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Government backs customer owned model


COBA congratulates the Turnbull Government on its announcement today of a reform package to update regulatory and legislative settings to accommodate the customer owned business model.

“Customer owned banks, credit unions and building societies provide vital consumer choice and competition and these reforms will help us make an even bigger and better contribution,” said COBA Acting CEO Dominic Dunn.

“We warmly welcome the Treasurer’s recognition that the customer owned model is a real alternative and an important part of the economy.

“We have four million customers and $108 billion in total assets and we bring an unmatched customer focus to the retail banking market.

“As the Treasurer says in his statement today, our organisations are all about the customer, because they are owned by them.

“What we need is a regulatory and legislative framework that accommodates our model and that is what the Treasurer has unveiled today in the Government’s response to the Hammond Review.

“We particularly welcome measures to improve our sector’s capacity to raise capital.

“Greater capacity for customer owned banking institutions to raise capital will increase their potential to grow, take opportunities and invest in technology.

“COBA is excited about working with the Government to implement the Hammond Review reforms.

“COBA appreciates the positive engagement we have had in recent months with APRA on changes to the prudential regulatory framework to allow customer owned banking institutions to directly issue Common Equity Tier 1 capital instruments.”

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For more information please contact:

Daniel McDougall, Senior Manager – Media and Communication

02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Customer Owned Banking Association is the industry body for mutual banks, credit unions and building societies.  See www.customerownedbanking.asn.au

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