Clancy Yeates

Clancy Yeates

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

Banking

Beware the 'disorderly correction': Standard & Poor's warns on overheating mortgage market

Clancy Yeates Standard & Poor's has cautioned against further stimulating the mortgage market, saying this would increase the risk of a housing bust and make Australia more vulnerable in a financial shock.

RBA chief warns on booming property market

RBA chief Glenn Stevens.

Clancy Yeates Reserve Bank governor Glenn Stevens has delivered a blunt warning on the booming property market, highlighting the dangers of pumping up house prices from "already elevated" levels.

Aussie John changes tune on big banks

Massaging the message: John Symond in front of a Gerard Rancinan photo artwork.

Clancy Yeates Aussie Home Loans founder John Symond says consumers don't need any more competition in the mortgage market, such is the rivalry among banks eager to lend money for housing.

Banking

Regulators want more competition in super sector to bring down fees

ASIC

Clancy Yeates Australia's top financial regulators say there is room for more competition in the $1.85 trillion superannuation sector, but they have failed to back the most radical proposals to bring down fees.

Clancy Yeates

NAB in need of a 'deck scrubbing'

Making moves: NAB's new chief Andrew Thorburn.

Clancy Yeates There is no doubt National Australia Bank chief executive Andrew Thorburn has hit the ground running.

General financial advice could undergo a name change after David Murray report

Commonwealth Bank

Clancy Yeates The Commonwealth Bank has conceded that ''general'' financial advice should in fact be renamed ''sales'', as banks scramble to repair the industry's battered image in the wake of scandals involving...

Big banks' brand games under the spotlight

Consumers looking for financial services outside the big four banks could be confused by the alternate brands those banks own.

James Eyers and Clancy Yeates The big banks' ownership of alternate brands has been put in the spotlight by the Australian Securities and Investments Commission.

Banking

National Australia Bank plans US IPO of Great Western Bank

NAB

Clancy Yeates NAB is offloading its United States business Great Western Bank through a stock market float, as new chief executive Andrew Thorburn signals his intent to clean up the bank's overseas operations.

Reserve Bank says increasing home loan competition could risk financial stability

A new submission from the Reserve Bank has cautioned against policies that could boost competition in home loans.

Clancy Yeates The Reserve Bank has warned that moves to unleash more home loan competition could increase risk in the financial system by pumping even more credit into the housing market.

Too many clipping the ticket, Australian Super chief Ian Silk says

Warning: Australian Super boss  Ian Silk.

Clancy Yeates Australian Super chief executive Ian Silk says too many people working in financial services are using the compulsory retirement savings system to enrich themselves, rather than look after members'...

Westpac's Phil Coffey goes into bat for big banks on capital levels

banks

James Eyers and Clancy Yeates The financial system inquiry led by David Murray significantly underestimated the capital levels of Australia’s big banks which have been substantially strengthened since the financial crisis,...

Regulation

ASIC seeks more power to intervene in financial system

ASIC chairman Greg Medcraft.

Ben Butler and Clancy Yeates The corporate regulator has joined voices calling for financial advisers to hold a university degree, telling the Financial System Inquiry it supports the move because investment products are...

Banking

What to look out for at the Murray inquiry

Fuelling competition: Australia's big four banks.

Clancy Yeates The giants of the financial sector will this week have their last big chance to make arguments to the financial system inquiry, chaired by former Commonwealth Bank boss David Murray. 

Banking

Banks ramp up resistance as Murray inquiry closes

banks

Clancy Yeates Banks will ramp up their resistance to tougher rules designed to make them more resilient to shocks, as the financial system inquiry enters its final stages.

Banks urge unclaimed-accounts reversal after customer complaints

Doors and lock

Clancy Yeates Banks are urging the government to reverse a Labor decision to take possession of "unclaimed" savings accounts after three years of inactivity.

Banks upgrading branches to grow new business

Big Four Banks ANZ Westpac NAB Commonwealth  Illustration Karl Hilzinger
For SI 12th January 2010

Clancy Yeates Bank branches are avoiding the fate of other "bricks and mortar" stores that have lost customers to the internet, as lenders reinvent their shopfronts to emphasise sales and financial advice.

Google not looking at Australian banking

Google

Clancy Yeates Google has no plans to take on the nation's big banks in payments by launching its "digital wallet" in the domestic market, says Australian managing director Maile Carnegie.

Banking

'Bail in' rules may be inevitable, says David Murray

“It appears there’s a wide consensus that bail-in would considerably expand the buffer, would further assist in the mechanisms for the protection of depositors, and importantly would create a system where it is less likely that the taxpayer would be dragged into a crisis,” he said.

Clancy Yeates Australia may have little choice but to adopt “bail-in” rules that expose bank creditors to losses, due to our dependence on foreign capital, financial system inquiry chair David Murray...

Regulation

Warning of Aussie complacency in banking regulation debate

Clancy Yeates Australia cannot ignore international moves to make banks safer just because our lenders survived the global financial crisis, a member of the government's financial system inquiry says.

Finance

Banks favour home loans over business lending, super funds claim

Lending has tended to focus on housing.

Clancy Yeates Australia's economy is being held back by banks favouring home loans over lending to productive businesses, not-for-profit super funds will tell the government's financial system inquiry.