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First full-year loss by an Australian bank in 20 years

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Australian Broker | 08 Oct 2012, 06:00 AM Agree 0
One lender will become the first to post a full-year loss in 20 years, which it blames on a struggling property market
  • Coast Broker | 08 Oct 2012, 10:25 AM Agree 0
    Well maybe if the Bank of Queensland played in the Broker Market their loss would be less.
  • Brian Broker | 08 Oct 2012, 10:55 AM Agree 0
    I don't think they should be blaming the property market. They are renowned in South East Qld for over-valuing properties and lending when other banks will not. Relying on only their own resources rather than remaining in the broker market will also have limited their access to the full range of borrowers available. If their invovement with Storm Financial is any indication you can see the quality of the business they attracted.
  • Dean | 08 Oct 2012, 11:00 AM Agree 0
    BoQ were very early to ANNOUNCE it will pass on 20 bpts of the the RBA rate cut but it is not EFFECTIVE Friday 19 October. BoQ standard variable rate will then be 6.71% and still one of the most expensive in the market.
  • Phil in Finance | 08 Oct 2012, 11:26 AM Agree 0
    From what I've seen, their franchised branches had some way of by-passing normal bank credit standards for some clients, which included developers in Victoria. The high loss provisioning does not surprise me at all. Inmy opinion, they should have stayed with brokers and kept away from selling franchises as this could well be the source of a lot of issues.
  • Dave | 08 Oct 2012, 11:30 AM Agree 0
    I wonder if they still dealt with quality brokers, maybe they would have more exposure to the rest of the country...with a little more income perhaps?
  • Frank Ramsey | 08 Oct 2012, 04:11 PM Agree 0
    There should be a claw-back on bonuses paid to the executives (including those who have now retired)
  • Melbbroker | 08 Oct 2012, 05:53 PM Agree 0
    Had a commercial client that said he had no option but to leave me as BOQ was offering before rates were reduced 6% LOC against commercial property. I told my client to take a walk if he was to beleive such rubbish. Client is now calling me to arrange the finance as BOQ is not returning any calls.
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