The former Commonwealth Bank boss had laid out his case for Australia to lead the world fortifying banks from risks exposed by the global financial crisis.
“We survived the crisis pretty well, but how do we avoid that leading to complacency? What do we have to do to protect against a future crisis?” then RBA governor Glenn Stevens asked, as he addressed the first morning of the first Summit. His questions were rhetorical; over the years, banks were slow to grasp the need for answers.
Despite all the cautioning, by 2017, politics around banks had reached fever pitch. With a host of parliamentary inquiries under way, the Greens were pushing for a royal commission, a central policy as a Bill Shorten-led Labor sought to win government. Anna Bligh at the AFR Banking Summit in 2017, the week she joined the Australian Banking Association.warned the banks they risked even more onerous regulation if they didn’t move quickly to improve conduct. The corporate cop would adopt a “why not litigate?” approach. The following year, after Hayne’s report, ASIC’s top lawyer, Daniel Crennan, scolded the banks for their poor attitude complying with corporate law.
Its chairman, Peter Harris, in 2018 explained why the powerful oligopoly needed to be exposed to more competition. It would provide a philosophical base for the Australian Competition and Consumer Commission to examine banks’ market power in home lending and, more recently, deposit markets.
Host James Daggar-Nickson speaks with ANZ boss Shayne Elliott in 2020, when the AFR Banking Summit shifted online during COVID-19.Before the March 2020 session, Byres reflected on the legacy of Murray as being fundamental to helping the banks support the tanking economy. By building up the capital buffers, the financial system would “act as a shock absorber, rather than something that amplifies the shock”, he said.
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Source: FinancialReview - 🏆 2. / 90 Read more »