Tough capital ratios have produced bad outcomes. More risky and long-term lending has been hived off to the non-bank sector, such as private equity, where there is little transparency. Lending is never going to be risk-free. National economies were plunged into recession and, 16 years later, the public finances of the world’s most advanced economies are still dealing with the consequences in terms of borrowing and debt levels.
«The Star is currently reviewing its financial and liquidity position with various advisers in the context of seeking to finalise its preliminary financial report for the financial year,» the statement said. The group, which runs Sun City resort and high-end hotels The Maslow Sandton and The Table Bay, said adjusted headline earnings per share — the country’s main profit measure — grew to 215 cents in the six months to June 30 from 197 cents a year earlier. The decision of the Bank’s prudential arm to take the foot off Basel brakes is correct.
But if the UK wants a vibrant and competitive banking sector, that feels able to address lagging private sector investment and lacklustre productivity, there is a strong case for further liberalisation. Reforms such as improved deposit insurance of £85,000 in the UK, the separation of consumer from casino banking and stronger capital requirements have proved sensible. But as is often the case, the enforcers overdo it. A week on from the release of a scathing report that declared it was unsuitable to take back control of its lucrative Sydney casino licence, the company’s board confirmed it was in talks over its short-term financial position «in light of adverse trading and other conditions».
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* Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. But the NSW government has ruled out providing further taxpayer assistance to The Star after giving the casino a reprieve on a planned poker machine tax increase until 2030 in return for a transitional deal that included a jobs guarantee.
«We want to make sure taxpayers receive the full dividend from this project, but the fact is we won’t receive that dividend if the Queen’s Wharf Brisbane closes and 1400 people lose those jobs,» he said on Thursday.