Making headlines today, the Reserve Bank’s governor Glenn Stevens has defended Bankwest’s quick sale to CBA.
According to an article in The West Australian, Mr Stevens told the Senate inquiry into banking competition that the sale of Bankwest to the Commonwealth Bank of Australia earlier in the year did not hinder competition as it benefited both lenders and consumers.
Speaking about the fast-paced sale, Mr Stevens said it was better for Bankwest to end up in the hands of CBA and reinforce stability across the financial system, rather than leaving the bank “twisting in the wind”.
If faced with a similar situation in the future, Mr Stevesn said he would not hesitate to make the same decision again – especially if there was a threat to the stability of the financial system.
He said at a time of "potential crisis" stability was key and overrode issues surrounding competition.
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