Last week we published a story detailing ANZ’s historic corporate restructuring which now permits the group to expand in non-banking activities free from strict financial regulations. We put questions to key players, none have been forthcoming. What’s the scam?
We are surmising here but failure to defend or explain the establishment of a Non-Operating Holding Company (NOHC) is a telling sign in itself. The scam is a publicly subsidised bank has just moved up the risk curve and nobody wants to take responsibility.
ANZ was the first of the big banks to make this move, and as part of our investigations, we asked Australia’s corporate regulators, the treasurer and the top banking lobby group whether any of the other big four were considering similar actions.
Below are their (non)responses.
Australian Prudential Regulation Authority:
“In response to your emails, please find below the links to:
The media release: APRA grants authority to ANZ Group Holdings Limited as a non-operating holding company | APRA
The letter of authority: ANZ Group Holdings Limited – NOHC authorisation.pdf (apra.gov.au)
APRA has no further comment.”
- Attributable to an APRA Spokesperson
Australian Banking Association:
“The corporate structure of individual banks is a matter for those banks in consultation with the Regulator.”
- Attributable to an ABA spokesperson
Australian Securities and Investments Commission
“Thanks for your patience. ASIC’s regulatory guide 60 outlines our role in the schemes of arrangement process.
ASIC does not approve schemes of arrangement, the Court does. Our role is to review the content of scheme documents and the nature of the scheme, and to represent the interests of investors and creditors, where in many cases we may be the only party before the court other than the applicant.
Schemes of arrangement are not approved in a day. In most instances, an application must be made to the court at least 14 days in advance. In this case, ANZ’s scheme of arrangement was first heard by the Court on 26 October 2022. ASIC registered the scheme booklet on 27 October 2022 and it was distributed to shareholders by ANZ in accordance with the Court’s orders. A scheme meeting occurred on 15 December 2022, in which shareholders voted on the scheme resolution. Following passage of the scheme resolution by shareholders, the matter was put to the Court for a second hearing on 19 December 2022. The scheme was implemented on 3 January 2023.
It is not for ASIC to speculate on whether or not firms are considering restructuring arrangements. Should any other company seek a scheme of arrangement, ASIC will review all documents and represent the interests of investors and creditors.”
- Attributable to an ASIC spokesperson
Treasurer Jim Chalmers
The Treasurer’s office did not respond with a comment.
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Callum Foote was a reporter for Michael West Media for four years.