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Tuesday, May 22, 2018

ASIC must answer to Parliament on corruption claims

Posted by Steve on September 30, 2013


Greens Deputy Leader, Adam Bandt, has called for an inquiry into the Reserve Bank of Australia following disturbing new claims of illegal approaches to Saddam Hussein’s regime, as well as demanding ASIC explain why it is turning a blind eye to the RBA’s corporate activities.

“Most Australians would be shocked to know their central bank was using their money to line up dirty deals with Saddam Hussein,” said Mr Bandt.

“The stench surrounding the Reserve Bank gets worse and a full inquiry is needed to clear the air.”

“The claim that RBA officials misled Parliament is disturbing. When Parliament resumes, the Greens will move to have RBA officials appear before a parliamentary committee to answer these serious allegations.”

“Also appalling is the utter failure of ASIC, our corporate regulator, even to investigate sustained claims of wrongdoing within the corporate activities of the Reserve Bank.”

“ASIC throws the book at a lone global warming activist who sends out a press release, yet turns a blind eye to repeated claims of sustained corporate corruption in the Reserve Bank.”

“The Greens will ask ASIC to explain to Parliament why it has failed to investigate serious and repeated claims of illegality within the RBA’s corporate activities.”

ANZ decision a slap in public’s face

Posted by Steve on February 12, 2012

Greens MP Adam Bandt has criticised the ANZ Bank for hiking its loan rates by 6 basis points in defiance of the Reserve Bank decision to keep interest rates on hold.

Mr Bandt said the big banks were breaking their social contract with the Australian people.

Mr Bandt said the decision was also a serious challenge to monetary policy at a time when the economy is facing serious challenges from the global situation.

He said the government should now get behind the Greens’ bill to require banks to provide a tracker mortgage with rates that would rise and fall with the cash rate.

“The banks are breaking their social contract with the Australian people,” Mr Bandt said.

“The time for tough talking from the Treasurer and the Opposition is at an end. Now it’s time for action and the government should support the Greens’ bill to rein in excessive profiteering.”

“ANZ’s decision is also a challenge to monetary policy at a time when the global economy may mean action is needed.”

“Wayne Swan should not let ANZ get away with it.”

The Greens’ Banking and Consumer Credit Protection Amendment (Mobility and Flexibility) Bill, currently before parliament, would force banks to provide loan products that track changes to the Reserve Bank cash rate and also make it easier for consumers to switch mortgages by changes to mortgage lenders insurance.

Banks that don’t pass on rate cut shouldn’t expect a hand out

Posted by Steve on December 7, 2011

Greens MP and banking spokesperson, Adam Bandt, has warned the big four banks to pass on the full interest rate cut or risk government support in the event they’re hit by another financial crisis.

“Last time there was a financial crisis, the banks received significant support from the government and the Parliament.

We gave them cheap credit and effectively guaranteed their operations”, Mr Bandt said.

“If the banks aren’t willing to support the Australian people with an interest rate cut, why should we give them generous support if the European financial crisis hits their bottom line?”

“The big banks are rapidly destroying any goodwill they have with the public.”

“The big four banks have made a combined record profit this year of over $23 billion. They can afford to pass on a full rate cut.”‬‪

“If they don’t pass on the Reserve Bank’s interest rate cut, the big banks should expect a frosty reception if they come cap-in-hand to Parliament complaining about another global financial crisis.”

“The government certainly shouldn’t be giving them a tax cut of $4 billion over the next decade.”

Bank accounts more portable under new bill

Posted by Steve on July 7, 2011

Greens MP and banking spokesperson Adam Bandt has released a new banking bill that will ensure direct debits and credits follow customers when they switch banks, making it easier for consumers to move their accounts.

The Banking and Consumer Credit Protection Amendment (Mobility and Flexibility) Bill 2011 contains a mechanism for account portability. If a customer asks, banks will be required to forward all direct debits and credits to the customer’s new bank for 13 months after they switch.

The bill will also include requirements that banks issue a pro-rata refund of lenders mortgage insurance when consumers switch loans and ensure people can make an informed choice before rolling over term deposits.

“The Greens Bill will mean direct debits and credits automatically follow customers when they switch banks, if the customer so chooses” Mr Bandt said.

“A customer’s old and new banks will have to make sure there is a seamless changeover.”

“This will remove a big barrier to switching accounts and help businesses who can lose out when their customers change banks.”

“This bill is an important step towards full account portability.”

“Mortgage insurance can cost thousands of dollars. If someone wants to switch banks, they lose that money and have to pay it again to their new bank.”

“The Greens Bill will require banks at the start of a mortgage to tell people they are entitled to a pro-rata refund if they leave their mortgage early. If customers do switch mortgages, their old bank will be required to give the customer a pro-rata refund of the unused insurance premium, removing a big barrier to switching mortgages.”

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