Andy Banking & Finance Consumers Support Association (inc) 05 September 2012
ASIC chairmen, Mr Greg Medcalf said: " companies must disclose bad news immediately. Whilst impairment calculations may be complex, directors can play an important role in questioning the appropriateness of cash flows used & key assumptions ,having regard to KNOWLEDGE of the BUSINESS and the ENVIRONMENT of which it OPERATES. "
A director of Bendigo & Adelaide Bank, Jacqueline Hey said:" the push for greater disclosure was partly being driven by increased scrutiny by ASIC & should be welcome. I think one of the good things that has happened over previous years is that the level of disclosure is improving greatly & that is a positive thing. "
Any purported loan agreements banks rely upon (can be set-aside); are NOW subject to successful High Court (case law) which cost Denise (others) spent years of their hard work & effort to achieve that result (+ $3m).
The banks must inform the public of that est. case law's potential material effect on financial markets ("shareholders") as it crystallises the bank's responsibility to "make-good" on any parent-lender and/or broker falsified LAF's.
Prior to that case law est., the banks said "Not Our Fault" & we don't need to make any "provision for potential impairments" on our balance sheets based on "RMBS - not on our books" & any default issues are "covered by LMI".
But LMI is not enforceable where the bank is responsible in these instances of falsified LAF's!
Yesterday: Page(6) Financial Review (Sep 3/2012) "Pressure to reveal bad news quickly".
The moment we compel the banks to acknowledge & disclose at least $1.00single dollar of impairment provision, is the moment the fraudulent LAF system "implodes" & the contrived RMBS structure must be thereafter - completely dismantled.
That's why they(bank executives) are fighting so hard to avoid admitting "systemic issues" in the broker Laf "Bankster - Chain of Command". Life as they know would be forever altered big time (we hope some hard time) & maybe no "Golden-Parachutes" to hand out to go off and retire on comfortably etc.
Also it's the only issue ASIC seem to be interested - Public Company "continuous disclosure rules"; maybe worried about their own retirement portfolio's going up in smoke ????
This is my strong instinct to pursue by engaging groups of influence such as "Shareholders Assoc' etc.