‘We’re bloody lucky we’ve got them’: from pariahs to saviours

Original article by James Frost, James Eyers
The Australian Financial Review – Page: 1 & 7 : 31-Mar-20

Australia’s major banks have received 170,000 requests from households and businesses to defer loan repayments due to the coronavirus pandemic. However, bank CEOs warn that despite being well-capitalised, the sector will need to be very selective with regard to the businesses that it chooses to assist, and those that are already failing cannot expect to receive a financial lifeline. Reserve Bank of Australia board member Ian Harper notes that the crisis has provided banks with an opportunity to redeem themselves following the revelations of misconduct exposed by the Hayne royal commission.

CORPORATES
RESERVE BANK OF AUSTRALIA

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