FED:Fifth banking pillar 'a joke': Aussie John

AAP General News (Australia)
12-14-2010
FED:Fifth banking pillar 'a joke': Aussie John

Aussie Home Loans founder JOHN SYMOND has labelled the government's moves to create
a fifth pillar of banking as a joke.

Treasurer WAYNE SWAN has unveiled measures to create a campaign to promote credit unions
and building societies .. as a way of breaking the power of the big four banks.

But Mr SYMOND .. who founded the Aussie mortgage originator group in 1992 .. has told
a Senate hearing in Sydney today the government's ignored the contribution of non-bank
lenders in sparking competition in the home loan market.

Mr SYMOND's also criticised the government's plan to ban exit fees on new standard
variable mortgage rates from July 2011.

AAP RTV saj/tm

KEYWORD: BANKING AUSSIE (CANBERRA)

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