sharetrader
Page 62 of 87 FirstFirst ... 125258596061626364656672 ... LastLast
Results 611 to 620 of 867
  1. #611
    Senior Member
    Join Date
    Oct 2013
    Posts
    1,275

    Default

    I just sold 2000 shares or 1/3rd of my holding. I'm probably going to keep the rest I think and tough it out. I think this will be painful over the next couple of years - the NZ Reserve Bank/NZ Govt worries me most (the sad state of being an investor in NZ). I enjoy bad policy and unintended consequences as much as the next person - but only when I'm not directly affected.

    Anyway I've done enough (I hope) pruning and trimming across my entire portfolio and have more cash in term deposits (ANZ of course) than I have had in the last 20 years or more. I even have some American Silver Eagles in case of complete financial collapse (I do but I'm seriously not expecting to have to exchange these for food -I'm not a complete nut
    Last edited by Bobdn; 08-02-2019 at 01:07 PM.

  2. #612
    Senior Member
    Join Date
    Sep 2013
    Posts
    1,165

    Default

    I’m surprised how little reaction there is to the Banking Royal Commission. Corruption in the essential banking sector is practically ignored. I don’t follow Australian politics so I was interested to look at the history. It was difficult to get the politicians to admit there was a problem.
    Just getting a banking royal commission started was a formidable task. The vested interests against it were as powerful as they come in Australia: the "big four" banks. But that was more like a speed hump compared with an almost insurmountable barrier; the major political parties, which were fiercely opposed to the idea.

    Three determined people took up the challenge and, in concert, forced the inquiry against very improbable odds. Jeff Morris became a whistleblower to ASIC. It was a courageous and non-career enhancing move. Fairfax published a series of stories on rogue financial planners in June 2013. Within days Senator Williams won cross-party support to hold a senate inquiry into the CBA and ASIC.

    The senate inquiry into CBA's financial planning scandal and ASIC's response wrapped up in June 2014 with the recommendation a royal commission was needed to get to the bottom of a fraud that left customers millions of dollars out of pocket.
    That recommendation was slapped down pretty quickly by the Abbott Government and its senior finance ministers Joe Hockey and Mathias Cormann. It was a position the Government would grimly hang on to for another three years. In the meantime, scandal after scandal emerged with depressing regularity.

    The next blockbuster instalment in banking malfeasance dropped in March 2016 through a joint Four Corners/Fairfax investigation into CBA's life insurance business CommInsure. "Within a couple of weeks, [Opposition leader] Bill Shorten said 'enough is enough' and called for a royal commission," Ms Ferguson said.

    The four big bank bosses wrote to Treasurer Scott Morrison suggesting a royal commission wasn't such a bad idea. While the banks couched their capitulation in terms of being "in the national interest for the political uncertainty to end", there seemed an obvious and less altruistic rationale.
    It would far less painful to get an inquiry set up under the terms set by a government that had always resisted the idea, rather than "rogue" backbenchers or, worse still, Labor and the Greens, who had much broader ambitions and thousands of furious constituents queuing up to testify.

    Jeff Morris said "It was a quick and dirty inquiry and you have to remember it was called by a Government that didn't want it in the first place and was deliberately starved of resources. Banks have succeeded into spinning it into a series of unfortunate accidents. I know it was deliberate theft from clients — you don't just accidently steal $1 million.”
    https://www.abc.net.au/news/2019-02-...-born/10758404

  3. #613
    Senior Member
    Join Date
    Oct 2013
    Posts
    1,275

    Default

    ANZ is continuing to hoover up shares. Another 12,000,000 shares canceled at what looks to be a very good price thanks in part possibly to the noise surrounding the RC

    http://nzx-prod-s7fsd7f98s.s3-websit...249/294496.pdf

    I know the bank had $3B to spend on the buybacks, I wonder how much they have left?
    Last edited by Bobdn; 12-02-2019 at 11:03 PM.

  4. #614
    Veteran novice
    Join Date
    Jun 2007
    Location
    , , .
    Posts
    7,289

    Default

    Quote Originally Posted by Bobdn View Post
    ANZ is continuing to hoover up shares. Another 12,000,000 shares canceled at what looks to be a very good price thanks in part possibly to the noise surrounding the RC

    http://nzx-prod-s7fsd7f98s.s3-websit...249/294496.pdf

    I know the bank had $3B to spend on the buybacks, I wonder how much they have left?
    Which leads one to the conclusion that either ANZ doesn't expect the RBNZ's talk of higher capital requirements to be followed through or that the bank is confident of meeting any such demands. ANZ NZ is of course only around 15-20% of ANZ Group.

  5. #615
    Senior Member
    Join Date
    Oct 2013
    Posts
    1,275

    Default

    Ok, my portfolio has been completely rebalanced now - I did a few final touches and will leave well enough alone. I sold a few more ANZ today, still hold some but had gathered too many over the years and needed to diversify, including bolstering my cash. Honestly, in December I thought I had missed the opportunity and we were heading for a crash. It will happen of course sooner or later but I'm in better shape now I hope. I'm still invested but I took Alan's Greenspan's advice to "run for cover" (a little bit at least).

    https://www.cnbc.com/2018/12/18/alan...for-cover.html

    The article below did not fill me with confidence. NZ banks are already semi-nationalized. There is already so much Government regulation and direction about what they can and can't do and it looks like there's bound to be more constraints to come. Gee, I hope banks won't be blamed when GDP drops and credit dries up. That would be so unfair.

    https://www.nzherald.co.nz/business/...ectid=12206198
    Last edited by Bobdn; 22-02-2019 at 09:02 PM.

  6. #616
    Legend minimoke's Avatar
    Join Date
    Mar 2005
    Location
    Christchurch, New Zealand.
    Posts
    6,502

    Default

    Pretty poor - especially when led by an ex PM (theres a theme there)
    https://www.stuff.co.nz/business/112...k-censures-anz

  7. #617
    Advanced Member
    Join Date
    Jun 2007
    Location
    Auckland, , New Zealand.
    Posts
    2,187

    Default

    This will impact repricing a lot of insto/commercial/property finance loans on their current book - will be interesting to see the long term impact ....

  8. #618
    Advanced Member
    Join Date
    Feb 2011
    Location
    Wellington
    Posts
    2,451

    Default

    Talk about shooting yourself in the foot the week the consultation papers on the bank capital review are due in

  9. #619
    Speedy Az winner69's Avatar
    Join Date
    Jun 2001
    Location
    , , .
    Posts
    37,737

    Default

    The ANZ problem been known for a while. They told their commercial and ag customers a month or so ago ....and expect tighter lending and probably higher costs

    All banks (not just the big four) run ‘dodgy’ models to assess risk and equity ratios. All ‘fine tuned’ to give the ‘answer’ they want.

    All banks take too much risk and/or too leveraged if current ROEs are anything to go by. No wonder the RBNZ is doing the right thing and getting it sorted.


    Hypothetical question: What would you say if someone offered you an investment with a promised pre-tax return of close to say 20% pa over many years?.

    You mighty say: “How much can I buy?” or like most sensible people: “What is the catch?”

    Think about it
    Last edited by winner69; 20-05-2019 at 07:26 AM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  10. #620
    Veteran novice
    Join Date
    Jun 2007
    Location
    , , .
    Posts
    7,289

    Default

    The ANZ problem been known for a while. They told their commercial and ag customers a month or so ago ....and expect tighter lending and probably higher costs
    Did they say that, ie that they had been miscalculating their adherence to current capital rules - or did they warn that tighter lending and probably higher costs would follow the RBNZ's proposed higher capital requirements?

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •