Westpac digs in heels over interest-only

Original article by Michael Roddan
The Australian – Page: 17 & 20 : 12-Oct-17

Westpac CEO Brian Hartzer appeared before a parliamentary committee on 11 October. He downplayed concerns about the risks associated with interest-only mortgage loans, arguing that Westpac does not issue loans to people who lack the capacity to repay them. Hartzer added that the Reserve Bank is more concerned about the effect of future interest rate rises on household budgets than the potential impact of interest-only loans on the financial system. ANZ Bank CEO Shayne Elliott told the committee that risks associated with its interest-only loans had been identified nearly 12 months before regulatory action to curb such loans.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC. AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ. AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY. AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION. RESERVE BANK OF AUSTRALIA. COUNCIL OF FINANCIAL REGULATORS. UBS HOLDINGS PTY LTD

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