BankWest accounts safe?

[prawn_86]

Ok so i have a vested interest in this as both my partner and I have BankWest accounts.

http://www.news.com.au/business/story/0,27753,24364168-462,00.html

Correct me if im wrong, but HBOS own BankWest, so what would happen to BW accounts if HBOS went under?

Is it probably a smart move to move all our funds into our standard, non-interest bearing 'big 4' account for a couple weeks to see what happens?

 

[prawn_86]

http://www.independent.co.uk/news/b...where-the-fate-of-hbos-was-sealed-934232.html

That article paints a bit of a better picture, but i am still wary...

 

[noirua]

http://www.independent.co.uk/news/b...where-the-fate-of-hbos-was-sealed-934232.html

That article paints a bit of a better picture, but i am still wary...

I seem to remember that HBOS tried to sell BankWest and no one wanted it.

 

[Bushman]

I seem to remember that HBOS tried to sell BankWest and no one wanted it.

Now no-one wants HBOS!

 

[Timmy]

Now no-one wants HBOS!

lol - merge with Lloyds is on

 

[noirua]

Ok so i have a vested interest in this as both my partner and I have BankWest accounts.

http://www.news.com.au/business/story/0,27753,24364168-462,00.html

Correct me if im wrong, but HBOS own BankWest, so what would happen to BW accounts if HBOS went under?

Is it probably a smart move to move all our funds into our standard, non-interest bearing 'big 4' account for a couple weeks to see what happens?

Your account is now at, Lloyds TSB Halifax Bank of Scotland BankWest.

 

[cordelia]

Your account is now at, Lloyds TSB Halifax Bank of Scotland BankWest.

I owe Bankwest money......not the other way round.....They have none of my money....

 

[kransky]

Is it probably a smart move to move all our funds into our standard, non-interest bearing 'big 4' account for a couple weeks to see what happens?

i get something like 7% interest in my netbank saver account with commbank

i feel like its relatively safe.. aussie banks are relatively tightly regulated comapred to many overseas banks by the sounds..

 

[Awesomandy]

Bankwest should be safe... for now... Keep making use of the 8.10% interest rate in their telenet saver, I would say, but I'm still hesitant to use anything like a term deposit.

 

[GreatPig]

A couple of articles about BankWest in relation to the HBOS merger.

http://www.thewest.com.au/default.aspx?MenuID=3&ContentID=98583

http://www.theaustralian.news.com.au/story/0,25197,24367812-20142,00.html

 

[BIG BWACULL]

What ever you do dont do what the Germans just did DOH

Nein! Germans transfer $500 million to collapsing bank
By Stuart Fagg, ninemsn Money
September 18, 2008

As US investment bank Lehman Brothers was collapsing on Monday, most banks and investors were desperately trying to unwind open positions with the stricken Wall Street firm.

However, at the same time German bank KfW accidentally tranferred more than $500 million to Lehman Brothers after an apparent technical fault, according to reports in the German media.

A spokesman for the German finance ministry told local media that the mix up was "astounding and annoying" and blamed the mistake on a "technical fault". A KfW spokesperson told the Frankfurter Allgemeine Zeitung newspaper that the money was lost via an "erroneous swap payment".

Despite desperate efforts to stop the transaction, the bank was unable to recover the money and will now have to rely on attempting to get it back through insolvency proceedings. However, KfW will only be able to recover half the money.

 

[noirua]

Australia Bank has bought BankWest from HBOS.

 

[Pommiegranite]

Bankwest should be safe... for now... Keep making use of the 8.10% interest rate in their telenet saver, I would say, but I'm still hesitant to use anything like a term deposit.

8.7% 2 year term deposit is looking mighty good now, for those who ignored the scaremongering, and parked their cash there a couple of months back.

 

[GreatPig]

Australia Bank has bought BankWest from HBOS.

Commonwealth Bank.

GP

 

[Uncle Festivus]

8.7% 2 year term deposit is looking mighty good now, for those who ignored the scaremongering, and parked their cash there a couple of months back.

Risk is proportional to rate?

https://www.aussiestockforums.com/forums/showpost.php?p=243098&postcount=29

 

[Pommiegranite]

Risk is proportional to rate?

Far too simplistic.

Also with CBA completing the aquistion of BW by Jan09, doesn't that mean that BW savers (locked into higher rates) will have the same risk as CBA savers (locked into lower rates)?

 

[Uncle Festivus]

Far too simplistic.

Also with CBA completing the aquistion of BW by Jan09, doesn't that mean that BW savers (locked into higher rates) will have the same risk as CBA savers (locked into lower rates)?

I've dealt with them from a business angle and let's just say they were very eager to come on board with some money, despite the average fundamentals of the proposal, because they were trying to gain Eastern state market share. Who knows, now that the CBA are behind them the company philosophy might change to a more cautious approach?

 

[Pommiegranite]

I've dealt with them from a business angle and let's just say they were very eager to come on board with some money, despite the average fundamentals of the proposal, because they were trying to gain Eastern state market share. Who knows, now that the CBA are behind them the company philosophy might change to a more cautious approach?

I take it CBA has done a DD on BW's balance sheet, and didn't see anything to be afraid off......at the moment. I maintain that when the property sector collapse becomes obvious, that this is when we will really find out what banks are really worth - 6-12 months

 

[grace]

I take it CBA has done a DD on BW's balance sheet, and didn't see anything to be afraid off......at the moment. I maintain that when the property sector collapse becomes obvious, that this is when we will really find out what banks are really worth - 6-12 months

CBA have picked up Bankwest at 80% of book value. Westpac picked up StGeorge at over 2.7 times book value, from what I read. I think they bought at the right price, even though they know that some write-offs are coming. Silly Westpac made their move too early!

Bankwest were trying to throw money our way. What they were willing to lend us, I could not even contemplate borrowing! 30% equity! They were doing just about anything to drum up business in the east.