Bank execs should pay for bad decisions says Swan
Bank bosses should be penalised in their pay packets for bad investment decisions says the federal treasurer Wayne Swan. Mr Swan said Australia's banks were well regulated and the system was strong. Mr Swan and Prime Minister Kevin Rudd met with the Reserve Bank and banking industry self regulator APRA on the weekend for a briefing on the Australian banking system's exposure to the global financial crisis. Mr Swan said yesterday he did not expect more bad news from banks and that Australia was well placed to withstand financial shocks from overseas. The RBA said that costs of funding had eased slightly for banks, but was still much more difficult than before the credit crunch hit in mid 2007.
Source: The Australian Financial Review