Clancy Yeates

Clancy Yeates

Clancy Yeates reports on banking and finance and is a former Canberra business correspondent.

Banking

ANZ at impasse with union over working conditions

ANZ Bank branch in Nelson.

Clancy Yeates ANZ Bank is in a stand-off with union representatives over working conditions, despite offering many staff pay rises well above the rate of wage growth across the economy.

Aussie bought and sold beyond RBA's reach

Clancy Yeates dinkus Dinkus

Clancy Yeates When it comes to the currency, it seems there is no pleasing Reserve Bank governor Glenn Stevens.

Banks

NAB sells £1.2 billion in high-risk UK loans

NAB Bank

James Thomson, Clancy Yeates, James Eyers National Australia Bank has taken another step in its bid to exit the British market, selling a £1.2 billion ($2.

Banking

ANZ Bank faces carbon pressure

ANZ faces pressure over financing fossil fuels.

Clancy Yeates ANZ Bank's lending to big carbon emitters will be under the spotlight at this week's annual meeting of shareholders, after other banks have boosted their disclosure of climate-change risks.

Siege

Sydney siege: Business disruption as thousands of office workers evacuated or locked down

Police have evacuated the area around Martin Place in Sydney's CBD.

Matt O'Sullivan and Clancy Yeates Thousands of white-collar workers from some of Australia's biggest financial institutions have been evacuated from buildings in Sydney's CBD or told to stay inside as a siege takes place in the...

Big banks back overhaul of advice industry but baulk at funding compo

Clancy Yeates Big banks are supporting the creation of a public financial adviser register, more disclosure of licence ownership, and tighter rules on who can call themselves an adviser.

Banks

Funding, not reserves key question for banks, says Westpac's Lindsay Maxsted

Handbrake: Lindsay Maxsted opposes the need to hold more loss-absorbing capital.

Clancy Yeates Westpac chairman Lindsay Maxsted has responded cautiously to David Murray's call for banks to hold more capital, saying the need for strong banks must be balanced with the costs imposed on the...

Murray's work to shape our financial world for years to come

A matter of trust: Financial system inquiry chairman David Murray.

Clancy Yeates If history is any guide, David Murray’s financial system inquiry will shape the landscape of banking, superannuation and insurance for years to come.

Banking

CBA appoints Adam Bennett to head business and private banking

The choice of Adam Bennett is consistent with the bank’s move to recently fill several top positions with internal appointments and people with digital experience.

Clancy Yeates The Commonwealth Bank is promoting Adam Bennett to run its business and private banking arm, replacing retiring executive Grahame Petersen.

NAB, ANZ lead pack in building home-lending share

The home loan market remains the driving force behind a recovery in credit growth for banks.

Clancy Yeates National Australia Bank and ANZ are leading the big banks in the race to grab a larger slice of the mortgage market.

Bank regulator concerned about housing market overheating

Wayne Byres, chairman of the Australian Prudential Regulation Authority.

Clancy Yeates Australia's bank regulator is eyeing a jump in the number of owner occupiers taking out interest-only loans, as it mulls action to stop the housing market from overheating.

Home

Caps on home loans unlikely, banking regulator APRA says

Clancy Yeates Home lending is unlikely to be capped as a way to cool the housing market, Australia's banking regulator said, flagging that any policy intervention would probably involve changing bank capital rules.

Borrowing

It's not a question if, but when lending rules are tightened, S&P says

Regulators have made it clear that any changes to lending rules will mainly target housing investors.

Clancy Yeates Standard & Poor's says it's no longer a question if, but when financial regulators will tighten lending rules to dampen the growth in borrowing by housing investors and fend off a potential property...

Banks making 'breaking' term deposits harder for customers

The bill for the Baden-Clay trial could top $500,000.

Clancy Yeates Banks are tightening rules on when customers can access money held in term deposits, as the industry prepares for new rules to make lenders more resilient in times of financial stress.

Regulation

ASIC needs access to retained data to battle cyber crime, Greg Medcraft says

Clancy Yeates The corporate cop is detecting more incidents of cyber crime in the financial markets, as investors' accounts are hacked, and is urging the public and companies to be alert to the risk.

Are you banking on your future?

Clancy Yeates dinkus

Clancy Yeates How much of your wealth is invested in the big four banks? Short answer: possibly more than you think.

Big four banks to raise $134 billion from wholesale markets

The trend helps to lower banks costs, as most of the wholesale money being raised is replacing more-expensive funding that was secured during the global financial crisis.

Clancy Yeates Australia's big four banks are tipped to raise $134 billion from wholesale markets this financial year, the most since 2009-10, as lenders use cheaper global funds to fuel domestic competition.

Fears Australian banks ill-prepared for housing-induced crisis

Only five MPsspent less than 80 per cent of their allowances.

Jonathan Shapiro and Clancy Yeates One of Australia’s largest institutional investors says the main banks are ill-prepared to respond and recover from a housing-induced crisis.

Labor's FOFA rules unworkable, says BT boss Brad Cooper

BT Financial

Clancy Yeates The head of Westpac-owned BT Financial Group says Labor's open-ended requirement for financial advisers to act in their clients' best interests is "unworkable".

FoFA

Banks weigh risks of advice after FoFA changes

Legal uncertainty: The winding back of the Coalition's FoFA reforms may make it risky for banks to provide some forms of financial advice, the industry says.

Clancy Yeates Banks say turning back to Labor's financial advice laws will make it harder for them to offer key types of advice to customers, because they will face heightened legal uncertainty.