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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APRA placating its bosses (Josh and the banksters) while the RBA happy clappies screw depositors again and say you deserve nothing for the enormous credit risk you are now taking in the context of a worthless government deposit guarantee, potential depositor bail-in and a Treasurer determined to invoke the greatest-ever let-it-rip mentality in Strayan banking. But, DL-S tells us that the banks are now defacto nationalised via the TFF – so nothing to see here, move on. Our banks are safe as houses.
Systems failure. AUD to 50 cents then Fraudenburg will get all the inflation he deserves, and then some
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.