Banks 'crying poor': Ryan
By
Adam Smith
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22/02/2012 4:30:00 AM
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Intouch Finance CEO Paul Ryan has accused the major banks of peddling a "sob story".
The majors have been unanimous in their claims of margin pressures arising from swelling funding costs. But Ryan has rubbished the claims, accusing the banks of "spin".
"The banks are riding high at the moment, enjoying record profits, market leading returns on equity and lavish remuneration packages for their management team, yet they continue to cry poor," he said.
Ryan said he welcomed backlash from the government and media over the banks' recent out-of-cycle rate hikes. He urged consumers to "hold the banks accountable".
"In the last two weeks we’ve seen an increase in rates coupled with the announcement of major job losses. I want consumers to know that there are other options and smaller lenders who are offering cheaper rates and make service an absolute priority of their business," he said.
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