So far, the banking inquiry isn't hitting the mark

(Image: Getty)

Wed, 20 Nov 2024

This inquiry into banking does not appear to be going well.Too many questions are wide of the mark, unfocused or don’t concern banking competition at all, and a 45-minute slot for each bank is too little time to do the subject matter justice. A key issue, namely the profitability of the banks relative to the risk they are taking, is by and large being ignored. It needs to be at the epicentre. Why are profits so high and volatility of earnings so low? That goes against a fundamental principle of finance where you expect high retu...

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