Tuesday, October 26, 2010
It's sure your money Ralph. (However much it really is.)
CBA chief tells of high funding costs.
The chief executive of the Commonwealth Bank (CBA) has told the company’s annual general meeting the bank’s funding costs remain high.
His comments come despite warnings from the Federal Treasurer and the competition regulator about so-called “price signalling”.
The banks have been flagging their intention to lift interest rates above any Reserve Bank move, and there are concerns they are sending signals to their competitors and may be bordering on anti-competitive behaviour.
But Ralph Norris has reiterated that new global regulations and the ramifications of the crisis have made funds more expensive.
“The net result is that funding costs are now significantly higher than they were prior to the GFC, and this is likely to remain an issue for all banks in the short term,” he said.
Perhaps, Mr Norris, the following might have contributed to some of the onerous CBA costs you are bleating about.
At today’s general meeting, Mr Turner broke down the terms into their individual elements that showed in take-home pay Mr Norris actually received less than in 2010 than in the previous year.
Over the 12 months to June 30, he received a base salary $2.9 million and cash and long-term benefits of almost $6.2 million, which took his total pay to $9.1 million. That compares to the $10 million package that was awarded to him for the corresponding period in 2009.
But then there was this report over a month ago. Creative accounting by Mr. Turner?
Labels: I love the smell of burning weasel clausers in the morning.
There are only 4 banks now.
when the Bank Of Melbourne offered an alternative, it was quickly chewed up by the Bank Of NSWales.
it's all about Shareholders and not about customers.
*goes off singing Bonnie & Clyde theme*
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