Former ASIC chairman Greg Medcraft says a Canadian-style financing model he promoted 15 years ago will create more competition in the mortgage market.
A former chairman of the corporate watchdog, Greg Medcraft, is pushing for the introduction of a Canadian-style mortgage bond market that he says will boost lending competition in Australia, resuming his long-running war against the big banks which enjoy a funding advantage over smaller lenders.
“They have an oligopoly, but what they’ve done is implemented a mechanism to create a more level playing field. It’s been very successful,” he said. “I proposed it when I came back from Wall Street because I’d seen these structures all over the world,” he said. Before returning to Australia in 2008, he was the head of securitisation at French bank Societe Generale.
“The structure produces a more robust financial system because it does encourage matched funding,” he said.which has led to accusations they are writing new home loan business at below their cost of capital. Mr Medcraft scoffed at the suggestion that banks were victims of intensified competition.
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