What she said

Further to TAFKAS’ earlier post on the ASIC wagyu and shiraz case, comes this beautiful piece of rhetoric from Karen Maley in the AFR:

It’s abundantly clear to everyone in the commercial world – although unfortunately not to ASIC – that the corporate regulator lacks the professional competence to dictate exactly what information banks should take into account when they’re deciding whether to approve particular loans.

That is a decision that should be left squarely to bankers, rather than meddlesome regulators.

Over to you Treasurer Frydenberg and Minister Hume

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5 Responses to What she said

  1. Pyrmonter

    Exactly.

    Time to:

    (a) remove the responsible lending rules and credit licensing; and

    (b) abandon the deposit guarantees.

    Bureaucrats who cannot assess whether loans will be recoverable are no better at determining bank capitalization adequacy. That is what we have depositors and capital markets for.

  2. Bruce of Newcastle

    Fun that ASIC is now to the left of AFR.

  3. H B Bear

    Australia’s leading anti-business daily.

    ASIC (and the ATO and ACCC) have a terrible record when they get to court. Generally against the big guys.

  4. Robber Baron

    I know for a fact that Josh totally controls and micro-manages Jane.

  5. Tel

    … dictate exactly what information banks should take into account when they’re deciding whether to approve particular loans …

    Does the answer to that even exist?

    On what basis would anyone believe that this information might not change over time, or depend on context, or even whether two banks even should be doing the identical same thing to each other in the first place?

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