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Bank profits to be minimally affected by low rates

Print While low interest rates are having a negative effect on saving rates, the Reserve Bank of Australia (RBA) has indicated Australian banks will feel less of an impact than other global banks. Rates were cut from 0.5% to 0.25% in March and then to 0.1% in October, a record low for the country, and it was expected they would be held at this rate for several years. However, a small impact on profits would be a positive for income investors who relied on dividends paid by the big four banks. In a speech by RBA head of financial stability, Jonathan Kearns, at the Australian Finance and Banking conference, he said banks had little interest rate risk and would likely be less affected than their peers. Other countries such as the UK and the US had held rates are low levels for several years prior to this crisis.

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Why ASX banks are licking their lips right now

Why ASX banks are licking their lips right now Tony Yoo | December 16, 2020 8:56am | More on: Image source: Getty Images Despite near-zero interest rates, the big ASX-listed banks have some excellent news to see in the new year. Evidence from multiple sources is showing that the housing market is heating up for a massive post-COVID surge. “It seems likely that residential property transactions will increase by a quarter in 2021 as, in addition to homebuyers, we’re now seeing property investors also returning to the fold lured by the prospect of neutral-to-positively geared investments,” said BuyersBuyers.com.au chief operating officer Pete Wargent.

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RBA s Kearns: Australian banks better prepared for crisis than in 2008

Dec 15, 2020 01:57 GMTFXStreet News Australian banks are better prepared to deal with an economic downturn than they were prior to the 2008/09 global financial crisis, with much higher holdings of liquid assets, Jonathan Kearns, Head of Financial Stability at the Reserve Bank of Australia (RBA) said on Tuesday in a speech to an online banking event. “Banks are well capitalised,” he said The average Tier-1 capital ratio for Australian banks has nearly doubled since 2007 to almost 14% now, Kearns noted “Importantly they have large buffers which are there to be used, not preserved, and will enable them to continue lending and supporting their customers, and so the economic recovery.”

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Australian banks better prepared for crisis than in 2008: RBA

Australian banks better prepared for crisis than in 2008: RBA
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Australia s banks are well placed to weather Covid crisis, RBA says

Jonathan Kearns, the head of financial stability at the reserve bank, gave Australia’s banking system a health check in a virtual address to the Australasian finance and banking conference on Tuesday. Kearns said the resilience of banks in the second global recession in little more than a decade was “the result of the wholesale reform of bank regulations that followed the GFC and unprecedented policy actions taken this year by central banks and fiscal authorities”. For the most part, Kearns said, Australian banks had weathered the crisis. Low interest rates meant banks could expect lower profits, but the RBA expected banks would remain profitable, with customers who had asked for loan deferrals already resuming payments.

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