At the AFR come stunning leaks from APRA staff via its internal review:
“When institutions are consistently able to get a different result by appealing to GM levels and above, line supervisors become demoralised and institutions become emboldened to push the limits,” one employee said.
…One employee speaking under the protection of anonymity said the biggest problem with the regulator was that there were “too many underperforming managers”.
…“In some pockets of APRA, staff do not have a high degree of trust that their managers would ‘back them’, that it would be safe to make a mistake, or that career-related outcomes are fair,” the report said.
Wayne Byers must resign. New blood (and values) is needed. Recruit an RBNZ gun.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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Nice tan!
Working as intended by the government. Move on.
I reckon you’re spot on. He won’t resign 9 months into a lucrative 5 year term. They extended him in the middle of a Royal Commission that proved beyond a shadow of a doubt that he’s not doing his job. He flat out refuses to answer any media questions and has zero accountability, aside from that to his puppet masters, namely the Treasurer.
Byres for Prison 2019′
APRA’s responsibility is to protect bank profits. They do an ok job really.
It’s a guild
Sounds like every company I have ever worked for
Reckon the AFP will be ready to launch some new raids over this. That Thunderbird looking bloke needs protection.
But how is this different than government departments in general?
Most government departments aren’t tasked with regulating anything that actually matters.
Remember we have the best regulated banks in the world! 😀
And all that superb ‘regulation’ has enabled them to become the world’s most profitable!
How come we’re always the smartest people in the international room?
We could teach Deutsche Bank a thing or two about stability and profitability. Those amateurs lending primarily to non-housing based enterprises.
MPLOL?
LOLOLOL
A corrupt and captured regulator. APRA was separated from the reserve bank to facilitate this capture. The system is working as designed.
Housing regulation used to work great. That was the problem. It held up and added cost to development That’s why the governments over time deregulated certification and the like. If APRA was effective they’d have to merge it with something or otherwise nobble it.
An investigation into the finances of management would be very, very interesting.
I wonder how many of them get a sudden cash influx, and expensive holiday or their kids private school fees paid by third parties – and how many coincided with questionable APRA decisions made by these managers?