ANZ may not be alone for long in the market rates rigging case as ASIC targets other banks... Apartment buyers may get caught out as settlements loom...
ASIC has more banks in its sights for rate rigging
ANZ may not be alone for long in the market rates rigging case as ASIC targets other banks, the Australian Financial Review reports.
The regulator is set on investigating other big banks for manipulating interest rates and isn't too happy with their attempts to delay its investigation.
The move from ASIC to target the other major banks to find evidence for rigging the bank bill swap rate, comes as its case against ANZ will be difficult due to the lack of clarity in Australia's corporate law about what sort of conduct amounts to a breach, legal experts told the AFR.
Apartment buyers may get caught out as settlements loom
As the number of apartments due for settlement grows, so too is concern about whether buyers will be able to pay for them, with the property industry warning they may be stretched too far, the AFR reports.
Figures from planning consultancy MacroPlan Dimasi show approximately 44,784 apartments are due for completion and settlement in 2016 across Sydney, Melbourne and Brisbane, up almost a quarter on last year's 36,486 and are predicted to jump to 52,920 next year.
The danger to buyers comes as banks are tightening credit and those buyers who paid a 10 per cent deposit two years ago and were relying on a 90 per cent loan to meet the remainder becoming due now, may have to come up with more than they anticipated.
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ANZ may not be alone for long in the market rates rigging case as ASIC targets other banks, the Australian Financial Review reports.
The regulator is set on investigating other big banks for manipulating interest rates and isn't too happy with their attempts to delay its investigation.
The move from ASIC to target the other major banks to find evidence for rigging the bank bill swap rate, comes as its case against ANZ will be difficult due to the lack of clarity in Australia's corporate law about what sort of conduct amounts to a breach, legal experts told the AFR.
Apartment buyers may get caught out as settlements loom
As the number of apartments due for settlement grows, so too is concern about whether buyers will be able to pay for them, with the property industry warning they may be stretched too far, the AFR reports.
Figures from planning consultancy MacroPlan Dimasi show approximately 44,784 apartments are due for completion and settlement in 2016 across Sydney, Melbourne and Brisbane, up almost a quarter on last year's 36,486 and are predicted to jump to 52,920 next year.
The danger to buyers comes as banks are tightening credit and those buyers who paid a 10 per cent deposit two years ago and were relying on a 90 per cent loan to meet the remainder becoming due now, may have to come up with more than they anticipated.
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