Clancy Yeates

Clancy Yeates

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

Interest rate computer glitch costs Westpac more than $1m a day

James Eyers and Clancy Yeates Westpac Banking Corp's information technology systems have prevented it joining the other major banks to raise mortgage interest rates in response to growing regulatory pressures.

NAB raises rates on interest-only home loans

NAB says interest-only loans were the

Clancy Yeates National Australia Bank is raising interest rates on interest-only home loans, a move it says is aimed at slowing down housing investor credit growth.

More rate rises tipped after moves by ANZ and Commonwealth Bank of Australia

Analysts expect more mortgage rate rises.

Clancy Yeates ANZ and CBA maintain that the regulator's 10 per cent a year cap on housing investor credit growth is a key reason for their moves to raise rates for these customers by 0.27 percentage points.

CBA joins ANZ in raising investor interest rates by 0.27 percentage points

CBA has raised interest rates for housing investors by 0.27 percentage points.

Clancy Yeates The biggest bank in the country is jacking up interest rates for housing investors, as lenders act to rein in the boom in borrowing by landlord buyers.

NAB refunds $25m refund to 62,000 customers over Navigator error

Chief executive Andrew Thorburn says the issue was

Clancy Yeates National Australia Bank is repaying 62,000 wealth customers a total of $25 million after internal errors meant clients were not paid all the money they were owed.

Finance and mining sectors told to lift game on mental health

Clancy Yeates Australia's mining and finance giants are being urged to publish more information about the way they support the mental health of their staff, with a new report finding these industries lag overseas...

ANZ raises investor home loan rates 0.27 percentage points

The change is significant because while other banks have reduced discounts for new investors, ANZ's move affects existing loans.

Clancy Yeates ANZ Banking Group is raising interest rates on home loans held by property investors 0.27 percentage points, the most dramatic step yet by a bank to comply with a clampdown on lending to landlords.

Esanda sale to boost capital: ANZ Bank's Shayne Elliott

ANZ Bank plans to sell assets to meet tougher capital requirements.

Clancy Yeates and James Eyers ANZ Bank describes the task of building capital as "certainly manageable".

Home loan rules to hit bank returns

Banks will need to set aside more loss-absorbing capital for every dollar of home loans.

Clancy Yeates Commonwealth Bank, Westpac, National Australia Bank and Macquarie Group will need to set aside more loss-absorbing capital for every dollar lent in home loans.

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CBA boss Ian Narev says his worst moments were facing victims of financial advice scandal

Ian Narev said in seeking to compensate victims, CBA was not dealing with a simple product recall.

James Eyers and Clancy Yeates CBA chief Ian Narev says facing customers who had been let down by the bank were among the worst moments of his career.

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Mortgage costs tipped to rise as banks face higher costs under new APRA rules

Mortgage borrowers are likely wear the cost of new rules imposed on banks by regulators.

Clancy Yeates Big bank customers are likely to face higher borrowing costs due to new rule changes unveiled on Monday.

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Big four banks' fund-raising curbed by Greek debt crisis

The big four banks have raised the lowest amount from wholesale debt markets in several years.

Clancy Yeates Australia's big banks have raised the smallest amount from wholesale funding markets in several years so far in 2015, after the Greek debt crisis cast a shadow over global credit markets.

Home buyers' deposit hurdles getting higher

It's never taken longer to save a deposit for a Melbourne house, according to ANZ research.

Clancy Yeates The time it takes to save a deposit for a typical house in Australia's biggest cities is at or close to record levels, new figures show.

Why National Australia Bank's selling final stake in Great Western Bank

NAB's Andrew Thorburn this week said the bank had done most of the

Clancy Yeates National Australia Bank has indicated it will soon sell its final 28.5 per cent stake in US lender Great Western Bank.

Negative gearing: Momentum for rethink grows

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Clancy Yeates Australia's near 1.3 million landlords claimed a combined $12 billion in tax breaks from loss-making investment properties in the latest year covered by official data.

Reserve Bank takes aim at negative gearing

Goldman now sees the potential for a property glut as population growth slows.

Clancy Yeates The Reserve Bank has backed a review of negative gearing as part of a broader discussion about tax, saying it and other policies may encourage debt-fuelled property speculation.

David Murray backs APRA on banks' capital

Clancy Yeates Financial system inquiry chair David Murray has backed the banking regulator's approach to making the industry more resilient to shocks, even though it fell short of supporting all his...

Westpac's sale of Vanuatu and Solomons banks scaled back

Westpac chief information officer Dave Curran said the bank is expecting big savings from a cloud computing push.

Clancy Yeates Westpac's plans to sell its banks in Vanuatu and the Solomon Islands have been put on hold after discussions with regulators in each country prevented deals from going ahead.

CBA, ANZ tipped to lead capital raisings

One leading analyst said Commonwealth Bank, the nation's largest, may raise capital at its annual profit result on August 12.

Clancy Yeates and James Eyers Analysts are predicting Commonwealth Bank of Australia and ANZ Banking Group will be forced to strengthen their balance sheets to avoid slipping behind rivals.

Crisis-proofing the banks: five key questions

The big banks helped lead a strong rebound on the ASX.

Clancy Yeates After all the pain big banks caused in the global financial crisis, making them safer is one of the top goals of regulators around the world.