Screws are turning

Bank chiefs in last-ditch plea to David Murray on tougher rules

The Australian | August 23, 2014 12:00AM
Richard Gluyas Business Correspondent Melbourne

THE four major-bank chief executives have each made an eleventh-hour appeal to members of the Murray financial system inquiry ahead of Tuesday’s closing date for final submissions, as concerns mount that the sector could be forced to hold even higher levels of bank capital due to the inquiry’s emphasis on resilience.
The closed-door meetings with the inquiry panel members come as Steven Munchenberg, chief executive of peak lobby group the Australian Bankers’ Association, said the industry was “jittery” about the inquiry’s focus on balance-sheet resilience because more onerous capital requirements would affect the banks’ ability to lend and serve the economy.

Yep, another tear for bank persecution; when will they relent.