ANZ chief executive Shayne Elliott writing on the bank's website.
Is not seeing the current crisis as being on par with the GFC:
- “When you really get the microscope out, the causes and what’s going on here are really, really different than the GFC. The GFC was fundamentally a crisis around the quality of assets and the loans that banks make, and that’s not what the risk is here. This is a different issue”
Says the troubles at banks is due to rising rates:
- “This is really to do with the global war on inflation and how central banks are raising rates very quickly in order to combat that, and that has casualties.”
- “Every five to 10 years there’s something going on in the world. And so we shouldn’t be surprised, in a funny way, that things like this happen. It’s too early to call it – I mean, it’s a crisis for some, obviously – but is it a financial crisis, who knows? Does it have the potential to be one? Yes, it does”
Link to the full piece is here.
ANZ are on of Australia's 'big four' banks.
