Monday, 2 December 2013

Pure comedy

"He says bank directors have assured him that lending standards are being maintained"
Of course they are : )

So said chairman of the bank regulator, APRA, John Laker in a lecture.  John is to be commended for paying attention to risk of deterioration in lending standards as Australia's property boom explodes, but based on history how successful will he be? Link here

And in case you had any doubts as to how sensible Aussie banks are now being how about one which has chosen to expand into a sector which is facing the worst decline in a half century? 

Commonwealth Bank of Australia (CBA) is stepping up lending in shipping, a top bank official said, just as European rivals cut capital exposure to the seaborne sector.
Shipping has weighed heavily on its financiers, with the industry facing one of its worst downturns in decades.
Ship owners ordered large numbers of new vessels between 2007 and 2009, just as the global economy sank into its biggest crisis since the 1930s.
CBA, Australia's top lender by market value, is one of a few banks looking to expand its presence in shipping as it scents opportunities for business (here).
You couldn't maersk this up!
 (For those who missed the pun)

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