It is a bit astounding that an Australian bank CEO would make a comment that is incorrect about such a core process. Either that, or he understood and may be distracting from the fact his bank should have been doing the monitoring and reporting that he implies is achieved by virtue of using SWIFT.
Assuming he's not entirely correct in his statement, it seems that at best it's adding to confusion for investors around the processes and calculating the resulting risk inherent in the banks at the moment. At worst, it seems like he doesn't have a proper handle on this situation, or is intentionally distracting from the reality.
Obviously I'd like my default to be faith in the CEO of an Australian bank, but given recent events with NAB and Westpac - and the forced removal of one of these 'reliable leaders' - it's a little hard not to at least question things.
Food for thought at the very least, and potentially relevant to some of ISX's actions in the past few days.
ISX Price at posting:
$1.07 Sentiment: Buy Disclosure: Held
