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Banks

Bank capital matters more than liquidity

September 11, 2021 by Jonathan Rochford

Capital versus liquidity

APRA’s changes to liquidity requirements will improvement bank liquidity but won’t stop the need for government assistance during crises

Filed Under: Banks Tagged With: Capital, Capital vs Liquidity, Liquidity

Evidence of excess liquidity is everywhere

June 14, 2021 by Jonathan Rochford

Evidence of excess liquidity is everywhere

Central banks are repeatedly replenishing the punch bowl when the guests are already trashing the venue

Filed Under: Banks Tagged With: Excess Liquidity

It’s (almost) all about the yield

February 13, 2021 by Jonathan Rochford

It’s (almost) all about the yield

If central banks take away the metaphorical punch bowl, the party would quickly become a riot with asset prices trashed

Filed Under: Banks Tagged With: Central Banks, Punch Bowl, Yield

The end finally appears near for NABHA holders

October 10, 2020 by Jonathan Rochford

NABHA

The announcement that NAB is preparing to call NABHA securities is good news for holders, but it is a reminder of common myths about hybrids

Filed Under: Banks Tagged With: NAB, NABHA, NABHA securities

A double win for the major banks

October 3, 2020 by Jonathan Rochford

Double win for big banks

The Federal Government has handed the Australian major banks two big wins over their non-bank competitors

Filed Under: Banks Tagged With: Banks Big WIn, Double Win, Responsible Lending

Central Banks Spawned this Crisis

March 21, 2020 by Jonathan Rochford

Central Banks Spawned This Crisis

From 2012-2019 central banks should have been unwinding stimulus, but instead they increased it and created a bubble in financial markets and the economy.

Filed Under: Banks Tagged With: Central Banks, Crisis

A Virtue Signalling Rate Cut

March 4, 2020 by Jonathan Rochford

Virtue Signalling Rate Cut

The RBA’s decision to cut rates on March 4th seems more about appearances than cold economic logic.

Filed Under: Banks Tagged With: Rate Cut

There’s No Good Case for October’s Rate Cut

October 2, 2019 by Jonathan Rochford

The RBA cut the Cash Rate on October 1st, but it has again failed to put forward a decent argument for why another cut is required.

Filed Under: Banks Tagged With: Rate Cut

The Dumb Money is Buying Bank Hybrids

September 27, 2019 by Jonathan Rochford

Confused man with bag over his head

The retail buyer base for bank hybrids is taking far more risk to get the same return as institutions buying AAA rated Australian RMBS

Filed Under: Banks Tagged With: Bank Hybrid, Dumb Money, Smart Money

Central Banks are Fighting Economic Fundamentals

August 29, 2019 by Jonathan Rochford

A guys fist clenched ready to punch

Central banks are using a monetary policy hammer when economies need a screwdriver. Here’s what they should do instead.

Filed Under: Banks Tagged With: Central Banks, Fighting

Bank Hybrids are a Screaming Sell

July 28, 2019 by Jonathan Rochford

Bank hybrids

For bank hybrid investors, there are some obvious alternatives that are both lower risk and have higher expected returns

Filed Under: Banks Tagged With: Bank Hybrid, Capital Types

The RBA Has Lost Its Way

June 26, 2019 by Jonathan Rochford

RBA Has Lost Its Way

The RBA is ignoring the mounting evidence of the damage caused by low interest rates and the counterproductive outcomes from its actions.

Filed Under: Banks

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