Talk is cheap, all “sound and fury, signifying nothing”. APRA’s report on CBA’s “culture” has many stern words, the media has reported it as “scathing” and “damning”, and Treasurer Scott Morrison said he expects more CBA board and management resignations. But compared with CBA’s actual crimes and misconduct, the action APRA is taking against CBA is limper than a wet lettuce.
Behind their public admissions that it was a mistake to oppose the Financial Services Royal Commission, the banks and their political stooges are already strategising how to ride out the storm. Specifically, how to resist pressure to break up the banks.
Royal Commission, APRA/ASIC/ACCC/AUSTRAC, Glass-Steagall, Banking / Finance
For the last fortnight the Citizens Electoral Council has displayed a banner outside of the Banking Royal Commission hearings in Melbourne that reads: “Investigate the banks’ accomplice APRA!” APRA’s latest action proves why it is absolutely necessary the Royal Commission investigate its practices and so-called “macroprudential” policies, if the causes of the extensive criminality in Australia’s banking system are to be fully exposed and expun
The terms of reference that Malcolm Turnbull gave to the Banking Royal Commission only allow it to examine specific failings of regulators in relation to banking misconduct. It is not allowed to examine “macro-prudential policy”, which is the regulatory structure of the financial system, and the policies of the Australian Prudential Regulation Authority (APRA), the bank regulator.
APRA/ASIC/ACCC/AUSTRAC, Royal Commission, Bail-in, Banking / Finance
Under siege from erupting public opposition, the Turnbull government whisked its APRA crisis resolution bill through the Senate and into law on 14 February. Of Australia’s 76 senators, only eight were present when the government rushed the bill to a vote, which passed “on the voices”, with no opposition from the Labor or Greens senators present.
A former principal researcher at bank regulator APRA has revealed in a submission to a Senate inquiry that, contrary to government reassurances, Australian bank deposits are not guaranteed.
