It has been announced that the Australian Bankers’ Association (ABA) will join the four major banks at public hearings held to review Australia’s banking and financial system.
The ABA, Australia and New Zealand Banking Group (
ANZ), Commonwealth Bank of Australia (
CBA), National Australia Bank (
NAB), and
Westpac (WBC) will all be questioned at the public hearings, with the House of Representatives Standing Committee on Economics having set the hearings for the 3
rd, 7
th, and 8
th of March. “These hearings provide an important mechanism to hold the banking sector to account before the Parliament,” said committee chair
David Coleman.
The committee said in a statement that it will focus on:
- domestic and international financial market developments as they relate to the Australian banking sector and how these are affecting Australia
- developments in prudential regulation, including capital requirements, and how these are affecting the policies of Australian banks
- the costs of funds, impacts on margins and the basis for bank pricing decisions
- how individual banks and the banking industry as a whole are responding to issues previously raised in Parliamentary and other inquiries
Discussions will also include the ABA’s April 2016 six-point plan to enhance consumer protections. “As the ABA is charged with addressing numerous issues of concern to consumers, it is important that they are scrutinised by the committee,” Coleman added.
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