Major banks ask Govt for banking inquiry
The major banks have moved to short circuit the debate around a Royal Commission by jointly writing to the Federal Treasurer, Scott Morrison asking for a properly constituted inquiry to remove all future uncertainty.
The letter, signed by the chief executives and chairs of each of the major banks, ANZ, the Commonwealth Bank, the National Australia Bank and Westpac have pointed to the damage being done by continuing speculation.
It said it was now in the national interest for the political uncertainty to end.
“We now ask you and your government to act to ensure a properly constituted inquiry into the financial services sector is established to put an end to the uncertainty and restore trust, respect and confidence,” the letter said.
“In our view, a properly constituted inquiry must have several significant characteristics,” the letter said. “It should be led by an eminent and respected ex-judicial officer. It terms of reference should be thoughtfully drafted and free of political influence. Its scope should be sufficient to cover the community’s core concerns which include banking, insurance, superannuation and non-ADI providers.”
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