Last night 4 Corners ran an interesting story last night about the rapid expansion of West Bank pre the global financial crisis and the tidying of the books that has occured under the Commonwealth Banks ownership. I remember seeing the new shiny West Bank branch in Westfield Chermside and thought at the time that the bank seemed to have emerged from no where. At the time I was going through the stressful process of applying for a mortgage was very conscience of these things. I recommend watching this episode, alot of Australian's have become very over confident about the strength of Australia's banking system and the role our regulators played. Considering that West Bank was Australia's Sixth largest bank and was on the verge of collapse perhaps Australia's sucess was more due to luck and circumstance rather than masterful regulation. Anyway watch the program and make your own mind.
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