Bank guarantee

[Jovial Monk]

Swannee in question time reporting official figures:

Australian banks have raised $100Bn long term debt capital using the guarantee--this is just so way out of reach of tiny bank profits that I hope no one still thinks the guarantee wasn't needed!

[JW Frogen]

I am hanging on a knife-edge as it is; I DARE the Commonwealth bank to lift my fixed rate mortgage.

If they do, watch the news for a man painted and in full camouflage making a Spiderman villain look like Mother Teresa.

[Jovial Monk]

To the clocktower with a high powered rifle! hahahahaha

[JW Frogen]

To the clocktower with a high powered rifle! hahahahaha

I was thinking more knives and board member-CEO throats, I like it up close and personal, and don't want innocent people to get hurt.

I still have some sense of honour.

[Jovial Monk]

No innocents on CBA board, just a pack of raparacious avaricious amoral fluffy bunnies who steal using the law and bits of paper rather than an honest canon and cutlass.

Go thou and cut throats in peace my friend

[Jovial Monk]

http://www.news.com.au/business/story/0 ... 62,00.html

NEW figures show how the Government's funding guarantee shielded big banks and the economy from the brunt of the global financial crisis.

A massive $55 billion of money market funds was withdrawn from the Australian banking system in the six months to the end of March, according to a Westpac analysis of the national accounts.

And in the same period, which coincided with the peak of the financial crisis, local banks lost another $16 billion in funding as foreign-owned banks and corporations withdrew deposits held with Australian institutions, The Herald Sun reports.

Westpac chief currency strategist Robert Rennie said the data showed that, without the guarantee, Australian borrowers would have been hit hard by an extreme credit freeze.

Rudd & Swan (plus Henry & Stephens) were 100% right to offer the wholesale funding guarantee to the banks. Sheepy, as usual, 100% wrong to criticise it.