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  Reply # 2117785 1-Nov-2018 12:15
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sbiddle:

 

It's a fairly solid ROE that is certainly not excessive, and pretty much in line with best case for a bank.

 

It certainly puts them in a good position to weather the next financial collapse if/when that does happen.

 

I'm interested by know why you think it's corporate greed - what is the basis for that? and what data is the comment based on? Or is purely because it's a large amount of money?

 

 

 

 

I'm going to bet they will have their hands out for a handout, when things get tough. 

 

The financial sector got away with murder during the last GFC's.


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  Reply # 2117786 1-Nov-2018 12:18
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I don’t understand this.

They could make 10 billion dollars profit, I wouldn’t care unless I felt ripped off, and no different to going else where.

Where are they ripping people off?, which charges.

If not getting enough interest, just put money else where, if mortgage terms are not good, shop around, I always been happy with all the deals I’ve got from banks, and lately fees seem to be coming down e.g using another banks ATM.

 
 
 
 


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  Reply # 2117796 1-Nov-2018 12:37
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rugrat: I don’t understand this.

They could make 10 billion dollars profit, I wouldn’t care unless I felt ripped off, and no different to going else where.

Where are they ripping people off?, which charges.

If not getting enough interest, just put money else where, if mortgage terms are not good, shop around, I always been happy with all the deals I’ve got from banks, and lately fees seem to be coming down e.g using another banks ATM.

 

Banks (and other companies) go out of their to make sure their customers don't feel ripped off, even (especially?) when they *are* being ripped off.

 

One of the ways that they rip people off is to fix fees amongst themselves, so that no matter how much you shop around, you will inevitably be ripped off by one of them.

 

Because anonymous shareholding frees shareholders from any censure on the way that they make their money, there need to be laws and regulation to control the behaviour of companies.

 

 


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  Reply # 2117799 1-Nov-2018 12:45
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frankv:

 

rugrat: I don’t understand this.

They could make 10 billion dollars profit, I wouldn’t care unless I felt ripped off, and no different to going else where.

Where are they ripping people off?, which charges.

If not getting enough interest, just put money else where, if mortgage terms are not good, shop around, I always been happy with all the deals I’ve got from banks, and lately fees seem to be coming down e.g using another banks ATM.

 

Banks (and other companies) go out of their to make sure their customers don't feel ripped off, even (especially?) when they *are* being ripped off.

 

One of the ways that they rip people off is to fix fees amongst themselves, so that no matter how much you shop around, you will inevitably be ripped off by one of them.

 

Because anonymous shareholding frees shareholders from any censure on the way that they make their money, there need to be laws and regulation to control the behaviour of companies.

 

 

 

 

And the banking regulators are complicit in this behavior?  Because they dont care about either the behaviour or the end consumers?  And the governments know this goes on but dont ensure that the regulatory authorities dont try to control the behaviour?


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  Reply # 2117801 1-Nov-2018 12:46
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I am sure this would be considered to be "the bad old days" but I recall my sister having SO much misery with fees and ANZ. As a beneficiary she often had trouble managing her balances and ANZ were MERCILESS with their treatment of her. A $5 overdraw on her account would result in $30 in fee's and they treated her like garbage. She was supposed to be on a fee free account, but each month random charges would appear on her statement (Just to be clear, not overdrawn fees), and my wife and I would query them, and they weren't able to explain why they were there, and would with some reluctance remove them. Would often take 30 minutes on the phone.

 

In the end her fees caused so much misery we funded her over to another bank. This after meeting with a bank manager with my sister with us, to explain the impact of the problem and his reassurance they would fix it, to have continued issues with no fix).

 

Yes, I do understand people need to be responsible for their own situations, but when you have no money, margin for error is very thin. She would often struggle for enough money for the basics, having an extra $30 in fees was a major issue, then predatory interest as well. 

 

I do consider these profits to be slightly obscene. I support companies making health profits. These seem quite high though.


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  Reply # 2117804 1-Nov-2018 12:48
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networkn:

 

sbiddle:

 

It's a fairly solid ROE that is certainly not excessive, and pretty much in line with best case for a bank.

 

It certainly puts them in a good position to weather the next financial collapse if/when that does happen.

 

I'm interested by know why you think it's corporate greed - what is the basis for that? and what data is the comment based on? Or is purely because it's a large amount of money?

 

 

 

 

I'm going to bet they will have their hands out for a handout, when things get tough. 

 

The financial sector got away with murder during the last GFC's.

 

 

 

 

The Australian banks didn't last time and its highly unlikely they'll need help when the next crisis hit.  These are Australian banks, not European banks or NZ finance companies.

 

In fact last time their strength was a major asset to the NZ and Australian economies and indisputably helped us not to slide into recession.  

 

PS, the gross dividend yield for an ANZ shareholder is around 7%.  Investors in Hallensteins and Briscoes actually get a bigger return.  

 

Honestly, New Zealanders and "profit".  Funny.  

 

 


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  Reply # 2117805 1-Nov-2018 12:51
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Bobdn:

 

The Australian banks didn't last time and its highly unlikely they'll need help when the next crisis hit.  These are Australian banks, not European banks or NZ finance companies.

 

In fact last time their strength was a major asset to the NZ and Australian economies and indisputably helped us not to slide into recession.  

 

 

Companies who had record profits not long before the GFC were the first to have their hands out during the crisis. 

 

I understand the Aussie banks didn't last time, but I don't think for a second, if they felt they needed it, they would hestitate. 

 

I hope they don't need a handout, but I wouldn't be surprised if they did.

 

 

 

 


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  Reply # 2117806 1-Nov-2018 12:52
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Bobdn:

 

networkn:

 

sbiddle:

 

It's a fairly solid ROE that is certainly not excessive, and pretty much in line with best case for a bank.

 

It certainly puts them in a good position to weather the next financial collapse if/when that does happen.

 

I'm interested by know why you think it's corporate greed - what is the basis for that? and what data is the comment based on? Or is purely because it's a large amount of money?

 

 

 

 

I'm going to bet they will have their hands out for a handout, when things get tough. 

 

The financial sector got away with murder during the last GFC's.

 

 

 

 

The Australian banks didn't last time and its highly unlikely they'll need help when the next crisis hit.  These are Australian banks, not European banks or NZ finance companies.

 

In fact last time their strength was a major asset to the NZ and Australian economies and indisputably helped us not to slide into recession.  

 

 

 

 

Not quite true.  Some of the Aussie banks required US Fed support during the crisis - and required RBA intervention and guarantee to ensure that they had lines of credit for outstanding USD positions.  I think 3m swaps were involved.


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  Reply # 2117807 1-Nov-2018 12:54
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Ok, I stand partially corrected.  


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  Reply # 2117813 1-Nov-2018 13:01
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Bobdn: 

 

Honestly, New Zealanders and "profit".  Funny.  

 

 

Yep, and it seems that often the ones complaining about profit are the same ones demanding the government give more money away.  Govt money comes from taxation; corporate taxation is on profit.  The maths isn't difficult.


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  Reply # 2117827 1-Nov-2018 13:12
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Quite right.  In ANZ's case, they paid:

 

  • NZ$760 million in corporate taxes (more than 5% of New Zealand’s
    total corporate tax take);
    • NZ$810 million in staff wages and salaries;
    • NZ$540 million to local contractors and suppliers;
    • NZ$15 million in sponsorships and charitable donations; and
    • NZ$67 million in dividends to about 16,800 New Zealand shareholders

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/ANB/326054/289563.pdf


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  Reply # 2117834 1-Nov-2018 13:31
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The solution is simple if you don't like a pack of Aussie bankers making profits in NZ: Don't bank with them.  Go with a NZ owned bank.

 

People obsess over the Aussie banks, but you rarely hear anything about Rabobank or HSBC.





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  Reply # 2117840 1-Nov-2018 13:40
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shk292:

 

Bobdn: 

 

Honestly, New Zealanders and "profit".  Funny.  

 

 

Yep, and it seems that often the ones complaining about profit are the same ones demanding the government give more money away.  Govt money comes from taxation; corporate taxation is on profit.  The maths isn't difficult.

 

 

The difficulty comes when companies avoid/evade taxation. At which time the company becomes a leech on the people who *do* pay taxes, using resources that they don't contribute to.

 

 


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  Reply # 2117949 1-Nov-2018 15:27
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MikeAqua:

 

The solution is simple if you don't like a pack of Aussie bankers making profits in NZ: Don't bank with them.  Go with a NZ owned bank.

 

People obsess over the Aussie banks, but you rarely hear anything about Rabobank or HSBC.

 

 

Exactly..

 

And many NZers seem to forget that the strength of the Aussie banks was what ultimately saved us from the worst of the GFC. Other than a few dodgy finance companies we came off pretty lightly.


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  Reply # 2117978 1-Nov-2018 16:39
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And then there are those who overlook the fact that the *reason* the Aussie banks were strong was that they were regulated. Finance companies are dodgy is that they are relatively unregulated.

 

And, IMHO, if they had had their own way, Aussie banks would have gone down the same gurgler as American banks in the GFC.

 

 


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