Moody's last night downgraded the AA1 rating of Australia's big four banks to AA2, "relecting our view of the Australian banking system's structural sensitivity to conditions in wholesaly funding markets," according to Moody's senior vice-president Patrick Winsbury.
Australian banks are amongst the biggest users of wholesale funding, meaning they borrow huge amounts of money from abroad to make up the shortfall between what Australians deposit and what they want to borrow.
The subdued outlook for credit has reduced their funding needs, and the banks are taking steps to reduce reliance on wholesale funding.
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I dealt with LoanMarket, and was given to a BRETT GOLDSWORTHY, All my private details and international contracts were passed on To Goldsworthy( Google him) I was offered a large loan and asked to put $20,000 into a solicitors trust account. The day before the settlement was due, With no loan documents and no lenders name I was asked to release $20,000 to solicitor for his leglals and Insurance. When I questioned this as unusual, I was told there would be no loan if I did not release the $20,000. Of course there never was a lender, Just a scam to get the $20,000. I told the Loanmarket principal I had heard things about Goldsworthy being in scams, and was assured that he had done his due diligence and that BG was Ok.. Even after this, and there was also the promise of a $12 Million order for our product, Which every day was going to be tomorrow, Of course that was never real either. And then Goldsworthy sent an email to the party I had the contract with to tell them I had no money and even borrowed the $20k to put in the trust account. Had it not been for that email I would have got an extension. BUT what is LOANMARKET doing. Nothing. Be careful who you trust with confidential information We are suing LOANMARKET, but that takes a long time.
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