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Competition not yet back in banking

19/03/2010

Bendigo and Adelaide Bank says competition is not returning to the banking sector because wholesale funding markets have not really opened enough to second tier lenders. "There is a long way to go before you could say it will be a source of funding that would provide the non-majors (banks) with the amount of funding they need to be really competitive,"

Bendigo and Adelaide Bank chief executive Mike Hirst told AAP. Mr Hirst was responding to comments earlier this week from the Reserve Bank of Australia deputy governor about the return of competition to banking. Suncorp also confirmed that the wholesale debt market was not yet returning to normal.

"We're seeing the securitisation market become more liquid, particularly with the AOFM activity, but pricing has not come back in as yet," Suncorp Metway spokeswoman Michelle Barry told AAP.

Source: Sydney Morning Herald



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