GUEST SPEAKER
Peter Marriott Chief Financial Officer of ANZ Group told members of the issues ANZ faced immediately after the global financial crisis and how the Australian Banks were better able to manage the crisis than the US, UK and European banks. The effects on the Australian banking system trying to manage the complexities of the massive deficit financing going on in USA and Europe while having to source large wholesale borrowings from offshore was outlined. The ongoing rating agency downgrades also had an upward impact on interest rates from offshore sources as well as local deposits and the fall out through the unfavourable public reaction to the passing on of the higher costs was discussed.
Another issue that Peter raised was the forthcoming increased capital requirements under the Basel 3 rulings in an attempt to reduce the chance of a repeat of the financial disasters after the GFC. This is being hotly debated as there will be increased costs for funding and capital that will inevitably have to be passed on to customers.
The ANZ strategy of expansion into Asia and the comparisons between the other Australian banks was dealt with by Peter.
This comprehensive coverage of ANZ’s position in Australia and across Asia amplified by a summary of what’s happening in the world with the current funding crises in Europe and USA was well worth hearing and members left the meeting wiser about ANZ’s role in banking worldwide.
Gary Mason who has known and worked with Peter for many years was able to thank Peter on our behalf with an adroit summing-up in his vote of thanks,
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