Four Pillars in cement
(4 June 2008 – Australia) The Federal Government has announced that it will continue the policy to not allow mergers between any of the big four Australian banks.
The Four Pillars policy currently in place prevents mergers between the nation's four biggest commercial banks, in Commonwealth Bank of Australia, National Australia Bank, ANZ and Westpac.
The announcement, which keeps the Four Pillars policy in place, was made to the House of Representatives.
From the Rudd Government’s perspective, the intent of maintaining the policy is to continue stability and competition in the Australian banking market.
Treasurer Wayne Swan said that the Four Pillars policy will be maintained no matter what the ruling of the proposed merger between Westpac and St George.
Swan said that the strength and soundness of the Australian banking system over the past year further demonstrates the soundness of the Four Pillars policy.
Swan added that Australia would be best served by a stable banking system, and that this will be done best with four major banks. This will mean that Australia can draw on the strength and risk management skills of these four banks, he said.
The announcement, which keeps the Four Pillars policy in place, was made to the House of Representatives.
From the Rudd Government’s perspective, the intent of maintaining the policy is to continue stability and competition in the Australian banking market.
Treasurer Wayne Swan said that the Four Pillars policy will be maintained no matter what the ruling of the proposed merger between Westpac and St George.
Swan said that the strength and soundness of the Australian banking system over the past year further demonstrates the soundness of the Four Pillars policy.
Swan added that Australia would be best served by a stable banking system, and that this will be done best with four major banks. This will mean that Australia can draw on the strength and risk management skills of these four banks, he said.
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