs to protect our interests on the continent. Use this opportunity to remind the mass on the ground that they cannot live a day without our mercy.

          Darth Münchenberg: As you wish.

    • Because he’s a high school graduate who doesn’t believe in AGW?

      Or is it because he’s a Liberal Party stooge?

      Moron.

  2. “…they should not present risks to system stability or reduce credit availability”

    And what if current (or past) credit availability is (has led to) a risk to system stability?

  3. Ladies and gentlemen, my name is David Murray and I’m your chief flight attendant. On behalf of Captain Munchenberg and the entire crew, welcome aboard Air Stability, Flight TBTF B4, our daily service from Canberra to Pitt St, continuing onto Martin Place.

    The captain reports that he’ll be increasing altitude to avoid any turbulence resulting from the pressure system currently developing.

    Passengers may experience sensations of faintness, but we would like to reassure our customers that our pilots and cabin crew are fully equipped with oxygen masks, and Air Stability’s fleet are comprised of a high density fabrication and negative-combustion engines capable of any tapering of oxygen beyond 50,000 feet.

    At this time, make sure your deposits are in their full upright position, and ensure your mortgage is properly secured. We would also like to advise you that as of this moment, any recording devices must be turned off. If you have any questions about our flight today, please refer to our inflight magazine. I’d like to take this opportunity once more to thank you for flying Air Stability.