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 OZschwitz moves to supposedly let all banks be banks

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PostSubject: OZschwitz moves to supposedly let all banks be banks   Sun Jul 16, 2017 11:28 pm

All banks will be allowed to call themselves that no matter their size under eased federal government rules.

The Turnbull government has released draft legislation to allow any banking business with an authorised deposit-taking institution license to call itself a bank, instead of limiting it to those with capital greater than $50 million as is the case now.

It hopes the move will encourage innovative new players to enter the Australian market, offering more competition on loans and other financial products.

https://au.finance.yahoo.com/news/govt-moves-let-banks-banks-233907158.html
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OZschwitz moves to supposedly let all banks be banks

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