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In what could be a win for small and regional banks, a senate inquiry has urged the government to review their controversial bank guarantee.
Yesterday, the senate inquiry released a report that calls for a review of the government’s decision to charge smaller banks higher fees to gain the benefits of wholesale funding guarantees.
According to the regulations currently in place, banks with an A credit rating are required to pay a 1 per cent annual fee on any funds raised under the guarantee, while banks with a AA credit rating pay only 0.7 per cent a year.
Although some banks have managed to raise funds on their own, more than $120 billion has been raised using the wholesale funding guarantee since it was introduced late last year.
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The time it takes from loan submission to approval surpassed 25 d...
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