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1.Market Observations, 5.Troubled companies

31 Oct 2012 (AFR) – ASIC cracks down on soft lenders

[COMMENT: These financial institution collapses happen from time to time. Some of these companies are not all that they seem to be. And it seems to come unstuck at about the bottom of the economic cycle.]

(31 Oct 2012, AFR, p1, Matthew Drummond)

‘The Australian Securities and Investments Commission plans to overhaul regulation of the $4.5 billion debenture industry following the collapse of Banksia Securities and Provident Capital.’

Eight of the 15 largest debenture issuers identified as the riskiest by ASIC in 2007 have since collapsed, research by The Australian Financial Review has found. Only two of the eight still operating, Assist Finance Corporation and Progressive Mortgage Company, meet the recommended capital ratio of 8 per cent.’

Read more at AFR.com (might need AFR login access)

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