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Banks rush TFF funding as deadline looms
Banks rush TFF funding as deadline looms
10 June 2021 5:49AM
Australian banks are making a late dash for billions in money from the Reserve Bank’s Term Funding Facility before the scheme closes at the end of the month.
RBA assistant governor Christopher Kent revealed on Wednesday that banks had drawn A$145 billion from the TFF since the scheme was launched in April last year.
Kent’s disclosure is significant because it indicates there was a flurry of funding activity over the last week as eligible banks finalised claims to their remaining allocations under the scheme.
RBA pouring fuel on the property boom
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The Reserve Bankâs decision to end a special cheap funding facility for banks is effectively creating a rush to lend, fuelling Australiaâs property boom.
Australiaâs banks are eligible to access around $190 billion of cheap three-year funding from the RBAâs Term Funding Facility, but they must access it all by the end of June.
The end of the RBAâs cheap bank funding facility could mean a faster but shorter property boom.Â
So far, $97.9 billion has been drawn, leaving roughly $10 billion a week of fresh funding for banks to bite off and digest through cheaper short-term home loans.
Sheahan: Farmers can turn change into advantage
Dairy Business Association
GREEN BAY – Peter Sheahan is an expert when it comes to taking advantage of business trends and new market opportunities.
Those opportunities are available even when times are uncertain, and maybe even more so, the best-selling author and global consultant to companies like Microsoft and Goldman Sachs insists.
Sheahan encouraged attendees at the Dairy Business Association’s virtual Dairy Strong conference to take action to achieve their business goals in today’s world of market volatility, distrust among customers and ever-changing requirements. What we believe and what we think are the first things to change if we want to grow in uncertain times, turn challenges into opportunity and change into a competitive advantage, Sheahan said.
Judo plans hefty TFF drawdown
Judo plans hefty TFF drawdown
03 February 2021 5:08AM
Judo Bank is set to make a large drawdown on the Reserve Bank’s Term Funding Facility after more than doubling the size of its business lending book in the 12 months to the end of January 2021.
While the access criteria for the TFF have disadvantaged start-up retail banks such 86 400 and Volt Bank in the last year, the special funding allowances afforded to business lenders by the facility are set to deliver oodles of cheap funding to Judo.
ADIs engaged in business lending are eligible for additional TFF funding at around five times the value of net new SME lending written in the 12 months to the end of January.