Articles tagged Westpac

Regulators launch urgent inquisition into big four Australian-owned banks, demanding results of internal inquiries into problems seen in Australia. Bernard Hickey introduces the full letter demanding results within 2 weeks.

Kerry McDonald, a former chair of the BNZ and former National Australia Bank director, argues the current system designed to protect depositors in New Zealand’s big four banks is fundamentally flawed. He cites weak local governance by both the banks' boards and the Reserve Bank, and an unfair system that penalises local savers in any crisis. Like the IMF, McDonald is calling for tougher Reserve Bank regulation and reform of protections for savers.