A BOQ warning today:
Expect these warnings to rain down from all banks for the foreseeable future.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
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.
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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I am glad I brought gold 3 months ago and diversified my savings (not paper gold) I wouldn’t be so worried if it weren’t for bank bail-in and the not clear wording of it
I was thanked for my correspondence regarding the Inquiry into the Banking Amendment (Deposits) Bill 2020 but was told
“The Committee has decided to accept your document as correspondence. This means that the Committee has noted the issues you have raised and they will inform its consideration of the legislation, but your statement has not been accepted as a submission and will not be published on the Committee’s website. Please note that if you choose to publish your correspondence without the consent of the Committee, it will not be protected by parliamentary privilege.”
So at this stage I have nothing further to say on the matter.
Thanks for your efforts
Photocopy of my replied to submission.
My submission was accepted, but I am not hopeful that the legislation will will be passed.
you must have sent in a good one 🙂
mine was also accepted; I think the outcome is a foregone conclusion, unfortunately.
Same. Just pulled my cash out. Should have bought gold at the time.
Just happy knowing that I can get it whenever I need it. $10000 limits on cash withdrawals now.
If a bank looks like collapsing, getting any sizeable amount of cash out would be impossible.
Could be all just a Storm (Financial) in a teacup?
I dont get it. Who is 3 months over their payment and does not apply for relief or not eligible for it? Is this just another way of saying they are bankrupt and are forced to sell.
and this BoQ, can imagine BoNSW and BoV next
I understand that BoQ went all in on expanding its loan book down south, hence it has probably increased the risk profile of the portfolio to gain (?) that market. Would be very interesting to see where the provisions are domiciled, if that were possible.
From other articles they were getting into tourism lending as well, so probably impacts there, and crossover across both.
From their own reports, 90 days past due
Feb 20 – $291m
Aug 19 – $312m
Feb 19 – $287m
the $112m increase plus Aug 20 bal $who knows? 290-300m?
Plus the “Covid” provision of $71m that will no doubt be used to mop up some impaired assets.
Q2 2020 was always going to be early on in the piece, H2 2020 and H1 2021 will be more revealing.