Documents

Questions on notice and questions in writing

 

Australian Banking Association

Australian Mutual Bank Limited

Banjo Loans

Bank of Queensland

Bank of Us

Bendigo and Adelaide Bank

Beyond Bank

Citi Australia

Community First Credit Union

Credit Union Australia (CUA)

First Choice Credit Union

Get Capital

Goulburn Murray Credit Union

Greater Bank

Heritage Bank

HSBC

Hume Bank Limited

Illawarra Credit Union

IMB Bank

Judo Bank

Laboratories Credit Union

Lumi

Macquarie Group

MasterCard

ME Bank

See also Superannuation documents for ME Bank responses

Moula Money

MyState Bank Limited

People's Choice Credit Union

P&N Bank

Queensland Country Bank

South West Credit Union

Spotcap

Summerland Credit Union

Suncorp 

Teachers Mutual Bank

The Capricornian Limited

The Mutual Bank

Tyro Payments

Unity Bank

    

 


 

Australian Banking Association

Ms Anna Bligh, CEO, ABA, Letter to Dr Philip Lowe, RBA Governor, ‘2019 ABA Code of Practice’, 7 March 2019, tabled 29 November 2019 (PDF834KB)

Correspondence from Ms Fiona Landis, Director, Government Relations, ABA, dated 17 December 2019 (PDF167KB)

 

No. Member Question Hansard page
and Hearing date or
Written questions

Response

(Publication date)

ABA01QW Wilson

In the context of an exchange that occurred during the House of Representatives’ Standing Committee on Economics’ hearing with the Reserve Bank Governor and the Member for Mackellar on 14 August 2020:

Mr FALINSKI: And I congratulate you for drawing attention to something that people have deliberately ignored for too long, but while we're on the point of bad regulations and unintended consequences, we, the federal parliament, introduced not long ago responsible lending obligations, which essentially have the principle that the lender is responsible for decisions that the borrower makes. Is it your evidence to this committee and to the parliament that that law is not having any impact on credit creation and lending to small business and to those enterprises that are taking a risk in starting new enterprises?

Mr Lowe: That's not my evidence. I think it is having an effect. Just to go back to the legislation the parliament passed, which at a very high level is eminently reasonable, it says that, when extending credit, the loan can't be unsuitable—who could argue with that?—and in making the loan you've got to take reasonable steps that the borrower can repay. Well, who could disagree with those two broad principles? I find it very hard to disagree with them. What has happened is that those principles have turned into hundreds of pages of guidance. Once the compliance people, the lawyers, the regulators and the media get involved, these high-level principles put in law get turned into a lot of guidance, because people don't want to offend these kinds of regulatory requirements.

Mr FALINSKI: Can I humbly put it to you that you're being very generous. Wasn't it the interpretation of the courts, until the recent ASIC v Westpac case, that what this actually did was put the obligations back on lenders to understand absolutely and completely the capacity of borrowers to service a loan? That's why it turned into hundreds of pages and, when this was tested before the courts, especially the lower courts, that's what they found. I guess that's why we say the principle makes sense but the unintended consequence was that it restricted lending in the Australian capital markets.

Mr Lowe: I agree with you. I think the principles in the legislation are sound, but I think the way we've translated those principles into reality needs looking at again. If we can't do that properly, maybe we need to look at the legislation. We can't have a world in which, if a borrower can't repay the loan, it's always the bank's fault. On a portfolio basis, we want banks to make some loans that actually go bad, because if a bank never makes a loan that goes bad it means it's not extending enough credit. The pendulum has probably swung a bit too far to blaming the bank if a loan goes bad, because the bank didn't understand the customer; if it had done proper due diligence—this is the mindset of some—the bank would never have made the loan. So some of the banks have had this mindset, 'Well, we can't make loans that go bad.' I would have to say, though, that in the past three or four months I've heard fewer concerns from the banks about the responsible lending laws. ASIC introduced new guidance. Institutions are gradually coming to grips with those.

Mr FALINSKI: That might be because, under the extraordinary powers we granted the Treasurer, he has given them relief from RLOs.

(a) Can you advise whether the Governor of the Reserve Bank of Australia’s views reflect that of your institution?

(b) Do you agree with the principles established in legislation on responsible lending obligations? If not, which principles and why?

(c) Are there any principles in the legislation that you believe could be amended or replaced that would better enable banks to provide credit?

(d) Do you agree with ASIC’s guidance notes for the implementation of responsible lending obligations? If not, which sections do you disagree with, and why?

(e) Are there any sections in ASIC’s guidance notes for the implementation of responsible lending obligations that could be amended or replaced that would better enable banks to provide credit?

(f) Do you agree with APRA’s guidance notes for the implementation of responsible lending obligations? If not, which sections do you disagree with, and why?

(g) Are there any sections in APRA’s guidance notes for the implementation of responsible lending obligations that could be amended or replaced that would better enable banks to provide credit?

(h) Have there been any unintended consequences resulting from the rulings of courts or tribunals that applied strict interpretations of responsible lending obligations?

Written  
(22 October 2020)
(PDF132KB
ABA02QON
Hammond Ms HAMMOND: You said the big four banks have been pushing least-cost routing or offering it to all of their customers. Who owns EFTPOS? Am I correct in thinking that it is the big four banks?

Hansard p. 7

1 July 2021

(3 August 2021)
(PDF35KB)

 

Australian Mutual Bank Limited

No. Member Question Hansard page
and Hearing date or
Written questions

Response

(Publication date)

AMB01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(16 June 2020)
(PDF78KB)

AMB02QW Leigh In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.
Written (16 June 2020)
(PDF95KB)

 

Banjo Loans

Q No. Member Question Hansard page
and Hearing date or
Written questions

Response

(Publication date)

BJL01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(4 June 2020)
(PDF320KB)

BJL02QW Leigh In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.
Written (4 June 2020)
 (PDF321KB)

 

Bank of Queensland

Q No. Member Question Hansard page
and Hearing date
or Written questions
Response
BOQ01QW Wilson

Regarding principal and interest mortgages:

(a)How many do you currently provide, and what is their total dollar value?

(b) What is their percentage of your total mortgage products provided?

(c) When the board decides to cut interest rates is the reductionautomatically passed through to mortgage holders through lowerrepayments, or when the board decides to cut interest rates is the reduction in repayments only passed through on request of theholder with the gap paying off additional principal?

(d) If the latter, how many mortgage holders have requested areduction in repayments as a percentage of principal and interestmortgage holders?

(e) For the last two rate cuts, what was the aggregate dollar value reduction in interest repayments compared to each previous month?

Written (PDF128KB)
BOQ02QW Wilson

Regarding interest-only mortgages:

(a) How many do you currently provide, and what is their nominalvalue?

(b) What is their percentage of your total mortgage products provided?

(c) For the last two rate cuts, what was the aggregate dollar value reduction in interest repayments compared to each previousmonth?

Written (PDF118KB)
BOQ03QW Wilson

Regarding interest-bearing deposits:

(a) How many deposits are currently held, and what is their aggregate value?

(b) For deposits held, what was their aggregate dollar value in each ofthe last six months?

(c)For interest payments, what was the dollar value paid in each of the last six months?

(d) What has been the reduction in interest payments resulting from the last two interest rate cuts?

Written (PDF209KB)
BOQ04QW Wilson

Over the past six months can you please outline for each month:

(a) The standard variable interest rate(s) for a principal and interestmortgage

(b) The standard variable rate(s) for an interest only mortgage

(c) The standard fixed interest rate(s) for a principal and interestmortgage

(d) The standard fixed rate(s) for an interest only mortgage

(e) The interest rate(s) for term deposits

(f) The interest rate(s) for any other interest-bearing deposit products.

Written (PDF333KB)
BOQ05QW Wilson A copy of the bank’s payment term policy or policies. Written

(PDF111KB)

 

Attachment
(PDF1,609KB)

BOQ06QW Wilson

With reference to the bank’s payment term policy or policies that the bank applies to its suppliers of goods and services, and customers of its goods and services:

(a) whether they are consistent between the purchase and sale of goods and services?

(b) in reference to (a), if not, why not?

(c) in reference to (a), if not, will the bank bring them into consistency?

Written (PDF114KB)
BOQ07QW Wilson

A copy of the valuation policies that the bank applies to:

(a) infrastructure investments.

(b) large commercial investments or like commercial investments, including definitions that lead to their classification as a large commercial or like commercial investments

Written (PDF113KB)
BOQ08QW Wilson

Whether the valuations on infrastructure investments finances by the bank are:

(a) independently completed?

(b) whether they are completed and/or reviewed annually?

(c) in reference to (b), if they are reviewed by whom?

(d) in reference to (b), if not annually, how often, the trigger, and the average timeframe between review?

Written (PDF113KB)
BOQ09QW Wilson

Whether the valuations on large commercial investments or like large commercial investments financed by the bank are:

(a) independently completed?

(b) whether they are completed and/or reviewed annually?

(c) in reference to (b), if they are reviewed by whom?

(d) in reference to (b), if not annually, how often, the trigger, and the average timeframe between review?

Written (PDF119KB)
BOQ10QW Wilson A copy of the bank’s model litigant standards applied to legal proceedings. Written (PDF110KB)
BOQ11QW Wilson How many class actions are you currently facing, and can you please provide a summary of each case brought against the bank? Written (PDF107KB)
BOQ12QON Wilson

CHAIR: …. Are you a member of the Australian Business Growth Fund?

Mr Frazis: No.

CHAIR: Why is that?

Mr Frazis: We haven't considered being a member of that, but that's something we'll take on consideration.

CHAIR: So you'll take it on consideration and you might report back to us about that?

Mr Frazis: Yes, we will do that.

Hansard p. 37

29 November 2019

(PDF236KB)
BOQ13QON Wilson

CHAIR: … Do you provide merchant services?

Mr Frazis: That part of our business is outsourced to another provider. We don't do it directly.

CHAIR: Who is that?

Mr Frazis: I'd have to take that on notice. That detail I don't know.

CHAIR: So the bank doesn't know who their merchant services are outsourced to?

Mr McAnalen: Sorry, we will need to take that on notice. It has only been a recent occurrence.

Hansard p. 37

29 November 2019

(PDF241KB)
BOQ14QON Kelly

CHAIR: … Do you provide merchant services?

Mr Frazis: That part of our business is outsourced to another provider. We don't do it directly.

CHAIR: Who is that?

Mr Frazis: I'd have to take that on notice. That detail I don't know.

CHAIR: So the bank doesn't know who their merchant services are outsourced to?

Mr McAnalen: Sorry, we will need to take that on notice. It has only been a recent occurrence.

Hansard p. 41

29 November 2019

(PDF244KB)
BOQ15QON Kelly

Mr CRAIG KELLY: How many cases do you currently have with the Australian Financial Complaints Authority?

Mr Frazis: We currently have 65 cases with AFCA.

Mr CRAIG KELLY: Do you know the estimate average value of those cases?

Mr Frazis: I will have to take that on notice …

Hansard p. 41

29 November 2019

(PDF245KB)
BOQ16QON Kelly

Mr CRAIG KELLY: Aside from that, do you have any other cases currently on foot in federal or state supreme courts which are disputes over a business loan?

Mr Frazis: We have three cases where customers are taking us to court. Is that what you meant?

Mr CRAIG KELLY: Yes. How far back in time do they go?

Mr Frazis: I'll have to take that on notice.

Hansard p. 41

29 November 2019

(PDF242KB)
BOQ17QON Kelly

Mr CRAIG KELLY: …Why are those cases in the supreme or federal courts rather than at the Financial Complaints Authority?

Mr Frazis: On those three cases, it's the choice of the customer to take us to court, as opposed to—

Mr CRAIG KELLY: Was it because the amount of the dispute was above the threshold for the Financial Complaints Authority?

Mr Frazis: I will have to take that on notice.

Hansard p. 42

29 November 2019

(PDF239KB)
BOQ18QON Mulino

Dr MULINO: … Thank you for the information you've given on the size of the AML/CTF team and the fraud team. It would be great to get a breakdown of a headcount by AML/CTF, fraud and other related areas of risk in IT, and also trends in those over the last five to 10 years, to get a sense of where those are headed—and also in terms of dollars invested. Obviously the headcount is one measure, but you'd imagine there would be an IT and data analysis challenge as well in a number of those tasks.

Mr Frazis: We are happy to take that on notice. You are right in the sense that both the headcount and the investment, and the cost, have increased over that time. My sense is that they will continue to increase.

Hansard p. 44

29 November 2019

(PDF253KB)
BOQ19QON Mulino

Dr MULINO: I think the deputy chair raised some questions around the case of Ms Riches, but I'm interested in the case of agribusiness or cases such as Ms Riches, are there specific procedural changes that have been made post royal commission?

Mr Frazis: Those are very good questions…

Dr MULINO: Any specifics that you are able to provide on the procedural changes would be appreciated.

Mr Frazis: We are happy to take that on notice.

Hansard pp. 44-45

29 November 2019

(PDF239KB)
BOQ20QON Mulino

Dr MULINO: … Do you adopt a model litigant approach?

Mr Frazis: …

Dr MULINO: In terms of the legacy cases?

Mr Frazis: If they're on foot at the moment—

Dr MULINO: On foot, I missed that—yes, sorry. Do you have a statement that you could provide us with those principles?

Mr Frazis: Absolutely. I can provide that.

Hansard p. 45

29 November 2019

(PDF233KB)

Attachment
(PDF343KB)

BOQ21QW Wilson

Anti-money laundering:

(a) Can you please provide a copy of your anti-money laundering, or like, policy?

(b) How many cases have you reported to AUSTRAC over the past decade?

(c) Of those cases, how many relate to:

(i) money laundering?

(ii) terrorist financing?

(iii) organised crime?

(iv) human trafficking?

(v) child exploitation?

(vi) crimes of a sexual nature?

(vii) other serious crimes not captured by (i) – (vi)?

(d) Can you please provide an update on your initiatives, including details of programs, staff numbers and financial resources toward initiatives to combat:

(i) money laundering?

(ii) terrorist financing?

(iii) organised crime?

(iv) human trafficking?

(v) child exploitation?

(vi) crimes of a sexual nature?

(vii) other serious crimes not captured by (i) – (vi)?

(e) How frequently have you reported to AUSTRAC on a scheduled basis over the past decade?

(f) Please outline the occasions you have reported to AUSTRAC on an ad hoc basis over the past decade?

(g) Over the past decade, how many AUSTRAC investigations into the bank have been:

(i) opened

(ii) completed with penalties

(iii) completed without penalties

(iv) abandoned

(h) How many fines have been paid to AUSTRAC over the past decade, and what were their values?

(i) Have any AUSTRAC notifications or investigations resulted in terminations of employment or other penalties for employees?

(j) Have any AUSTRAC notifications or investigations resulted in terminations of employment or other penalties for executives?

(k) What staff training is provided to assist anti-money laundering and other serious crime detection?

Written (PDF248KB)
BOQ22QW Wilson

Merchant facilities and low cost routing:

(a) Do you provide merchant facilities, and if so, to how many customers?

(b) Would your small and medium business customers save money if they moved to low cost routing, and if so, do you actively encourage customers to switch?

(c) If so, how do you encourage small and medium business customers to switch to low cost routing?

(d) Do you think all small and medium business customers should be on low cost routing?

(e) What are the fee structures for different merchant services available, including low cost routing options?

(f) What is the annual revenue received from total merchant services each year over the past five years?

(g) What is the annual revenue received from small and medium business merchant services over the past decade?

(h) What number and share (percentage of total) of merchant services for all customers:

(i) use low cost routing?

(ii) provide access to low cost routing?

(iii) of those that provide it, default to low cost routing?

(iv) require automated software upgrades to access low cost routing, have they been provided, and what is the rollout schedule and deadline where it has not been provided?

(v) require a user requested software upgrade to access low cost routing, and what has been the uptake?

(vi) require a hardware upgrade to access low cost routing, and how many remain?

(vii) do not provide access to low cost routing?

(viii) and what is the rollout schedule for low cost routing and the deadline where low cost routing has not been provided?

(i) What number and share (percentage of total) of merchant services for small and medium business customers:

(i) use low cost routing?

(ii) provide access to low cost routing?

(iii) of those that provide it, default to low cost routing?

(iv) require automated software upgrades to access low cost routing, have they been provided, and what is the rollout schedule and deadline where it has not been provided?

(v) require a user requested software upgrade to access low cost routing, and what has been the uptake?

(vi) require a hardware upgrade to access low cost routing, and how many remain?

(vii) do not provide access to low cost routing?

(viii) and what is the rollout schedule for low cost routing and the deadline where low cost routing has not been provided?

Written (PDF250KB)
BOQ23QW Wilson Interest rates:

(a) Regarding principal and interest mortgages, for the last three rate cuts what was the rate cuts provided, and what was the aggregate dollar value reduction in interest repayments compared to each previous month?

(b) Regarding interest-only mortgages, for the last three rate cuts what was the rate cuts provided, and what was the aggregate dollar value reduction in interest repayments compared to each previous month?

(c) Regarding interest-bearing deposits, for the last three rate cuts what was the rate cuts provided, and what was the aggregate dollar value reduction in interest repayments compared to each previous month?
Written (PDF285KB)
BOQ24QW Wilson Terminations for misconduct:

(a) How many employees does the bank have?

(b) How do you define employee misconduct?

(c) How many employees have been cautioned for misconduct over the past five years?

(d) How many employees have had a penalty (such as, but not limited to, loss of bonus) for misconduct over the past five years?

(e) How many employees have been terminated for misconduct over the past five years?

(f) How many employees have been cautioned for misconduct over the past five years, as a share of all employees over that timeframe?

(g) How many employees have had a penalty (such as, but not limited to, loss of bonus) for misconduct over the past five years, as a share of all employees over that timeframe?

(h) How many employees have been terminated for misconduct over the past five years, as a share of all employees over that timeframe?

(i) What are the processes available for whistle-blowers into misconduct within the bank?
Written (PDF235KB)
BOQ25QW Wilson Of the twenty highest remunerated employees over the past decade, please provide the number whose total remuneration in a financial year (including all forms of remuneration, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF233KB)
BOQ26QW Wilson Of the twenty highest incentive bonuses paid over the past decade, please provide the number that fall within these brackets? Written (PDF197KB)
BOQ27QW Wilson Of the twenty highest performance bonuses paid over the past decade, please provide the number that fall within these brackets? Written (PDF231KB)
BOQ28QW Wilson Of the twenty highest severance packages over the past decade, please provide the number whose total package (including all forms of accumulated severance package, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF200KB)
BOQ29QW Wilson Of the twenty highest termination payments over the past decade, please provide the number whose total package (including all forms of accumulated termination package, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF232KB)
BOQ30QW Wilson Of the twenty highest redundancy payments over the past decade, please provide the number whose total package (including all forms of accumulated redundancy package, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF232KB)
BOQ31QW Wilson International transfer of funds:

(a) What information does AUSTRAC require for reporting of the international transfer of funds?

(b) What data is required to be input for an international transfer of funds?

(c) What data is required to be input for the verification of an international transfer of funds?

(d) What difference is there between the data required for an international transfer of funds, and a verified international transfer of funds?

(e) What information do you provide to AUSTRAC for reporting of the international transfer of funds?

(f) Do you provide data for verified transactions to AUSTRAC?

(g) Do you provide data for unverified transactions to AUSTRAC?

(h) What difference is there between the data required for an international transfer of funds and the data required for AUSTRAC reporting?

(i) What difference is there between the data required for the verification of an international transfer of funds and the data required for AUSTRAC reporting?
Written (PDF232KB)
BOQ34QW Wilson

Westpac has publicly stated that it will defer repayments on credit cards for COVID-19 affected customers (Westpac Freezes Credit Card Charges for COVID-19 hit customers, The Age, 24 April 2020). Therefore, can you please advise:

(a) What processes do you have in place to identify credit card customers who have been impacted by the COVID-19 pandemic?

(b) How many credit card customers have requested deferrals of repayments related to the COVID-19 pandemic?

(c) How many credit card customers have you identified as impacted by the COVID 19 pandemic?

(d) For those credit card customers that you have identified as impacted by the COVID-19 pandemic:

(i) What is the accumulated value of the credit card debt?

(ii) What is the average value of the credit card debt?

(iii) What is the accumulated value of the credit card limit?

(iv) What is the average value of the credit card limit?

(v) What is the accumulated value of the credit card monthly repayments?

(vi) What is the average value of the credit card monthly repayments?

(e) What deferral options are available for credit card customers that you have identified as impacted by the COVID-19 pandemic?

(i) If none, do you intend on doing so?

Written (23 June 2020)
(PDF449KB)
BOQ39QW
Wilson In the context of first home buyers, can you please advise the following:

(a) The number and percentage of applications utilising a guarantor.

(b) The number and percentage of applications that come with declared financial support from family members towards the deposit.

(c) The number and percentage of applications where the ongoing financing of the loan is expected to be assisted by family members.

(d) Any other relevant data on the number and percentage of applications where the ongoing financing of the loan and/or deposit for the loan is assisted by/expected to be assisted by family members.
Written (16 August 2021)
(PDF385KB)
BOQ40QW
Wilson For each financial year over the past decade, please outline the number and percentage of first home owner mortgages that:

(a) have a guarantor?

(b) have lenders mortgage insurance?
Written (28 May 2021)
(PDF418KB)
BOQ41QW
Wilson For each financial year over the past decade, please outline the number and percentage of first home owner mortgages at your bank that are used for:

(a) building new properties?

(b) purchasing established properties?
Written (28 May 2021)
(PDF423KB)
BOQ42QW
Wilson What regulatory changes would be necessary to enable banks to lend to individuals with SMSFs, who are in the retirement phase, to allow them to seek credit for the purchase of assets (such as homes) or to address short-term cash flow issues?
Written (28 May 2021)
(PDF384KB)
BOQ43QW
Wilson At the last round of hearings, a number of the four major banks stated that it would be possible to devise a product that utilises superannuation as a form of security to enable Australians to purchase a first home. To do so, please advise what legislative change your bank believes would be required to enable such a product.
Written (28 May 2021)
(PDF384KB)
BOQ44QW
Wilson Pension Loans Scheme
The Pension Loans Scheme (PLS) is a Government scheme that allows older Australians, who own real estate in Australia, to get a voluntary non-taxable fortnightly loan from the Government to supplement their retirement income.

(a) Do you allow customers to use a property that has an existing mortgage or reverse mortgage with your bank as security for the PLS? If not, why?

(b) Do you allow the Government to lodge a caveat for the PLS against the title of a property that has an existing mortgage or reverse mortgage with your bank? If not, why?
Written (28 May 2021)
(PDF385KB)
BOQ45QW
Wilson

Home loan approval timeframes
For all home loan applications you have received in the quarter ending 31 March 2021 (regardless of whether the application was settled):

(a) What is the average and median time from receipt of application by the bank to final approval, for applications received directly through your branch network?

(b) What is the average and median time from receipt of application by the bank to final approval, for applications received through a mortgage broker?

(c) If there is a difference in average and median time from receipt by the bank to approval for applications received through the branch network compared to the those received through a mortgage broker:

(i) What is the reason for the difference?
(ii) How might this impact the competitiveness of mortgage brokers?
(iii) What is the bank doing to equalise the difference in times?

(d) Is an application received through the branch network processed differently from an application received through a mortgage broker? If so:

(i) What is the reason for the difference?
(ii) Is this difference informed by bank policy? If so, why?

Written (28 May 2021)
(PDF418KB)
BOQ46QON
Wilson
CHAIR: The first thing I am curious to know is this. ME Bank paid a dividend just before this merger. It's the first dividend they have ever paid. We have asked for it previously. I want to know the total and then the dividend that was paid to each of the shareholders, broken down, because it has never done so before, including when we have raised this previously in front of the committee.

The question in addition to that is what the attitude of BOQ is in terms of the value of the purchase of ME Bank and, as a consequence, the payment of that dividend and also the attitude of BOQ in the context of the 62 charges that have been made against ME Bank over its mortgage issues, which I can submit formally on notice, if you wish, around the adjustment of home loan rates and the like which led to the former CEO essentially having to resign after questioning from this committee.

Hansard p. 11

1 July 2021

Responses to questions 46 - 51

(3 August 2021)(PDF2,736KB)
BOQ47QON
Wilson
CHAIR: Was BOQ aware that ME Bank was paying a dividend to its shareholders during the process of its sale to BOQ?


CHAIR: Okay. You'll give clarity on the totality of the dividend, the dividend to each of the shareholders and the adjustment price it has for ME Bank on notice and come back to a committee. That would be very helpful.

Hansard pp. 11-12

1 July 2021


BOQ48QON
Leigh Dr LEIGH: Your organisation was technically eligible for JobKeeper in the sense that you didn't pay the major bank levy, so you weren't ruled out like the major banks. Your annual report talks about a 30 per cent revenue job but then says that you didn't pay JobKeeper. Was that because you just fell short of the threshold, or did you make an active decision not to opt in to the JobKeeper program?
...
Dr LEIGH: I appreciate that. I'm just going to BOQ's particular decision, though, given the short amount of time we have the pleasure of your company. You're telling me you were technically eligible but you chose not to take it?

Hansard pp. 12-13

1 July 2021


BOQ49QON
Hammond Ms HAMMOND: Very quickly on least-cost routing, has BOQ made a submission on this or have a view on the current discussions that are taking place?


Ms HAMMOND: Can you explain to me what sort of costs we're talking about here?

Hansard p. 14

1 July 2021


 BOQ50QON Mulino Mr Frazis: We did participate in the Term Funding Facility. I should start by saying that that was a very important initiative by the Reserve Bank. It was a facility that was provided to all of the banking sector. It effectively translated to roughly 12 months worth of the wholesale funding requirements of the bank. While we had a dislocation in wholesale markets, it meant that we were able to actually continue our operations and support our customers through the COVID crisis. If I contrast that to the global financial crisis—where it wasn't as clear, as a smaller bank, during that crisis—we were less able to lean into supporting our customers. So, the TFF has been a great initiative from the Reserve Bank.

Dr MULINO: Are you able to, on notice, provide some details around when you accessed it and how much and some of those more technical details?

Hansard p. 15

1 July 2021


BOQ51QON
Wilson CHAIR: My final question is consistent with the question I asked before around electronic signatures. We have heard from BOQ as well as other smaller banks that, firstly, the impact of deregulation disproportionately hits you because, particularly in a space where you need specialists, the bigger banks are able to employ people earlier and faster—and geography also plays a role in that. The trade off is that, often, you get the benefit of a lot of their systems design work—for want of a better word, you freeload on their work. But that means it's delayed for you. What are the areas of red tape and regulation that are presently holding the bank back from being more competitive and servicing customers better? I'm happy for you to take the question on notice on the basis that you provide a more detailed response to the committee so that we can get the parliament making a recommendation to the government focused on specific areas. In this last minute, is there anything that stands out that you want to make a point about?

Hansard p. 16

1 July 2021


BOQ52QW
Wilson For each state and territory, please outline:

(a) the ten suburbs that have the highest loan to value ratios for:
(i) principal places of residence; and
(ii) investment properties.

(b) the ten suburbs that have the highest rates of lenders mortgage insurance.
Written

(2 September 2021)
(PDF530KB)

BOQ53QW
Wilson

For the past five years, please advise:

(a) the number and percentage of total mortgages for principal places of residence that are:

(i) variable only
(ii) variable and fixed
(iii) fixed only

(b) the number and percentage of total mortgages for investment properties that are:

(i) variable only
(ii) variable and fixed
(iii) fixed only

Written
(2 September 2021)
(PDF418KB)
BOQ54QW
Wilson

Since March 2020, please advise:

(a) the number and percentage of new mortgages for principal places of residence that are:

(i) variable only
(ii) variable and fixed
(iii) fixed only

Written
(2 September 2021)
(PDF411KB)
BOQ55QW
Wilson

For mortgages that have been fixed since March 2020:

(a) what percentage of new mortgages for principal places of residence were fixed for:

(i) 1 year
(ii) 2 years
(iii) 3 years
(iv) 4 years
(v) 5 years

(b) what percentage of existing mortgages for principal places of residence were fixed for:

(i) 1 year
(ii) 2 years
(iii) 3 years
(iv) 4 years
(v) 5 years

(c) what percentage of new mortgages for investment properties were fixed for:

(i) 1 year
(ii) 2 years
(iii) 3 years
(iv) 4 years
(v) 5 years

(d) what percentage of existing mortgages for investment properties were fixed for:

(i) 1 year
(ii) 2 years
(iii) 3 years
(iv) 4 years
(v) 5 years

Written
(2 September 2021)
(PDF415KB)
BOQ56QW
Wilson
(a) What percentage of total mortgages for principal places of residence are currently interest only?

(b) How many existing customers have chosen to switch to an interest only mortgage for their principal place of residence?
Written
(2 September 2021)
(PDF405KB)

 

Bank of Us

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

BOU01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(12 June 2020)
(PDF118KB)

BOU01QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (12 June 2020)
(PDF60KB)

 

Bendigo and Adelaide Bank

Q No. Member Question Hansard page and Hearing date or Written questions

Response

(Publication date)

BAB01QW Wilson

Regarding principal and interest mortgages:

(a)How many do you currently provide, and what is their total dollar value?

(b) What is their percentage of your total mortgage products provided?

(c) When the board decides to cut interest rates is the reductionautomatically passed through to mortgage holders through lowerrepayments, or when the board decides to cut interest rates is the reduction in repayments only passed through on request of theholder with the gap paying off additional principal?

(d)If the latter, how many mortgage holders have requested areduction in repayments as a percentage of principal and interestmortgage holders?

(e)For the last two rate cuts, what was the aggregate dollar value reduction in interest repayments compared to each previous month?

Written (PDF157KB)
BAB02QW Wilson

Regarding interest-only mortgages:

(a)How many do you currently provide, and what is their nominalvalue?

(b) What is their percentage of your total mortgage products provided?

(c)For the last two rate cuts, what was the aggregate dollar value reduction in interest repayments compared to each previousmonth?

Written (PDF149KB)
BAB03QW Wilson

Regarding interest-bearing deposits:

(a)How many deposits are currently held, and what is their aggregate value?

(b)For deposits held, what was their aggregate dollar value in each ofthe last six months?

(c)For interest payments, what was the dollar value paid in each of the last six months?

(d)What has been the reduction in interest payments resulting from the last two interest rate cuts?

Written (PDF200KB)
BAB04QW Wilson

Over the past six months can you please outline for each month:

(a) The standard variable interest rate(s) for a principal and interestmortgage

(b)The standard variable rate(s) for an interest only mortgage

(c)The standard fixed interest rate(s) for a principal and interestmortgage

(d)The standard fixed rate(s) for an interest only mortgage

(e)The interest rate(s) for term deposits

(f)The interest rate(s) for any other interest-bearing deposit products.

Written (PDF195KB)
BAB05QW Wilson A copy of the bank’s payment term policy or policies. Written (PDF295KB)
BAB06QW Wilson

With reference to the bank’s payment term policy or policies that the bank applies to its suppliers of goods and services, and customers of its goods and services:

(a) whether they are consistent between the purchase and sale of goods and services?

(b) in reference to (a), if not, why not?

(c) in reference to (a), if not, will the bank bring them into consistency?

Written (PDF76KB)
BAB07QW Wilson

A copy of the valuation policies that the bank applies to:

(a) infrastructure investments.

(b) large commercial investments or like commercial investments, including definitions that lead to their classification as a large commercial or like commercial investments.

Written (PDF104KB)
BAB08QW Wilson

Whether the valuations on infrastructure investments finances by the bank are:

(a) independently completed?

(b) whether they are completed and/or reviewed annually?

(c) in reference to (b), if they are reviewed by whom?

(d) in reference to (b), if not annually, how often, the trigger, and the average timeframe between review?

Written (PDF70KB)
BAB09QW Wilson

Whether the valuations on large commercial investments or like large commercial investments financed by the bank are:

(a) independently completed?

(b) whether they are completed and/or reviewed annually?

(c) in reference to (b), if they are reviewed by whom?

(d) in reference to (b), if not annually, how often, the trigger, and the average timeframe between review?

Written (PDF80KB)
BAB10QW Wilson A copy of the bank’s model litigant standards applied to legal proceedings? Written (PDF74KB)
BAB11QW Wilson How many class actions are you currently facing, and can you please provide a summary of each case brought against the bank? Written (PDF65KB)
BAB12QON Wilson

CHAIR: … Just for clarity, because I know we've talked about it a bit already, have you had any AUSTRAC fines, say, over the past decade?

Ms Baker: In the past decade?

CHAIR: Over the past five years or past two years?

Ms Baker: Not that I'm aware of.

CHAIR: You can take it on notice and come back to us.

Ms Baker: Yes.

CHAIR: Have you self-reported anything to AUSTRAC?

Ms Baker: I'm sure we have self-reported things to AUSTRAC.

CHAIR: Could you give us an example?

Ms Baker: I don't have any but—

CHAIR: You can take it on notice and come back to us, that's fine.

Ms Baker: Yes, will do.

Hansard p. 33

29 November 2019

(PDF81KB)
BAB13QON Mulino

Dr MULINO: It's not always easy to compare on a simple apples-to-apples basis, but of the 7,500, how many would you characterise as being in AML/CTF, in risk and in IT, in broad terms?

Ms Baker: In risk? All of them.

Ms Baker: But the team itself—yes, we have a risk team under the chief risk officer. There is an operational risk team. I'm not exactly sure how many are in that team but I can clarify that number.

Dr MULINO: Could you take that on notice. And what about AML/CTF?

Dr MULINO: It would be good to get a breakdown of some of the key areas.

Ms Baker: Yes. We can do that.

Dr MULINO: The other aspects of that that I would be interested in—and it sounds like it would be on notice—would be the trend over time.

Hansard p. 30

29 November 2019

(PDF87KB)
BAB14QON Mulino

Dr MULINO: … You mentioned that you are a member of the Australian Business Growth Fund.

Ms Baker: Yes.

Dr MULINO: Are you aware of how much you've contributed to that?

Ms Baker: No, and I don't have the details.

CHAIR: You could take that on notice.

Dr MULINO: Sorry, I didn't realise you'd been asked that specific question.

CHAIR: But you'll take that on notice?

Ms Baker: Yes, I will.

Hansard p. 31

29 November 2019

(PDF77KB)
BAB15QON Mulino

Dr MULINO: It will be interesting, over time, to see the results of those processes post royal commission compared to pre royal commission to see if those new systems are actually leading to a material change. It would be great to get any information on pre and post comparison if that's possible at this stage.

Ms Gartmann: Sure, I'm happy to provide that.

Hansard p. 31

29 November 2019

(PDF94KB)
BAB17QW Wilson

Merchant facilities and low cost routing:

(a) Do you provide merchant facilities, and if so, to how many customers?

(b) Would your small and medium business customers save money if they moved to low cost routing, and if so, do you actively encourage customers to switch?

(c) If so, how do you encourage small and medium business customers to switch to low cost routing?

(d) Do you think all small and medium business customers should be on low cost routing?

(e) What are the fee structures for different merchant services available, including low cost routing options?

(f) What is the annual revenue received from total merchant services each year over the past five years?

(g) What is the annual revenue received from small and medium business merchant services over the past decade?

(h) What number and share (percentage of total) of merchant services for all customers:

(i) use low cost routing?

(ii) provide access to low cost routing?

(iii) of those that provide it, default to low cost routing?

(iv) require automated software upgrades to access low cost routing, have they been provided, and what is the rollout schedule and deadline where it has not been provided?

(v) require a user requested software upgrade to access low cost routing, and what has been the uptake?

(vi) require a hardware upgrade to access low cost routing, and how many remain?

(vii) do not provide access to low cost routing?

(viii) and what is the rollout schedule for low cost routing and the deadline where low cost routing has not been provided?

(i) What number and share (percentage of total) of merchant services for small and medium business customers:

(i) use low cost routing?

(ii) provide access to low cost routing?

(iii) of those that provide it, default to low cost routing?

(iv) require automated software upgrades to access low cost routing, have they been provided, and what is the rollout schedule and deadline where it has not been provided?

(v) require a user requested software upgrade to access low cost routing, and what has been the uptake?

(vi) require a hardware upgrade to access low cost routing, and how many remain?

(vii) do not provide access to low cost routing?

(viii) and what is the rollout schedule for low cost routing and the deadline where low cost routing has not been provided?

Written (PDF303KB)
BAB18QW Wilson Interest rates:

(a) Regarding principal and interest mortgages, for the last three rate cuts what was the rate cuts provided, and what was the aggregate dollar value reduction in interest repayments compared to each previous month?

(b) Regarding interest-only mortgages, for the last three rate cuts what was the rate cuts provided, and what was the aggregate dollar value reduction in interest repayments compared to each previous month?

(c) Regarding interest-bearing deposits, for the last three rate cuts what was the rate cuts provided, and what was the aggregate dollar value reduction in interest repayments compared to each previous month?
Written (PDF80KB)
BAB19QW Wilson Terminations for misconduct:

(a) How many employees does the bank have?

(b) How do you define employee misconduct?

(c) How many employees have been cautioned for misconduct over the past five years?

(d) How many employees have had a penalty (such as, but not limited to, loss of bonus) for misconduct over the past five years?

(e) How many employees have been terminated for misconduct over the past five years?

(f) How many employees have been cautioned for misconduct over the past five years, as a share of all employees over that timeframe?

(g) How many employees have had a penalty (such as, but not limited to, loss of bonus) for misconduct over the past five years, as a share of all employees over that timeframe?

(h) How many employees have been terminated for misconduct over the past five years, as a share of all employees over that timeframe?

(i) What are the processes available for whistle-blowers into misconduct within the bank?
Written (PDF74KB)
BAB20QW Wilson Of the twenty highest remunerated employees over the past decade, please provide the number whose total remuneration in a financial year (including all forms of remuneration, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF80KB)
BAB21QW Wilson Of the twenty highest incentive bonuses paid over the past decade, please provide the number that fall within these brackets? Written (PDF80KB)
BAB22QW Wilson Of the twenty highest performance bonuses paid over the past decade, please provide the number that fall within these brackets? Written (PDF80KB)
BAB23QW Wilson Of the twenty highest severance packages over the past decade, please provide the number whose total package (including all forms of accumulated severance package, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF80KB)
BAB24QW Wilson Of the twenty highest termination payments over the past decade, please provide the number whose total package (including all forms of accumulated termination package, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF80KB)
BAB25QW Wilson Of the twenty highest redundancy payments over the past decade, please provide the number whose total package (including all forms of accumulated redundancy package, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF80KB)
BAB26QW Wilson International transfer of funds:

(a) What information does AUSTRAC require for reporting of the international transfer of funds?

(b) What data is required to be input for an international transfer of funds?

(c) What data is required to be input for the verification of an international transfer of funds?

(d) What difference is there between the data required for an international transfer of funds, and a verified international transfer of funds?

(e) What information do you provide to AUSTRAC for reporting of the international transfer of funds?

(f) Do you provide data for verified transactions to AUSTRAC?

(g) Do you provide data for unverified transactions to AUSTRAC?

(h) What difference is there between the data required for an international transfer of funds and the data required for AUSTRAC reporting?

(i) What difference is there between the data required for the verification of an international transfer of funds and the data required for AUSTRAC reporting?
Written (PDF79KB)
BAB29QW Wilson

Westpac has publicly stated that it will defer repayments on credit cards for COVID-19 affected customers (Westpac Freezes Credit Card Charges for COVID-19 hit customers, The Age, 24 April 2020). Therefore, can you please advise:

(a) What processes do you have in place to identify credit card customers who have been impacted by the COVID-19 pandemic?

(b) How many credit card customers have requested deferrals of repayments related to the COVID-19 pandemic?

(c) How many credit card customers have you identified as impacted by the COVID 19 pandemic?

(d) For those credit card customers that you have identified as impacted by the COVID-19 pandemic:

(i) What is the accumulated value of the credit card debt?

(ii) What is the average value of the credit card debt?

(iii) What is the accumulated value of the credit card limit?

(iv) What is the average value of the credit card limit?

(v) What is the accumulated value of the credit card monthly repayments?

(vi) What is the average value of the credit card monthly repayments?

(e) What deferral options are available for credit card customers that you have identified as impacted by the COVID-19 pandemic?

(i) If none, do you intend on doing so?

Written (23 June 2020)
(PDF141KB)
BAB34QW
Wilson In the context of first home buyers, can you please advise the following:

(a) The number and percentage of applications utilising a guarantor.

(b) The number and percentage of applications that come with declared financial support from family members towards the deposit.

(c) The number and percentage of applications where the ongoing financing of the loan is expected to be assisted by family members.

(d) Any other relevant data on the number and percentage of applications where the ongoing financing of the loan and/or deposit for the loan is assisted by/expected to be assisted by family members.
Written (16 August 2021)
(PDF120KB)
BAB35QW
Wilson For each financial year over the past decade, please outline the number and percentage of first home owner mortgages that:

(a) have a guarantor?

(b) have lenders mortgage insurance?
Written (28 May 2021)
(PDF146KB)
BAB36QW
Wilson
For each financial year over the past decade, please outline the number and percentage of first home owner mortgages at your bank that are used for:

(a) building new properties?

(b) purchasing established properties?
Written
(28 May 2021)
(PDF146KB)
BAB37QW
Wilson
What regulatory changes would be necessary to enable banks to lend to individuals with SMSFs, who are in the retirement phase, to allow them to seek credit for the purchase of assets (such as homes) or to address short-term cash flow issues?
Written
(28 May 2021)
(PDF121KB)
BAB38QW
Wilson
At the last round of hearings, a number of the four major banks stated that it would be possible to devise a product that utilises superannuation as a form of security to enable Australians to purchase a first home. To do so, please advise what legislative change your bank believes would be required to enable such a product.
Written
(28 May 2021)
(PDF116KB)
BAB39QW
Wilson
Pension Loans Scheme
The Pension Loans Scheme (PLS) is a Government scheme that allows older Australians, who own real estate in Australia, to get a voluntary non-taxable fortnightly loan from the Government to supplement their retirement income.

(a) Do you allow customers to use a property that has an existing mortgage or reverse mortgage with your bank as security for the PLS? If not, why?

(b) Do you allow the Government to lodge a caveat for the PLS against the title of a property that has an existing mortgage or reverse mortgage with your bank? If not, why?
Written
(28 May 2021)
(PDF132KB)

 

Beyond Bank

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

BEY01QW Wilson

Westpac has publicly stated that it will defer repayments on credit cards for COVID-19 affected customers (Westpac Freezes Credit Card Charges for COVID-19 hit customers, The Age, 24 April 2020). Therefore, can you please advise:

(a) What processes do you have in place to identify credit card customers who have been impacted by the COVID-19 pandemic?

(b) How many credit card customers have requested deferrals of repayments related to the COVID-19 pandemic?

(c) How many credit card customers have you identified as impacted by the COVID 19 pandemic?

(d) For those credit card customers that you have identified as impacted by the COVID-19 pandemic:

(i) What is the accumulated value of the credit card debt?

(ii) What is the average value of the credit card debt?

(iii) What is the accumulated value of the credit card limit?

(iv) What is the average value of the credit card limit?

(v) What is the accumulated value of the credit card monthly repayments?

(vi) What is the average value of the credit card monthly repayments?

(e) What deferral options are available for credit card customers that you have identified as impacted by the COVID-19 pandemic?

(i) If none, do you intend on doing so?

Written

(30 June 2020)
(PDF80KB)

BEY02QON
Wilson CHAIR: We have had major banks raise concerns with us around the consequences of the delay in the implementation of e-signatures. BOQ said this morning—and other major banks have said similar things—that it can add up to 10 days for the successful processing of mortgage documents and the like, and contracts generally. What is the experience of Beyond Bank and its utilisation of e-signatures?

Hansard pp. 19-20

1 July 2021

(3 August 2021)
(PDF88KB)
BEY03QON
Leigh Dr LEIGH: In terms of the effect of house prices on your bottom line—bearing in mind that your bottom line ultimately goes back to your customers—in April, Matt Comyn said that, as a rough rule of thumb, a 10 per cent increase in house prices flowed through to about a five per cent increase in the size of the Commonwealth Bank's loan book and about a three per cent increase in the Commonwealth Bank's profits. Would those numbers hold broadly true for Beyond Bank as well?

Hansard p. 21

1 July 2021

(3 August 2021)
(PDF107KB)
BEY04QON
Mulino Dr. MULINO: Firstly, did you access the TFF?

Mr Matters: Yes, we did access the TFF for both tranches, or phases, and we drew down our final tranche just a week ago.

Dr MULINO: Would you mind providing on notice details of how much and when?

Hansard p. 23

1 July 2021

(3 August 2021)
(PDF118KB)


 

 

Citi Australia

Q No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

CAB01QW Wilson

A copy of the bank’s payment term policy or policies.

Written (PDF333KB)
CAB02QW Wilson

With reference to the bank’s payment term policy or policies that the bank applies to its suppliers of goods and services, and customers of its goods and services:

(a) whether they are consistent between the purchase and sale of goods and services?

(b) in reference to (a), if not, why not?

(c) in reference to (a), if not, will the bank bring them into consistency?

Written (PDF336KB)
CAB03QW Wilson

A copy of the valuation policies that the bank applies to:

(a) infrastructure investments.

(b) large commercial investments or like commercial investments, including definitions that lead to their classification as a large commercial or like commercial investments

Written (PDF363KB)
CAB04QW Wilson

Whether the valuations on infrastructure investments finances by the bank are:

(a) independently completed?

(b) whether they are completed and/or reviewed annually?

(c) in reference to (b), if they are reviewed by whom?

(d) in reference to (b), if not annually, how often, the trigger, and the average timeframe between review?

Written (PDF333KB)
CAB05QW Wilson

Whether the valuations on large commercial investments or like large commercial investments financed by the bank are:

(a) independently completed?

(b) whether they are completed and/or reviewed annually?

(c) in reference to (b), if they are reviewed by whom?

(d) in reference to (b), if not annually, how often, the trigger, and the average timeframe between review?

Written (PDF378KB)
CAB06QW Wilson A copy of the bank’s model litigant standards applied to legal proceedings. Written (PDF330KB)
CAB07QW Wilson How many class actions are you currently facing, and can you please provide a summary of each case brought against the bank? Written (PDF354KB)
CAB08QON Leigh

Dr LEIGH: What do you tell them? If I am a Citi credit card customer, am I informed relative to the benchmark exchange rate how much more I will be paying?

Dr LEIGH: … Customers would typically like to know the spread and, ideally, they would like to know that spread before they put their credit card down. If you could come back to me on the details of that, that would be terrific.

Mr Machet: No problem.

Hansard p. 61

29 November 2019

(PDF404KB)
CAB09QON Wilson

CHAIR: Okay. No class actions?

Mr Luet: We have one class action. I think that has been started. It's on an FX issue. From memory, the plaintiff still has to build their case entirely by the beginning of next year or the first quarter next year. So it's in the very initial stages of the process.

CHAIR: It's related to foreign exchange?
Mr Luet: It relates to foreign exchange but for transactions that have been done offshore, so this is not about Citi in Australia; this is about transactions that have been done offshore.

CHAIR: I'm confused.

Mr Luet: That's the way the case was built. I can come back to you on notice and provide more details.

Hansard p. 67

29 November 2019

(PDF328KB)
CAB10QW Wilson

Anti-money laundering:

(a) Can you please provide a copy of your anti-money laundering, or like, policy?

(b) How many cases have you reported to AUSTRAC over the past decade?

(c) Of those cases, how many relate to:

(i) money laundering?

(ii) terrorist financing?

(iii) organised crime?

(iv) human trafficking?

(v) child exploitation?

(vi) crimes of a sexual nature?

(vii) other serious crimes not captured by (i) – (vi)?

(d) Can you please provide an update on your initiatives, including details of programs, staff numbers and financial resources toward initiatives to combat:

(i) money laundering?

(ii) terrorist financing?

(iii) organised crime?

(iv) human trafficking?

(v) child exploitation?

(vi) crimes of a sexual nature?

(vii) other serious crimes not captured by (i) – (vi)?

(e) How frequently have you reported to AUSTRAC on a scheduled basis over the past decade?

(f) Please outline the occasions you have reported to AUSTRAC on an ad hoc basis over the past decade?

(g) Over the past decade, how many AUSTRAC investigations into the bank have been:

(i) opened

(ii) completed with penalties

(iii) completed without penalties

(iv) abandoned

(h) How many fines have been paid to AUSTRAC over the past decade, and what were their values?

(i) Have any AUSTRAC notifications or investigations resulted in terminations of employment or other penalties for employees?

(j) Have any AUSTRAC notifications or investigations resulted in terminations of employment or other penalties for executives?

(k) What staff training is provided to assist anti-money laundering and other serious crime detection?

Written (PDF452KB)
CAB11QW Wilson

Merchant facilities and low cost routing:

(a) Do you provide merchant facilities, and if so, to how many customers?

(b) Would your small and medium business customers save money if they moved to low cost routing, and if so, do you actively encourage customers to switch?

(c) If so, how do you encourage small and medium business customers to switch to low cost routing?

(d) Do you think all small and medium business customers should be on low cost routing?

(e) What are the fee structures for different merchant services available, including low cost routing options?

(f) What is the annual revenue received from total merchant services each year over the past five years?

(g) What is the annual revenue received from small and medium business merchant services over the past decade?

(h) What number and share (percentage of total) of merchant services for all customers:

(i) use low cost routing?

(ii) provide access to low cost routing?

(iii) of those that provide it, default to low cost routing?

(iv) require automated software upgrades to access low cost routing, have they been provided, and what is the rollout schedule and deadline where it has not been provided?

(v) require a user requested software upgrade to access low cost routing, and what has been the uptake?

(vi) require a hardware upgrade to access low cost routing, and how many remain?

(vii) do not provide access to low cost routing?

(viii) and what is the rollout schedule for low cost routing and the deadline where low cost routing has not been provided?

(i) What number and share (percentage of total) of merchant services for small and medium business customers:

(i) use low cost routing?

(ii) provide access to low cost routing?

(iii) of those that provide it, default to low cost routing?

(iv) require automated software upgrades to access low cost routing, have they been provided, and what is the rollout schedule and deadline where it has not been provided?

(v) require a user requested software upgrade to access low cost routing, and what has been the uptake?

(vi) require a hardware upgrade to access low cost routing, and how many remain?

(vii) do not provide access to low cost routing?

(viii) and what is the rollout schedule for low cost routing and the deadline where low cost routing has not been provided?

Written (PDF451KB)
CAB12QW Wilson Interest rates:

(a) Regarding principal and interest mortgages, for the last three rate cuts what was the rate cuts provided, and what was the aggregate dollar value reduction in interest repayments compared to each previous month?

(b) Regarding interest-only mortgages, for the last three rate cuts what was the rate cuts provided, and what was the aggregate dollar value reduction in interest repayments compared to each previous month?

(c) Regarding interest-bearing deposits, for the last three rate cuts what was the rate cuts provided, and what was the aggregate dollar value reduction in interest repayments compared to each previous month?
Written (PDF422KB)
CAB13QW Wilson Terminations for misconduct:

(a) How many employees does the bank have?

(b) How do you define employee misconduct?

(c) How many employees have been cautioned for misconduct over the past five years?

(d) How many employees have had a penalty (such as, but not limited to, loss of bonus) for misconduct over the past five years?

(e) How many employees have been terminated for misconduct over the past five years?

(f) How many employees have been cautioned for misconduct over the past five years, as a share of all employees over that timeframe?

(g) How many employees have had a penalty (such as, but not limited to, loss of bonus) for misconduct over the past five years, as a share of all employees over that timeframe?

(h) How many employees have been terminated for misconduct over the past five years, as a share of all employees over that timeframe?

(i) What are the processes available for whistle-blowers into misconduct within the bank?
Written (PDF569KB)
CAB14QW Wilson Of the twenty highest remunerated employees over the past decade, please provide the number whose total remuneration in a financial year (including all forms of remuneration, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF430KB)
CAB15QW Wilson Of the twenty highest incentive bonuses paid over the past decade, please provide the number that fall within these brackets? Written (PDF432KB)
CAB16QW Wilson Of the twenty highest performance bonuses paid over the past decade, please provide the number that fall within these brackets? Written (PDF433KB)
CAB17QW Wilson Of the twenty highest severance packages over the past decade, please provide the number whose total package (including all forms of accumulated severance package, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF434KB)
CAB18QW Wilson Of the twenty highest termination payments over the past decade, please provide the number whose total package (including all forms of accumulated termination package, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF428KB)
CAB19QW Wilson Of the twenty highest redundancy payments over the past decade, please provide the number whose total package (including all forms of accumulated redundancy package, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF432KB)
CAB20QW Wilson International transfer of funds:

(a) What information does AUSTRAC require for reporting of the international transfer of funds?

(b) What data is required to be input for an international transfer of funds?

(c) What data is required to be input for the verification of an international transfer of funds?

(d) What difference is there between the data required for an international transfer of funds, and a verified international transfer of funds?

(e) What information do you provide to AUSTRAC for reporting of the international transfer of funds?

(f) Do you provide data for verified transactions to AUSTRAC?

(g) Do you provide data for unverified transactions to AUSTRAC?

(h) What difference is there between the data required for an international transfer of funds and the data required for AUSTRAC reporting?

(i) What difference is there between the data required for the verification of an international transfer of funds and the data required for AUSTRAC reporting?
Written (PDF461KB)
CAB21QW Wilson

Westpac has publicly stated that it will defer repayments on credit cards for COVID-19 affected customers (Westpac Freezes Credit Card Charges for COVID-19 hit customers, The Age, 24 April 2020). Therefore, can you please advise:

(a) What processes do you have in place to identify credit card customers who have been impacted by the COVID-19 pandemic?

(b) How many credit card customers have requested deferrals of repayments related to the COVID-19 pandemic?

(c) How many credit card customers have you identified as impacted by the COVID 19 pandemic?

(d) For those credit card customers that you have identified as impacted by the COVID-19 pandemic:

(i) What is the accumulated value of the credit card debt?

(ii) What is the average value of the credit card debt?

(iii) What is the accumulated value of the credit card limit?

(iv) What is the average value of the credit card limit?

(v) What is the accumulated value of the credit card monthly repayments?

(vi) What is the average value of the credit card monthly repayments?

(e) What deferral options are available for credit card customers that you have identified as impacted by the COVID-19 pandemic?

(i) If none, do you intend on doing so?

Written (23 June 2020)
(PDF428KB)
CAB22QW  Wilson 

Merchant services and low cost routing:

(a) In terms of your Point of Sale (POS) strategic merchant services:

(i) What is the total number of your POS strategic merchant services customers?

(ii) What is the number small and medium business customers?

 

(b) What number and share (percentage of total) of your total strategic merchant services customers and the number and share of small and medium business merchant services customers:

(i) Use the Least Cost Routing (LCR) or Merchant Choice Routing (MRC) option for multi-network debit transactions?

(ii) Have a contract for the lowest cost routing option, when including all fees associated with the transaction including interchange and scheme fees?

 

(c) Is LCR or MCR on multi-network debit transactions offered to all customers as an opt-out option to ensure all get access to savings? If not:

(i) Why?

(ii) Considering that the Reserve Bank of Australia has advocated LCR since 2013, why have you not found a way provide this service and the associated cost savings to all of your merchant services customers?

(iii) Do you believe you are acting in your merchants’ best interests by not passing on possible savings?

 

(d) Are LCR or MCR services offered on all terminal types for multi-network debit transactions? If not:

(i) Which terminal types do not have LCR or MCR?

(ii) What percentage of your terminal fleet does this represent?

(iii) When do you plan to upgrade those terminal types that do not have LCR or MCR to enable those merchants with those terminal types to access LCR or MCR?

 

(e) Are LCR or MCR services offered on all pricing plans for multi-network debit transactions? If not:

(i) Which pricing plans do not have LCR or MCR as an option?

(ii) What percentage of your small and medium business merchant customers are on these plans?

(iii) Why?

 

(f) If you provided all your strategic and small and medium business POS merchant services customers access to the lowest cost scheme on all multi-network debit transactions, what would the savings be for:

(i) Your strategic merchants customers?

(ii) Your remainder of medium and small business merchant customers?

 

(g) If you passed on at POS the lowest cost per transaction via dynamic routing to your merchants, based upon current and eftpos 1 July 2020 pricing, what would the savings be for:

(i) Your strategic merchants customers?

(ii) Your remainder of medium and small business merchant customers?

 

(h) Are any additional fees or charges, such as terminal rental, added or increased for small and medium business merchant customers who elect to implement LCR or MCR?

(i) If so, why?

(ii) Do you increase the average eftpos transaction fee for customers who choose to use LCR or MCR compared to other plans? Why?

(iii) Does a customer’s choice to use LCR or MCR for debit transactions impact the fees you charge for credit transactions for any of your merchant customers? Why?

 

Written  (10 July 2020)
(PDF563KB)
CAB23QW  Wilson 

Acquiring merchant facilities:

(a) Please provide details for debit transactions through your Acquiring merchant facilities for calendar year 2019 and calendar year 2020 (to date) including:

(i) The total number?

(ii) In dollar terms?

(iii) Total fees received by the bank?

(b) Please provide details for debit transactions through your Acquiring merchant facilities for financial year 2018/2019 and financial year 2019/2020 (to date):

(i) The total number?

(ii) In dollar terms?

(iii) Total fees received by the bank?

(c) Please outline the schemes that provide debit card payments services currently contracted by the bank, including:

(i) The name of the card payments service provider.

(ii) The length of their current contract.

(iii) How far through the contract the bank currently is.

(iv) How much of the contract remains.

(v) Whether the contract involves the provision of card payments with debit, credit or other products.

(vi) Whether the contract applies incentive payment arrangements based on volume of processed transactions or other performance criteria per payment type or as an aggregate volume.

(vii) Details of the ‘profit’ or ‘premium’ charged to the business between the cost of the transaction fees charged to the acquiring bank by various schemes, and the transaction fees charged to small and medium business customers by the acquiring bank, including interchange, scheme fees, acquirer margin and terminal rental.

Written  (10 July 2020)
(PDF564KB)
CAB24QW  Wilson 

For each provider, provide the following information based on the method of calculation for each merchant category type in your debit Acquiring portfolio:

(a) Contracted provider (e.g. Visa)

(b) Interchange fee (e.g. 0.04 per transaction)

(c) Scheme fee based on an $40 transaction (e.g. $0.01 per transaction for first twenty transactions, then $0.02 for every transaction thereafter)

(d) Acquirer costs and margin (e.g. 1 per cent of transaction)

(e) Any other cost (i.e. any fee not listed above)

(f) Any ‘profit’ or ‘premium’ charged in addition by the bank that is passed onto the merchant (i.e. any fee not listed above)

(g) What is the total retail cost charged to merchant customers for each merchant category and each debit scheme, not including volume incentive payments for the following transactions:

(i) $5

(ii) $20

(iii) $40

(iv) $100

(v) $1,000

(h) What is the total Acquiring wholesale cost for each merchant category and each debit scheme, not including volume incentive payments for the following transactions?

(i) $5

(ii) $20

(iii) $40

(iv) $100

(v) $1,000

Written (10 July 2020)
(PDF557KB)
CAB25QW  Wilson   Eftpos:

(a) Do you intend to pass on savings from the eftpos interchange wholesale repricing for routed multi-network debit card transactions that is being introduced on 1 July? If so, how much of the 2 cent reduction per transaction will be passed on?

(b) When do you intend to turn on all eftpos digital messages?

(c) Have you turned on at least the low risk transactions such as card on file and D&W that were technically available in 2018? If not, why?

(d) Do you believe turning on digital for eftpos will create more price competition and place issuer income at risk? If so, is this one of the reasons you have been slow to launch eftpos digital?

(e) Do you think you are acting in your merchants’ best interests by not turning on eftpos digital transactions sooner?
Written (10 July 2020)
(PDF557KB
CAB27QW 
Wilson
For each financial year over the past decade, please outline the number and percentage of first home owner mortgages that:

(a) have a guarantor?

(b) have lenders mortgage insurance?
Written
(28 May 2021)
(PDF78KB
CAB28QW 
Wilson
For each financial year over the past decade, please outline the number and percentage of first home owner mortgages at your bank that are used for:

(a) building new properties?

(b) purchasing established properties?
Written
(28 May 2021)
(PDF80KB
CAB29QW 
Wilson
What regulatory changes would be necessary to enable banks to lend to individuals with SMSFs, who are in the retirement phase, to allow them to seek credit for the purchase of assets (such as homes) or to address short-term cash flow issues?
Written
(28 May 2021)
(PDF71KB
CAB30QW 
Wilson
At the last round of hearings, a number of the four major banks stated that it would be possible to devise a product that utilises superannuation as a form of security to enable Australians to purchase a first home. To do so, please advise what legislative change your bank believes would be required to enable such a product.
Written
(28 May 2021)
(PDF67KB
CAB31QW 
Wilson
Pension Loans Scheme
The Pension Loans Scheme (PLS) is a Government scheme that allows older Australians, who own real estate in Australia, to get a voluntary non-taxable fortnightly loan from the Government to supplement their retirement income.

(a) Do you allow customers to use a property that has an existing mortgage or reverse mortgage with your bank as security for the PLS? If not, why?

(b) Do you allow the Government to lodge a caveat for the PLS against the title of a property that has an existing mortgage or reverse mortgage with your bank? If not, why?
Written
(28 May 2021)
(PDF71KB
CAB32QW 
Wilson

Home loan approval timeframes
For all home loan applications you have received in the quarter ending 31 March 2021 (regardless of whether the application was settled):

(a) What is the average and median time from receipt of application by the bank to final approval, for applications received directly through your branch network?

(b) What is the average and median time from receipt of application by the bank to final approval, for applications received through a mortgage broker?

(c) If there is a difference in average and median time from receipt by the bank to approval for applications received through the branch network compared to the those received through a mortgage broker:

(i) What is the reason for the difference?
(ii) How might this impact the competitiveness of mortgage brokers?
(iii) What is the bank doing to equalise the difference in times?

(d) Is an application received through the branch network processed differently from an application received through a mortgage broker? If so:

(i) What is the reason for the difference?
(ii) Is this difference informed by bank policy? If so, why?

Written
(28 May 2021)
(PDF79KB

 

Community First Credit Union

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

CFC01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(10 June 2020)
(PDF78KB)

CFC02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (10 June 2020)
(PDF69KB)

 

Credit Union Australia (CUA)

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

CUA01QW Wilson

Westpac has publicly stated that it will defer repayments on credit cards for COVID-19 affected customers (Westpac Freezes Credit Card Charges for COVID-19 hit customers, The Age, 24 April 2020). Therefore, can you please advise:

(a) What processes do you have in place to identify credit card customers who have been impacted by the COVID-19 pandemic?

(b) How many credit card customers have requested deferrals of repayments related to the COVID-19 pandemic?

(c) How many credit card customers have you identified as impacted by the COVID 19 pandemic?

(d) For those credit card customers that you have identified as impacted by the COVID-19 pandemic:

(i) What is the accumulated value of the credit card debt?

(ii) What is the average value of the credit card debt?

(iii) What is the accumulated value of the credit card limit?

(iv) What is the average value of the credit card limit?

(v) What is the accumulated value of the credit card monthly repayments?

(vi) What is the average value of the credit card monthly repayments?

(e) What deferral options are available for credit card customers that you have identified as impacted by the COVID-19 pandemic?

(i) If none, do you intend on doing so?

Written

(1 July 2020)
(PDF150KB)

 

First Choice Credit Union

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

FCC01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(18 August 2020)
(PDF325KB)

FCC02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (18 August 2020)
(PDF323KB)

 

Get Capital

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

GCA01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(16 June 2020)
(PDF331KB)

GCA02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (16 June 2020)
(PDF326KB)

 

Goulburn Murray Credit Union

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

GMC01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(16 June 2020)
(PDF312KB)

GMC02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (16 June 2020)
(PDF317KB)

 

Greater Bank

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

GRE01QW Wilson

Westpac has publicly stated that it will defer repayments on credit cards for COVID-19 affected customers (Westpac Freezes Credit Card Charges for COVID-19 hit customers, The Age, 24 April 2020). Therefore, can you please advise:

(a) What processes do you have in place to identify credit card customers who have been impacted by the COVID-19 pandemic?

(b) How many credit card customers have requested deferrals of repayments related to the COVID-19 pandemic?

(c) How many credit card customers have you identified as impacted by the COVID 19 pandemic?

(d) For those credit card customers that you have identified as impacted by the COVID-19 pandemic:

(i) What is the accumulated value of the credit card debt?

(ii) What is the average value of the credit card debt?

(iii) What is the accumulated value of the credit card limit?

(iv) What is the average value of the credit card limit?

(v) What is the accumulated value of the credit card monthly repayments?

(vi) What is the average value of the credit card monthly repayments?

(e) What deferral options are available for credit card customers that you have identified as impacted by the COVID-19 pandemic?

(i) If none, do you intend on doing so?

Written

(30 June 2020)
(PDF203KB)

 

Heritage Bank

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

HER01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(12 June 2020)
(PDF32KB)

HER02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (12 June 2020)
(PDF49KB)
HER04QW
Wilson

Merchant services and low cost routing:

 

(a) In terms of your Point of Sale (POS) strategic merchant services:

(i) What is the total number of your POS strategic merchant services customers?

(ii) What is the number small and medium business customers?

 

(b) What number and share (percentage of total) of your total strategic merchant services customers and the number and share of small and medium business merchant services customers:

(i) Use the Least Cost Routing (LCR) or Merchant Choice Routing (MRC) option for multi-network debit transactions?

(ii) Have a contract for the lowest cost routing option, when including all fees associated with the transaction including interchange and scheme fees?

 

(c) Is LCR or MCR on multi-network debit transactions offered to all customers as an opt-out option to ensure all get access to savings? If not:

(i) Why?

(ii) Considering that the Reserve Bank of Australia has advocated LCR since 2013, why have you not found a way provide this service and the associated cost savings to all of your merchant services customers?

(iii) Do you believe you are acting in your merchants’ best interests by not passing on possible savings?

 

(d) Are LCR or MCR services offered on all terminal types for multi-network debit transactions? If not:

(i) Which terminal types do not have LCR or MCR?

(ii) What percentage of your terminal fleet does this represent?

(iii) When do you plan to upgrade those terminal types that do not have LCR or MCR to enable those merchants with those terminal types to access LCR or MCR?

(e) Are LCR or MCR services offered on all pricing plans for multi-network debit transactions? If not:

(i) Which pricing plans do not have LCR or MCR as an option?

(ii) What percentage of your small and medium business merchant customers are on these plans?

(iii) Why?

 

(f) If you provided all your strategic and small and medium business POS merchant services customers access to the lowest cost scheme on all multi-network debit transactions, what would the savings be for:

(i) Your strategic merchants customers?

(ii) Your remainder of medium and small business merchant customers?

 

(g) If you passed on at POS the lowest cost per transaction via dynamic routing to your merchants, based upon current and eftpos 1 July 2020 pricing, what would the savings be for:

(i) Your strategic merchants customers?

(ii) Your remainder of medium and small business merchant customers?

 

(h) Are any additional fees or charges, such as terminal rental, added or increased for small and medium business merchant customers who elect to implement LCR or MCR?

(i) If so, why?

(ii) Do you increase the average eftpos transaction fee for customers who choose to use LCR or MCR compared to other plans? Why?

(iii) Does a customer’s choice to use LCR or MCR for debit transactions impact the fees you charge for credit transactions for any of your merchant customers? Why?

Written (9 July 2020)
(PDF35KB)
HER05QW
Wilson

Acquiring merchant facilities:

(a) Please provide details for debit transactions through your Acquiring merchant facilities for calendar year 2019 and calendar year 2020 (to date) including:

(i) The total number?

(ii) In dollar terms?

(iii) Total fees received by the bank?

 

(b) Please provide details for debit transactions through your Acquiring merchant facilities for financial year 2018/2019 and financial year 2019/2020 (to date):

(i) The total number?

(ii) In dollar terms?

(iii) Total fees received by the bank?

 

(c) Please outline the schemes that provide debit card payments services currently contracted by the bank, including:

(i) The name of the card payments service provider.

(ii) The length of their current contract.

(iii) How far through the contract the bank currently is.

(iv) How much of the contract remains.

(v) Whether the contract involves the provision of card payments with debit, credit or other products.

(vi) Whether the contract applies incentive payment arrangements based on volume of processed transactions or other performance criteria per payment type or as an aggregate volume.

(vii) Details of the ‘profit’ or ‘premium’ charged to the business between the cost of the transaction fees charged to the acquiring bank by various schemes, and the transaction fees charged to small and medium business customers by the acquiring bank, including interchange, scheme fees, acquirer margin and terminal rental.

Written

(9 July 2020)
(PDF31KB)

HER06QW
Wilson
For each provider, provide the following information based on the method of calculation for each merchant category type in your debit Acquiring portfolio:

(a) Contracted provider (e.g. Visa)

(b) Interchange fee (e.g. 0.04 per transaction)

(c) Scheme fee based on an $40 transaction (e.g. $0.01 per transaction for first twenty transactions, then $0.02 for every transaction thereafter)

(d) Acquirer costs and margin (e.g. 1 per cent of transaction)

(e) Any other cost (i.e. any fee not listed above)

(f) Any ‘profit’ or ‘premium’ charged in addition by the bank that is passed onto the merchant (i.e. any fee not listed above)

(g) What is the total retail cost charged to merchant customers for each merchant category and each debit scheme, not including volume incentive payments for the following transactions:

(i) $5

(ii) $20

(iii) $40

(iv) $100

(v) $1,000

(h) What is the total Acquiring wholesale cost for each merchant category and each debit scheme, not including volume incentive payments for the following transactions?

(i) $5

(ii) $20

(iii) $40

(iv) $100

(v) $1,000

Written (9 July 2020)
(PDF30KB)
HER07QW
Wilson
Eftpos:

(a) Do you intend to pass on savings from the eftpos interchange wholesale repricing for routed multi-network debit card transactions that is being introduced on 1 July? If so, how much of the 2 cent reduction per transaction will be passed on?

(b) When do you intend to turn on all eftpos digital messages?

(c) Have you turned on at least the low risk transactions such as card on file and D&W that were technically available in 2018? If not, why?

(d) Do you believe turning on digital for eftpos will create more price competition and place issuer income at risk? If so, is this one of the reasons you have been slow to launch eftpos digital?

(e) Do you think you are acting in your merchants’ best interests by not turning on eftpos digital transactions sooner?
Written (9 July 2020)
(PDF27KB)

 

HSBC

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

HSB01QW Wilson

Westpac has publicly stated that it will defer repayments on credit cards for COVID-19 affected customers (Westpac Freezes Credit Card Charges for COVID-19 hit customers, The Age, 24 April 2020). Therefore, can you please advise:

(a) What processes do you have in place to identify credit card customers who have been impacted by the COVID-19 pandemic?

(b) How many credit card customers have requested deferrals of repayments related to the COVID-19 pandemic?

(c) How many credit card customers have you identified as impacted by the COVID 19 pandemic?

(d) For those credit card customers that you have identified as impacted by the COVID-19 pandemic:

(i) What is the accumulated value of the credit card debt?

(ii) What is the average value of the credit card debt?

(iii) What is the accumulated value of the credit card limit?

(iv) What is the average value of the credit card limit?

(v) What is the accumulated value of the credit card monthly repayments?

(vi) What is the average value of the credit card monthly repayments?

(e) What deferral options are available for credit card customers that you have identified as impacted by the COVID-19 pandemic?

(i) If none, do you intend on doing so?

Written

(23 June 2020)
(PDF280KB)

    Covering letter provided by HSBC  

Attachment

(17 August 2020)
(PDF768KB)

HSB02QW  Wilson 

Merchant services and low cost routing:

(a) In terms of your Point of Sale (POS) strategic merchant services:

(i) What is the total number of your POS strategic merchant services customers?

(ii) What is the number small and medium business customers?

(b) What number and share (percentage of total) of your total strategic merchant services customers and the number and share of small and medium business merchant services customers:

(i) Use the Least Cost Routing (LCR) or Merchant Choice Routing (MRC) option for multi-network debit transactions?

(ii) Have a contract for the lowest cost routing option, when including all fees associated with the transaction including interchange and scheme fees?

(c) Is LCR or MCR on multi-network debit transactions offered to all customers as an opt-out option to ensure all get access to savings? If not:

(i) Why?

(ii) Considering that the Reserve Bank of Australia has advocated LCR since 2013, why have you not found a way provide this service and the associated cost savings to all of your merchant services customers?

(iii) Do you believe you are acting in your merchants’ best interests by not passing on possible savings?

(d) Are LCR or MCR services offered on all terminal types for multi-network debit transactions? If not:

(i) Which terminal types do not have LCR or MCR?

(ii) What percentage of your terminal fleet does this represent?

(iii) When do you plan to upgrade those terminal types that do not have LCR or MCR to enable those merchants with those terminal types to access LCR or MCR?

(e) Are LCR or MCR services offered on all pricing plans for multi-network debit transactions? If not:

(i) Which pricing plans do not have LCR or MCR as an option?

(ii) What percentage of your small and medium business merchant customers are on these plans?

(iii) Why?

(f) If you provided all your strategic and small and medium business POS merchant services customers access to the lowest cost scheme on all multi-network debit transactions, what would the savings be for:

(i) Your strategic merchants customers?

(ii) Your remainder of medium and small business merchant customers?

(g) If you passed on at POS the lowest cost per transaction via dynamic routing to your merchants, based upon current and eftpos 1 July 2020 pricing, what would the savings be for:

(i) Your strategic merchants customers?

(ii) Your remainder of medium and small business merchant customers?

(h) Are any additional fees or charges, such as terminal rental, added or increased for small and medium business merchant customers who elect to implement LCR or MCR?

(i) If so, why?

(ii) Do you increase the average eftpos transaction fee for customers who choose to use LCR or MCR compared to other plans? Why?

(iii) Does a customer’s choice to use LCR or MCR for debit transactions impact the fees you charge for credit transactions for any of your merchant customers? Why?

Written  (17 August 2020)
(PDF420KB)
HSB03QW  Wilson 

Acquiring merchant facilities:

(a) Please provide details for debit transactions through your Acquiring merchant facilities for calendar year 2019 and calendar year 2020 (to date) including:

(i) The total number?

(ii) In dollar terms?

(iii) Total fees received by the bank?

(b) Please provide details for debit transactions through your Acquiring merchant facilities for financial year 2018/2019 and financial year 2019/2020 (to date):

(i) The total number?

(ii) In dollar terms?

(iii) Total fees received by the bank?

(c) Please outline the schemes that provide debit card payments services currently contracted by the bank, including:

(i) The name of the card payments service provider.

(ii) The length of their current contract.

(iii) How far through the contract the bank currently is.

(iv) How much of the contract remains.

(v) Whether the contract involves the provision of card payments with debit, credit or other products.

(vi) Whether the contract applies incentive payment arrangements based on volume of processed transactions or other performance criteria per payment type or as an aggregate volume.

(vii) Details of the ‘profit’ or ‘premium’ charged to the business between the cost of the transaction fees charged to the acquiring bank by various schemes, and the transaction fees charged to small and medium business customers by the acquiring bank, including interchange, scheme fees, acquirer margin and terminal rental.

Written  (17 August 2020)
(PDF410KB)
HSB04QW Wilson  For each provider, provide the following information based on the method of calculation for each merchant category type in your debit Acquiring portfolio:

(a) Contracted provider (e.g. Visa)

(b) Interchange fee (e.g. 0.04 per transaction)

(c) Scheme fee based on an $40 transaction (e.g. $0.01 per transaction for first twenty transactions, then $0.02 for every transaction thereafter)

(d) Acquirer costs and margin (e.g. 1 per cent of transaction)

(e) Any other cost (i.e. any fee not listed above)

(f) Any ‘profit’ or ‘premium’ charged in addition by the bank that is passed onto the merchant (i.e. any fee not listed above)

Written  (17 August 2020)
(PDF399KB)
HSB05QW  Wilson  Eftpos:

(a) Do you intend to pass on savings from the eftpos interchange wholesale repricing for routed multi-network debit card transactions that is being introduced on 1 July? If so, how much of the 2 cent reduction per transaction will be passed on?

(b) When do you intend to turn on all eftpos digital messages?

(c) Have you turned on at least the low risk transactions such as card on file and D&W that were technically available in 2018? If not, why?

(d) Do you believe turning on digital for eftpos will create more price competition and place issuer income at risk? If so, is this one of the reasons you have been slow to launch eftpos digital?

(e) Do you think you are acting in your merchants’ best interests by not turning on eftpos digital transactions sooner?
Written (17 August 2020)
(PDF401KB)
HSB06QON
Mulino Dr MULINO: I've asked this of all the big four banks: it would be useful if you were able to provide some data on HSBC's investment in AML/CTF in terms of both headcount and dollar expenditure on IT, for example, for the last decade or so, just for us to get a sense of trends in the investment by the firm in capacity and resilience in relation to this set of risks.

Mr Mclean: We'd be very happy to follow up with that data. I don't have the data off the top of my head.

Hansard p. 32

1 July 2021

(3 August 2021)
(PDF413KB)
HSB07QON
Mulino Dr MULINO: Your entities in other jurisdictions have dealt with the implementation of tranche 2, and most banks in Australia seem to be saying—the ABA certainly said this morning—that they're supportive of tranche 2 being implemented here. As you say, there's a bit of catch-up. Some entities in Australia are supportive of it as an area where there's a need for regulation to be strengthened, but you in a sense have a perspective where you've seen it implemented in other jurisdictions and of how it can be done well. Any observations you might have on notice around this, learning lessons from HSBC and other jurisdictions, would be useful.

Hansard p. 32

1 July 2021

(3 August 2021)
(PDF408KB)
HSB08QON
Leigh Dr LEIGH: But if you move between currencies, are you moving at the mid-market rate? Or are you getting a mark-up on the mid-market rate?

Hansard p. 29

1 July 2021

(3 August 2021)
(PDF397KB)

 

Hume Bank Limited

Q No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

HUM01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(16 June 2020)
(PDF101KB)

HUM02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (16 June 2020)
(PDF129KB)
HUM03QW Wilson

Merchant services and low cost routing:

(a) In terms of your Point of Sale (POS) strategic merchant services:

(i) What is the total number of your POS strategic merchant services customers?

(ii) What is the number small and medium business customers?

(b) What number and share (percentage of total) of your total strategic merchant services customers and the number and share of small and medium business merchant services customers:

(i) Use the Least Cost Routing (LCR) or Merchant Choice Routing (MRC) option for multi-network debit transactions?

(ii) Have a contract for the lowest cost routing option, when including all fees associated with the transaction including interchange and scheme fees? 

 

(c) Is LCR or MCR on multi-network debit transactions offered to all customers as an opt-out option to ensure all get access to savings? If not:

(i) Why?

(ii) Considering that the Reserve Bank of Australia has advocated LCR since 2013, why have you not found a way provide this service and the associated cost savings to all of your merchant services customers?

(iii) Do you believe you are acting in your merchants’ best interests by not passing on possible savings?

(d) Are LCR or MCR services offered on all terminal types for multi-network debit transactions? If not:

(i) Which terminal types do not have LCR or MCR?

(ii) What percentage of your terminal fleet does this represent?

(iii) When do you plan to upgrade those terminal types that do not have LCR or MCR to enable those merchants with those terminal types to access LCR or MCR?

(e) Are LCR or MCR services offered on all pricing plans for multi-network debit transactions? If not:

(i) Which pricing plans do not have LCR or MCR as an option?

(ii) What percentage of your small and medium business merchant customers are on these plans?

(iii) Why?

(f) If you provided all your strategic and small and medium business POS merchant services customers access to the lowest cost scheme on all multi-network debit transactions, what would the savings be for:

(i) Your strategic merchants customers?

(ii) Your remainder of medium and small business merchant customers?

(g) If you passed on at POS the lowest cost per transaction via dynamic routing to your merchants, based upon current and eftpos 1 July 2020 pricing, what would the savings be for:

(i) Your strategic merchants customers?

(ii) Your remainder of medium and small business merchant customers?

(h) Are any additional fees or charges, such as terminal rental, added or increased for small and medium business merchant customers who elect to implement LCR or MCR?

(i) If so, why?

(ii) Do you increase the average eftpos transaction fee for customers who choose to use LCR or MCR compared to other plans? Why?

(iii) Does a customer’s choice to use LCR or MCR for debit transactions impact the fees you charge for credit transactions for any of your merchant customers? Why?

Written  (9 July 2020)
(PDF453KB)
HUM04QW  Wilson 

Acquiring merchant facilities:

(a) Please provide details for debit transactions through your Acquiring merchant facilities for calendar year 2019 and calendar year 2020 (to date) including:

(i) The total number?

(ii) In dollar terms?

(iii) Total fees received by the bank?

(b) Please provide details for debit transactions through your Acquiring merchant facilities for financial year 2018/2019 and financial year 2019/2020 (to date):

(i) The total number?

(ii) In dollar terms?

(iii) Total fees received by the bank?

(c) Please outline the schemes that provide debit card payments services currently contracted by the bank, including:

(i) The name of the card payments service provider.

(ii) The length of their current contract.

(iii) How far through the contract the bank currently is.

(iv) How much of the contract remains.

(v) Whether the contract involves the provision of card payments with debit, credit or other products.

(vi) Whether the contract applies incentive payment arrangements based on volume of processed transactions or other performance criteria per payment type or as an aggregate volume.

(vii) Details of the ‘profit’ or ‘premium’ charged to the business between the cost of the transaction fees charged to the acquiring bank by various schemes, and the transaction fees charged to small and medium business customers by the acquiring bank, including interchange, scheme fees, acquirer margin and terminal rental.

Written  (9 July 2020)
(PDF164KB)
HUM05QW  Wilson 

For each provider, provide the following information based on the method of calculation for each merchant category type in your debit Acquiring portfolio:

(a) Contracted provider (e.g. Visa)

(b) Interchange fee (e.g. 0.04 per transaction)

(c) Scheme fee based on an $40 transaction (e.g. $0.01 per transaction for first twenty transactions, then $0.02 for every transaction thereafter)

(d) Acquirer costs and margin (e.g. 1 per cent of transaction)

(e) Any other cost (i.e. any fee not listed above)

(f) Any ‘profit’ or ‘premium’ charged in addition by the bank that is passed onto the merchant (i.e. any fee not listed above)

(g) What is the total retail cost charged to merchant customers for each merchant category and each debit scheme, not including volume incentive payments for the following transactions:

(i) $5

(ii) $20

(iii) $40

(iv) $100

(v) $1,000

(h) What is the total Acquiring wholesale cost for each merchant category and each debit scheme, not including volume incentive payments for the following transactions?

(i) $5

(ii) $20

(iii) $40

(iv) $100

(v) $1,000

Written  (9 July 2020)
(PDF98KB)
HUM06QW Wilson  Eftpos:

(a) Do you intend to pass on savings from the eftpos interchange wholesale repricing for routed multi-network debit card transactions that is being introduced on 1 July? If so, how much of the 2 cent reduction per transaction will be passed on?

(b) When do you intend to turn on all eftpos digital messages?

(c) Have you turned on at least the low risk transactions such as card on file and D&W that were technically available in 2018? If not, why?

(d) Do you believe turning on digital for eftpos will create more price competition and place issuer income at risk? If so, is this one of the reasons you have been slow to launch eftpos digital?

(e) Do you think you are acting in your merchants’ best interests by not turning on eftpos digital transactions sooner?
 
Written  (9 July 2020)
(PDF102KB)

 

Illawarra Credit Union

Q No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

ICU01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(18 August 2020)
(PDF109KB)

ICU02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (18 August 2020)
(PDF109KB)

 

IMB Bank

Q No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

IMB01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(16 June 2020)
(PDF413KB)

IMB02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (16 June 2020)
(PDF479KB)
IMB03QW Wilson

Westpac has publicly stated that it will defer repayments on credit cards for COVID-19 affected customers (Westpac Freezes Credit Card Charges for COVID-19 hit customers, The Age, 24 April 2020). Therefore, can you please advise:

 (a) What processes do you have in place to identify credit card customers who have been impacted by the COVID-19 pandemic?

 (b) How many credit card customers have requested deferrals of repayments related to the COVID-19 pandemic?

 (c) How many credit card customers have you identified as impacted by the COVID 19 pandemic?

 (d) For those credit card customers that you have identified as impacted by the COVID-19 pandemic:

(i) What is the accumulated value of the credit card debt?

 (ii) What is the average value of the credit card debt?

 (iii) What is the accumulated value of the credit card limit?

 (iv) What is the average value of the credit card limit?

 (v) What is the accumulated value of the credit card monthly repayments?

 (vi) What is the average value of the credit card monthly repayments?

(e) What deferral options are available for credit card customers that you have identified as impacted by the COVID-19 pandemic?

(i) If none, do you intend on doing so?

Written  (30 June 2020)
 (PDF653KB)

 

Judo Bank

Q No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

JUD01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(16 June 2020)
(PDF109KB)

JUD01QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (16 June 2020)
(PDF105KB)

 

 

Laboratories Credit Union

Q No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

LCU01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(9 June 2020)
(PDF72KB)

LCU02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (9 June 2020)
(PDF87KB)

 

Lumi

Q No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

LUM01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(12 June 2020)
(PDF320KB)

LUM02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (12 June 2020)
(PDF87KB)

 

Macquarie Group

Q No. Member Question Hansard page
and Hearing date or Written questions
Response
MQB01QW Wilson

A copy of the bank’s payment term policy or policies.

Written

(PDF8KB)

Attachment 1
(PDF1,104KB)  

Attachment 2
(PDF1,326KB)

MQB02QW Wilson

With reference to the bank’s payment term policy or policies that the bank applies to its suppliers of goods and services, and customers of its goods and services:

(a) whether they are consistent between the purchase and sale of goods and services?

(b) in reference to (a), if not, why not?

(c) in reference to (a), if not, will the bank bring them into consistency?

Written (PDF15KB)
MQB03QW Wilson

A copy of the valuation policies that the bank applies to:

(a) infrastructure investments.

(b) large commercial investments or like commercial investments, including definitions that lead to their classification as a large commercial or like commercial investments

Written

(PDF8KB)

 

Attachment
(PDF140KB)

MQB04QW Wilson

Whether the valuations on infrastructure investments finances by the bank are:

(a) independently completed?

(b) whether they are completed and/or reviewed annually?

(c) in reference to (b), if they are reviewed by whom?

(d) in reference to (b), if not annually, how often, the trigger, and the average timeframe between review?

Written (PDF15KB)
MQB05QW Wilson

Whether the valuations on large commercial investments or like large commercial investments financed by the bank are:

(a) independently completed?

(b) whether they are completed and/or reviewed annually?

(c) in reference to (b), if they are reviewed by whom?

(d) in reference to (b), if not annually, how often, the trigger, and the average timeframe between review?

Written (PDF8KB)
MQB06QW Wilson A copy of the bank’s model litigant standards applied to legal proceedings. Written (PDF13KB)
MQB07QW Wilson How many class actions are you currently facing, and can you please provide a summary of each case brought against the bank? Written (PDF8KB)

 

MasterCard

Correspondence from Mr Rich Wormald, Division President, Australasia, MasterCard, dated 3 July 2020 (PDF152KB)

 

ME Bank

See also Superannuation documents for ME Bank responses

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

MEB01QW Wilson

Westpac has publicly stated that it will defer repayments on credit cards for COVID-19 affected customers (Westpac Freezes Credit Card Charges for COVID-19 hit customers, The Age, 24 April 2020). Therefore, can you please advise:


(a) What processes do you have in place to identify credit card customers who have been impacted by the COVID-19 pandemic?

(b) How many credit card customers have requested deferrals of repayments related to the COVID-19 pandemic?

(c) How many credit card customers have you identified as impacted by the COVID 19 pandemic?

(d) For those credit card customers that you have identified as impacted by the COVID-19 pandemic:


(i) What is the accumulated value of the credit card debt?

(ii) What is the average value of the credit card debt?

(iii) What is the accumulated value of the credit card limit?

(iv) What is the average value of the credit card limit?

(v) What is the accumulated value of the credit card monthly repayments?

(vi) What is the average value of the credit card monthly repayments?


(e) What deferral options are available for credit card customers that you have identified as impacted by the COVID-19 pandemic?

(i) If none, do you intend on doing so?

Written

(16 June 2020)
(PDF39KB)

MEB02QW Wilson Does ME Bank provide any financial products to related parties, and if so, which related parties?
Written (9 July 2020)
(PDF59KB)
MEB03QW Wilson

For each year of the past decade, please provide:

(a) ME Bank’s return on equity.

(b) Number of ME Bank customers.

(c) Number of mortgages ME Bank had on issue on 30 June.

Written (9 July 2020)
(PDF55KB)
MEB04QW Wilson In reference to Question in Writing ME12QW, ME Bank responded that it had 'Personal Loans – 22 accounts’ and that ‘All 22 Personal Loans have been established as a result of isolated operational errors, or as part of a collections management strategy’. Therefore please complete the table on the next page for all 22 loans. Written (9 July 2020)
(PDF94KB)

 

Moula Money

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

MOU01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(12 June 2020)
(PDF72KB)

MOU02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (12 June 2020)
(PDF69KB)

 

MyState Bank Limited

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

MSB01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(12 June 2020)
(PDF120KB)

MSB02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (12 June 2020)
(PDF70KB)

 

People's Choice Credit Union

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

PPC01QW Wilson

Westpac has publicly stated that it will defer repayments on credit cards for COVID-19 affected customers (Westpac Freezes Credit Card Charges for COVID-19 hit customers, The Age, 24 April 2020). Therefore, can you please advise:

(a) What processes do you have in place to identify credit card customers who have been impacted by the COVID-19 pandemic?

(b) How many credit card customers have requested deferrals of repayments related to the COVID-19 pandemic?

(c) How many credit card customers have you identified as impacted by the COVID 19 pandemic?

(d) For those credit card customers that you have identified as impacted by the COVID-19 pandemic:

(i) What is the accumulated value of the credit card debt?

(ii) What is the average value of the credit card debt?

(iii) What is the accumulated value of the credit card limit?

(iv) What is the average value of the credit card limit?

(v) What is the accumulated value of the credit card monthly repayments?

(vi) What is the average value of the credit card monthly repayments?

(e) What deferral options are available for credit card customers that you have identified as impacted by the COVID-19 pandemic?

(i) If none, do you intend on doing so?

Written

(30 June 2020)
(PDF220KB)

 

P&N Bank

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

PNB01QW Wilson

Westpac has publicly stated that it will defer repayments on credit cards for COVID-19 affected customers (Westpac Freezes Credit Card Charges for COVID-19 hit customers, The Age, 24 April 2020). Therefore, can you please advise:

(a) What processes do you have in place to identify credit card customers who have been impacted by the COVID-19 pandemic?

(b) How many credit card customers have requested deferrals of repayments related to the COVID-19 pandemic?

(c) How many credit card customers have you identified as impacted by the COVID 19 pandemic?

(d) For those credit card customers that you have identified as impacted by the COVID-19 pandemic:

(i) What is the accumulated value of the credit card debt?

(ii) What is the average value of the credit card debt?

(iii) What is the accumulated value of the credit card limit?

(iv) What is the average value of the credit card limit?

(v) What is the accumulated value of the credit card monthly repayments?

(vi) What is the average value of the credit card monthly repayments?

(e) What deferral options are available for credit card customers that you have identified as impacted by the COVID-19 pandemic?

(i) If none, do you intend on doing so?

Written

(23 June 2020)
(PDF31KB)

 

Queensland Country Bank

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

QCB01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(18 August 2020)
(PDF103KB)

QCB02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (18 August 2020)
(PDF100KB)

 

South West Credit Union

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

SWC01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(18 August 2020)
(PDF75KB)

SWC02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (18 August 2020)
(PDF84KB)

 

Spotcap

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

SPO01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(16 June 2020)
(PDF109KB)

SPO02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (16 June 2020)
(PDF87KB)

 

Summerland Credit Union

No. Member Question Hansard page
and Hearing date
or Written questions

Response

(Publication date)

SUM01QW
Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(16 June 2020)
(PDF89KB)

SUM02QW Leigh

In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.

Written (16 June 2020)
(PDF116KB)

 

Suncorp

Mr David Carter, CEO of Banking and Wealth, Suncorp, Statement from Bank of Queensland, Bendigo and Adelaide Bank, and Suncorp, ‘Statement from Regional Bank CEOs’, tabled 29 November 2019 (PDF145KB)


Q No. Member Question Hansard page
and Hearing date
or Written questions
Response          
SCB01QW Wilson

A copy of the bank’s payment term policy or policies.

Written

(PDF52KB)

 

Attachment
(PDF107KB)

SCB02QW Wilson

With reference to the bank’s payment term policy or policies that the bank applies to its suppliers of goods and services, and customers of its goods and services:

(a) whether they are consistent between the purchase and sale of goods and services?

(b) in reference to (a), if not, why not?

(c) in reference to (a), if not, will the bank bring them into consistency?

Written

(PDF55KB)

SCB03QW Wilson

A copy of the valuation policies that the bank applies to:

(a) infrastructure investments.

(b) large commercial investments or like commercial investments, including definitions that lead to their classification as a large commercial or like commercial investments

Written

(PDF53KB)

 

Attachment
(PDF264KB)

SCB04QW Wilson

Whether the valuations on infrastructure investments finances by the bank are:

(a) independently completed?

(b) whether they are completed and/or reviewed annually?

(c) in reference to (b), if they are reviewed by whom?

(d) in reference to (b), if not annually, how often, the trigger, and the average timeframe between review?

Written (PDF50KB)
SCB05QW Wilson

Whether the valuations on large commercial investments or like large commercial investments financed by the bank are:

(a) independently completed?

(b) whether they are completed and/or reviewed annually?

(c) in reference to (b), if they are reviewed by whom?

(d) in reference to (b), if not annually, how often, the trigger, and the average timeframe between review?

Written (PDF61KB)
SCB06QW Wilson A copy of the bank’s model litigant standards applied to legal proceedings. Written (PDF51KB)
SCB07QW Wilson How many class actions are you currently facing, and can you please provide a summary of each case brought against the bank? Written  (PDF49KB)
SCB08QON Mulino

Dr MULINO: Thank you for coming in to give evidence today. Are you participating in the Australian Business Growth Fund?

Mr Carter: We've certainly inquired of the Business Growth Fund. The specific answer is that we're not at this moment …

Dr MULINO: You might need to take this on notice: were you asked to participate?

Mr Carter: I'd need to take that on notice

Hansard p. 49

29 November 2019

(PDF54KB)
SCB09QON Mulino

Dr MULINO: Thanks. Of the 2½ thousand staff, how many are involved in AML and CTF fraud and how many are involved in risk more broadly?

Mr Carter: All of those activities are, firstly, the responsibility of all of our staff at the front line, because that's where we spot a lot of activity. I have 45 resources dedicated to fraud, financial crime, AML and CTF who are supporting us, excluding the technology teams. That's part of a group infrastructure and security capability which deals with cybercrime and financial crime, and they also run the infrastructure. I could provide back to the committee the number of technology staff.

Hansard p. 49

29 November 2019

(PDF57KB)
SCB10QON Mulino

Dr MULINO: … It would be interesting to see some summaries of the benchmarking, particularly pre and post and the extent to which you can attribute any improvement in any particular areas to specific process changes.

Mr Carter: … I'd be happy to share back with the committee some of those examples.

Hansard p. 50

29 November 2019

(PDF114KB)
SCB11QON Leigh

Dr LEIGH: Dr Mulino raised the issue of the banning of unfair contract terms, which ensures that insurance companies can't deny claims based on unfair terms in insurance contracts. The Insurance Council of Australia, of which Suncorp is a member, has been actively lobbying against those reforms. Do you support the Insurance Council's position?

Mr Carter: I'm running the bank and the wealth business. I'm not intimately involved in the insurance business. I'd be happy on behalf of Suncorp, though, to take that question on notice and respond.

Hansard p. 51

29 November 2019

(PDF57KB)
SCB12QON Wilson

CHAIR: Can I ask a somewhat crude question—I get a merchant service from Suncorp: what is the default setting that it has?

Mr Carter: I'd need to come back to you with a bit more explanation of how it works and how people choose it, but my understanding is that merchants are just finding it complex to understand how they have a conversation with their customers and explain to the customer why they should choose a different route. I'd be happy to provide the committee with a bit more detail behind it.

CHAIR: I find it a bit odd because, if you're providing a merchant service, it offers low-cost routing; if it isn't offering low-cost routing as a default, it's offering something else as a default setting. What is that? Why, if you want uptake, don't you just offer it as the default?

Mr Carter: I need to come back to you. If we can solve it, we'd be very happy too.

Hansard p. 56

29 November 2019

(PDF58KB)
SCB13QW Wilson

Anti-money laundering:

(e) How frequently have you reported to AUSTRAC on a scheduled basis over the past decade?

(g) Over the past decade, how many AUSTRAC investigations into the bank have been:

(i) opened

(ii) completed with penalties

(iii) completed without penalties

(iv) abandoned

 

(h) How many fines have been paid to AUSTRAC over the past decade, and what were their values?

(i) Have any AUSTRAC notifications or investigations resulted in terminations of employment or other penalties for employees?

(j) Have any AUSTRAC notifications or investigations resulted in terminations of employment or other penalties for executives?

(k) What staff training is provided to assist anti-money laundering and other serious crime detection?

Written (PDF290KB)
SCB14QW Wilson Merchant facilities and low cost routing:

(b) Would your small and medium business customers save money if they moved to low cost routing, and if so, do you actively encourage customers to switch?

(c) If so, how do you encourage small and medium business customers to switch to low cost routing?

(d) Do you think all small and medium business customers should be on low cost routing?

(e) What are the fee structures for different merchant services available, including low cost routing options?
Written (PDF72KB)
SCB15QW Wilson Interest rates:

(a) Regarding principal and interest mortgages, for the last three rate cuts what was the rate cuts provided, and what was the aggregate dollar value reduction in interest repayments compared to each previous month?

(b) Regarding interest-only mortgages, for the last three rate cuts what was the rate cuts provided, and what was the aggregate dollar value reduction in interest repayments compared to each previous month?

(c) Regarding interest-bearing deposits, for the last three rate cuts what was the rate cuts provided, and what was the aggregate dollar value reduction in interest repayments compared to each previous month?
Written (PDF124KB)
SCB16QW Wilson Terminations for misconduct:

(a) How many employees does the bank have?

(b) How do you define employee misconduct?

(c) How many employees have been cautioned for misconduct over the past five years?

(d) How many employees have had a penalty (such as, but not limited to, loss of bonus) for misconduct over the past five years?

(e) How many employees have been terminated for misconduct over the past five years?

(f) How many employees have been cautioned for misconduct over the past five years, as a share of all employees over that timeframe?

(g) How many employees have had a penalty (such as, but not limited to, loss of bonus) for misconduct over the past five years, as a share of all employees over that timeframe?

(h) How many employees have been terminated for misconduct over the past five years, as a share of all employees over that timeframe?

(i) What are the processes available for whistle-blowers into misconduct within the bank?
Written (PDF150KB)
SCB17QW Wilson Of the twenty highest remunerated employees over the past decade, please provide the number whose total remuneration in a financial year (including all forms of remuneration, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF62KB)
SCB18QW Wilson Of the twenty highest incentive bonuses paid over the past decade, please provide the number that fall within these brackets? Written (PDF61KB)
SCB19QW Wilson Of the twenty highest performance bonuses paid over the past decade, please provide the number that fall within these brackets? Written (PDF61KB)
SCB20QW Wilson Of the twenty highest severance packages over the past decade, please provide the number whose total package (including all forms of accumulated severance package, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written Response provided in SCB22QW ‘as [Suncorp’s] systems do not distinguish between payments for severance, termination, or redundancy’
SCB21QW Wilson Of the twenty highest termination payments over the past decade, please provide the number whose total package (including all forms of accumulated termination package, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written Response provided in SCB22QW ‘as [Suncorp’s] systems do not distinguish between payments for severance, termination, or redundancy’
SCB22QW Wilson Of the twenty highest redundancy payments over the past decade, please provide the number whose total package (including all forms of accumulated redundancy package, including but not limited to, base salary, regularized and deferred bonuses and incentives including, but not limited to, shares) falls within these brackets? Written (PDF63KB)
SCB23QW Wilson International transfer of funds:

(a) What information does AUSTRAC require for reporting of the international transfer of funds?

(b) What data is required to be input for an international transfer of funds?

(c) What data is required to be input for the verification of an international transfer of funds?

(d) What difference is there between the data required for an international transfer of funds, and a verified international transfer of funds?

(e) What information do you provide to AUSTRAC for reporting of the international transfer of funds?

(f) Do you provide data for verified transactions to AUSTRAC?

(g) Do you provide data for unverified transactions to AUSTRAC?

(h) What difference is there between the data required for an international transfer of funds and the data required for AUSTRAC reporting?

(i) What difference is there between the data required for the verification of an international transfer of funds and the data required for AUSTRAC reporting?
Written (PDF412KB)
SCB24QON Leigh

Dr LEIGH: Given that you, Mr Carter, have a different view from that published in the Financial Review, I wonder if you might undertake to the committee to report back to us as to what is your estimate of the savings to new customers over the life of the loan? And if it were possible to do that in the same format that the Financial Review has done in terms of the additional interest over the life of the loan with, for example, a half million dollar loan and a million dollar loan?

Mr Carter: Yes, I will do that.

Hansard p. 56

29 November 2019

(PDF76KB)
SCB33QW
Wilson For each financial year over the past decade, please outline the number and percentage of first home owner mortgages that:

(a) have a guarantor?

(b) have lenders mortgage insurance?
Written (28 May 2021)
(PDF104KB)
SCB34QW
Wilson For each financial year over the past decade, please outline the number and percentage of first home owner mortgages at your bank that are used for:

(a) building new properties?

(b) purchasing established properties?
Written (28 May 2021)
(PDF109KB)
SCB35QW
Wilson What regulatory changes would be necessary to enable banks to lend to individuals with SMSFs, who are in the retirement phase, to allow them to seek credit for the purchase of assets (such as homes) or to address short-term cash flow issues?
Written
(28 May 2021)
(PDF116KB)
SCB36QW Wilson
At the last round of hearings, a number of the four major banks stated that it would be possible to devise a product that utilises superannuation as a form of security to enable Australians to purchase a first home. To do so, please advise what legislative change your bank believes would be required to enable such a product.
Written
(28 May 2021)
(PDF80KB)
SCB37QW Wilson
Pension Loans Scheme
The Pension Loans Scheme (PLS) is a Government scheme that allows older Australians, who own real estate in Australia, to get a voluntary non-taxable fortnightly loan from the Government to supplement their retirement income.

(a) Do you allow customers to use a property that has an existing mortgage or reverse mortgage with your bank as security for the PLS? If not, why?

(b) Do you allow the Government to lodge a caveat for the PLS against the title of a property that has an existing mortgage or reverse mortgage with your bank? If not, why?
Written
(28 May 2021)
(PDF85KB)
SCB38QW
Wilson

Home loan approval timeframes
For all home loan applications you have received in the quarter ending 31 March 2021 (regardless of whether the application was settled):

(a) What is the average and median time from receipt of application by the bank to final approval, for applications received directly through your branch network?

(b) What is the average and median time from receipt of application by the bank to final approval, for applications received through a mortgage broker?

(c) If there is a difference in average and median time from receipt by the bank to approval for applications received through the branch network compared to the those received through a mortgage broker:

(i) What is the reason for the difference?
(ii) How might this impact the competitiveness of mortgage brokers?
(iii) What is the bank doing to equalise the difference in times?

(d) Is an application received through the branch network processed differently from an application received through a mortgage broker? If so:

(i) What is the reason for the difference?
(ii) Is this difference informed by bank policy? If so, why?

Written
(28 May 2021)
(PDF105KB)

Teachers Mutual Bank

Q No. Member Question Hansard page
and Hearing date or
Written questions

Response

(Publication date)

TMB02QON Mulino Dr. MULINO: I've asked this of all of the banks who have attended today. It's around AML/CTF. It's an area where all banks, small, medium and large, are committed to capacity and resilience, but obviously there are some challenges. Some of the fixed costs involved in dealing with that can be onerous for smaller banks. I'm wondering whether you have any observations on your experiences. I'd be interested in how much you've invested in that and how that's tracking over time and what some of the challenges have been.



Dr MULINO: Would you be able to give us on notice an indication of how much, in broad terms, you're investing in it by, say, headcount and dollars?

Hansard pp. 56-57

1 July 2021

(3 August 2021)
(PDF78KB)

The Capricornian Limited

Q No. Member Question Hansard page
and Hearing date or
Written questions

Response

(Publication date)

CAP01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(16 June 2020)
(PDF92KB)

CAP02QW Leigh In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.
Written (16 June 2020)
(PDF87KB)

 The Mutual Bank

Q No. Member Question Hansard page
and Hearing date or
Written questions

Response

(Publication date)

TMB01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(12 June 2020)
(PDF56KB)

TMB02QW Leigh In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.
Written (12 June 2020)
(PDF54KB)

 

Tyro Payments

Q No. Member Question Hansard page
and Hearing date or
Written questions

Response

(Publication date)

TYR01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(12 June 2020)
(PDF411KB)

TYR02QW Leigh In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.
Written (12 June 2020)
(PDF401KB)
TYR03QW Wilson 

Merchant services and low cost routing:

(a) In terms of your Point of Sale (POS) strategic merchant services:

(i) What is the total number of your POS strategic merchant services customers?

(ii) What is the number small and medium business customers?

(b) What number and share (percentage of total) of your total strategic merchant services customers and the number and share of small and medium business merchant services customers:

(i) Use the Least Cost Routing (LCR) or Merchant Choice Routing (MRC) option for multi-network debit transactions?

(ii) Have a contract for the lowest cost routing option, when including all fees associated with the transaction including interchange and scheme fees?

(c) Is LCR or MCR on multi-network debit transactions offered to all customers as an opt-out option to ensure all get access to savings? If not:

(i) Why?

(ii) Considering that the Reserve Bank of Australia has advocated LCR since 2013, why have you not found a way provide this service and the associated cost savings to all of your merchant services customers?

(iii) Do you believe you are acting in your merchants’ best interests by not passing on possible savings?

(d) Are LCR or MCR services offered on all terminal types for multi-network debit transactions? If not:

(i) Which terminal types do not have LCR or MCR?

(ii) What percentage of your terminal fleet does this represent?

(iii) When do you plan to upgrade those terminal types that do not have LCR or MCR to enable those merchants with those terminal types to access LCR or MCR?

(e) Are LCR or MCR services offered on all pricing plans for multi-network debit transactions? If not:

(i) Which pricing plans do not have LCR or MCR as an option?

(iii) Why?

(f) If you provided all your strategic and small and medium business POS merchant services customers access to the lowest cost scheme on all multi-network debit transactions, what would the savings be for:

(i) Your strategic merchants customers?

(g) If you passed on at POS the lowest cost per transaction via dynamic routing to your merchants, based upon current and eftpos 1 July 2020 pricing, what would the savings be for:

(i) Your strategic merchants customers?

(h) Are any additional fees or charges, such as terminal rental, added or increased for small and medium business merchant customers who elect to implement LCR or MCR?

(i) If so, why?

(ii) Do you increase the average eftpos transaction fee for customers who choose to use LCR or MCR compared to other plans? Why?

(iii) Does a customer’s choice to use LCR or MCR for debit transactions impact the fees you charge for credit transactions for any of your merchant customers? Why?

Written  (9 July 2020)
(PDF449KB)
TYR04QW Wilson  Acquiring merchant facilities:

(c) Please outline the schemes that provide debit card payments services currently contracted by the bank, including:

(i) The name of the card payments service provider.

(ii) The length of their current contract.

(iii) How far through the contract the bank currently is.

(iv) How much of the contract remains.

(v) Whether the contract involves the provision of card payments with debit, credit or other products.

(vi) Whether the contract applies incentive payment arrangements based on volume of processed transactions or other performance criteria per payment type or as an aggregate volume.

(vii) Details of the ‘profit’ or ‘premium’ charged to the business between the cost of the transaction fees charged to the acquiring bank by various schemes, and the transaction fees charged to small and medium business customers by the acquiring bank, including interchange, scheme fees, acquirer margin and terminal rental.
 
Written  (9 July 2020)
(PDF402KB)
TYR06QW Wilson  Eftpos:

(c) Have you turned on at least the low risk transactions such as card on file and D&W that were technically available in 2018? If not, why?

(d) Do you believe turning on digital for eftpos will create more price competition and place issuer income at risk? If so, is this one of the reasons you have been slow to launch eftpos digital? 
Written  (9 July 2020)
(PDF418KB)

 

Unity Bank

Q No. Member Question Hansard page
and Hearing date or
Written questions

Response

(Publication date)

UBA01QW Leigh

Implementation of Coronavirus SME Guarantee Scheme:

(a) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received in total?

(b) How many credit arrangements has your organisation approved through the Coronavirus SME Guarantee Scheme?

(c) In relation to the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities and not-for-profit entities?

(d) How many credit arrangements for charities and not-for-profit entities has your organisation approved through the Coronavirus SME Guarantee Scheme?

(e) In relation to applications for credit under the Coronavirus SME Guarantee Scheme, how many requests for credit has your organisation received from charities registered with the ACNC?

(f) How many credit arrangements for charities registered with the ACNC has your organisation approved through the Coronavirus SME Guarantee Scheme?

Written

(5 June 2020)
(PDF73KB)

UBA02QW Leigh In the months of March, April and May 2020—how many overdrafts or similar short term credit arrangements (other than those initiated through the Coronavirus SME Guarantee Scheme) has your organisation set up with each of the following overlapping populations:

(a) charities and not-for-profit entities;

(b) ACNC registered charities; and

(c) SMEs.
Written (5 June 2020)
(PDF70KB)
UBA03QON
Wilson CHAIR: Could you get back to us on notice in terms of how much you spend on cybersecurity and how much that's costing the bank—in the last financial year, just to give us an indication, and, if you can give us numbers for the past couple of years, that would be good to give us an idea of tracking and the consequences of that.

Hansard p. 60

1 July 2021

(3 August 2021)
(PDF99KB)
UBA04QON
Mulino Dr MULINO: I just want to follow up on a couple of the chair's questions on AMLCTF. It was interesting that you've had one face-to-face visit, and it is good to see the regulator visiting to discuss some of your capabilities. I just had a question around how much you've invested in recent times in AMLCTF and what the trend is there.
...
Dr. MULINO: Taking this on notice is fine. Would you be able to provide a bit of a sense of how much investment you put in by dollar and head count and how that's trended?

Hansard pp. 61-62

1 July 2021

(3 August 2021)
(PDF106KB)

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