Via banking plaything Wayne Byers of APRA:
“We have deliberately never put in place [dividend] guidance for a long period of time because we want to stay agile, we want to stay flexible, we want to be able to be conscious of the environment that’s evolving.”
“Our first set of of guidance only lasted for three months… then we introduced the 50 per cent (of statutory profit) guidance and said that only applied to the end of the year, and in thinking about what we do next obviously we’ll be minded of how the situation has evolved since we put that 50 per cent guidance in place.
“On the whole, I think the outlook has improved, bank capital has certainly increased, the economic situation looks more positive…. We don’t want to be complacent but I think it is time that we look at the issue again.”
Following the good news that remuneration can soar, now we see divies released even as the taxpayer pours $83bn into the banks for free.
Where is the public equity and board seats for the quasi-nationalisation? Don’t be stoopid. Give em the divies! Which explains this in today’s otherwise weak market:
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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When?
As long as it takes for those at the bottom of the pile to stop consuming. That group gets bigger as the top end get protected.
Slowly then not slowly
If the banks don’t pay divvies then stock prices dive and Boomers miss out on a large portion of their retirement income. Pretty obvious innit?
Yes, they’ve been quasi-nationalised, but really, they’ve been that way since the GFC when the Gubmint effectively guaranteed foreign funding.