ABA slams Greens' claim of bank gouging

by Mackenzie McCarty11 Mar 2013
“By limiting the levy to those big four banks that are truly ‘too big to fail’, the levy won’t be passed on to consumers as the big banks will face competition from smaller banks who aren’t paying the levy.”

Brandt says It’s time, however, for the big four banks to pay a ‘fair contribution’ for the public support they receive.

“The big banks get a discount on their wholesale funding because of the ‘too-big-to-fail’ policy of the government. If they went to the wall the taxpayer would bail them out, which means the big four get cheaper funds than their competitors, so the taxpayer should get a fair return for this de facto contribution to big bank profits.”

“The big four banks,” he says “are taking all of the profits while the taxpayers are wearing all of the risk.”

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  • by Positive Broker 11/03/2013 10:46:38 AM

    Welcome to cuckoo land. Increased taxes will not benefit anyone. Garry Driscoll, has it right, address the funding issues being faced by smaller lenders.

  • by LYNNE 11/03/2013 2:25:26 PM

    These GREENS are a bunch of idiots,
    They have way out ideas voted on by minority groups that they try to force on the rest of us, but they do not consider the roll on consequences of their actions.
    Bit like the Labor Govt really!!!