Naked Among Cannibals: What Really Happens Inside Australian Banks (Paperback)Graham Hand (author)
Paperback Published: 01/02/2001
- Not available
Australia's banks have gone from being revered to reviled in a relatively short space of time. The author shows how this change can be traced to the desperation of one bank and its profit-making practices, in this insider's story of the State Bank of New South Wales. It reveals how, in November 1993, the NSW Government was desperate to sell its State Bank, a publicly owned asset. To make the sale more attractive, the bank introduced a number of changes to its banking services - purely for profit. Other banks followed suit, adopting combinations of technology-driven cost controls, new fees and charges, branch closures and job cuts. Bank customers, disappointed and angry but unable to turn anywhere else, were "naked among cannibals". Graham Hand, Deputy Treasurer of the State Bank from 1988 to 1994, also reveals the eventual deal for the sale itself. Though the buyer, Colonial, paid A$576.5 million on paper, the NSW government realized net proceeds of little more than A$200 million. Under the terms of the sale, the government guaranteed all loans then outstanding to the bank - indefinitely. As a result, a liability of A$1.2 billion still hangs over the NSW State Budget and taxpayers, Hand argues, are paying the price.
Publisher: Allen & Unwin
Weight: 420 g
Dimensions: 230 x 154 x 24 mm
Edition: annotated edition
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