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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Australia and New Zealand Banking Group Limited    ANZ   AU000000ANZ3

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

(ANZ)
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Australian banks to buy more govt debt under liquidity rule changes - AFR

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09/07/2020 | 08:16pm EDT

SYDNEY, Sept 8 (Reuters) - Australian banks will be required to buy up to A$240 billion ($175 billion) of new government debt to boost emergency liquidity levels, which will also cut government borrowing costs and help fund coronavirus stimulus spending, the Australian Financial Review reported on Tuesday.

Bank executives have been in talks with industry regulator the Australian Prudential Regulation Authority (APRA) about the planned bank liquidity rule change, which is expected to be unveiled after the federal budget in October, the newspaper reported.

The main purpose of the move would be to "enhance bank stability in line with international rules so banks continue to withstand periods of financial stress", the newspaper said, without identifying its sources.

But a secondary goal would be to lower government interest rates "as banks buy more government bonds instead of holding private sector bank bonds and residential mortgage backed securities", the article added.

The Reserve Bank of Australia (RBA) last week said it would increase the size of its term funding facility to around A$200 billion at a fixed rate of 25 basis points for three years.

Banks will be able to draw up on this extra funding up until the end of June 2021.

The RBA launched an "unlimited" bond buying programme in March and has since bought A$66 billion of government securities.

Local banks have been big buyers of public debt during the pandemic, adding to the 20% of federal government bonds and almost 50% of state government debt they held before the COVID-19 crisis hit Australia.

An RBA spokeswoman directed a Reuters inquiry to APRA, which declined to comment.

Representatives of Commonwealth Bank of Australia, Westpac Banking Corp and Australia and New Zealand Banking Group Ltd - the country's largest, second largest and fourth largest lenders - were also not immediately available for comment.

A spokesman for No. 3 lender National Australia Bank Ltd declined to comment.

($1 = 1.3738 Australian dollars) (Reporting by Renju Jose and Byron Kaye; Editing by Jane Wardell)


Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 0.59% 18.81 End-of-day quote.-23.63%
COMMONWEALTH BANK OF AUSTRALIA 1.29% 69.02 End-of-day quote.-13.62%
NATIONAL AUSTRALIA BANK LIMITED 0.00% 18.6 End-of-day quote.-24.48%
WESTPAC BANKING CORPORATION -0.22% 17.91 End-of-day quote.-26.08%
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Financials
Sales 2020 17 936 M 12 602 M 12 602 M
Net income 2020 3 571 M 2 509 M 2 509 M
Net Debt 2020 - - -
P/E ratio 2020 14,9x
Yield 2020 3,20%
Capitalization 53 335 M 37 536 M 37 473 M
Capi. / Sales 2020 2,97x
Capi. / Sales 2021 3,01x
Nbr of Employees 37 506
Free-Float 99,7%
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 21,32 AUD
Last Close Price 18,81 AUD
Spread / Highest target 39,3%
Spread / Average Target 13,4%
Spread / Lowest Target -19,5%
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Managers
NameTitle
Shayne Cary Elliott Chief Executive Officer & Executive Director
David M. Gonski Chairman
Michelle Jablko Chief Financial Officer
Gerard Florian Group Executive-Technology
Paula Jane Dwyer Independent Non-Executive Director