Australian Suncorp-Metway says impairment charges in its core banking arm increased in the third quarter as higher interest rates led to a jump in mortgage arrears. The group booked a AU$20m (US$17.7m) impairment loss for the three months to the end of March in core banking, which includes personal, retail and SME (small to medium-sized enterprise) banking. Impairments for the year to date are A$22m. Suncorp said there had been an “increase in mortgage arrears in the last quarter, off a low base, as interest rates have increased and the benefits of the government stimulus payments have been removed.”
1 minute readAustralian hit on mortgage arrears due to higher interest rates
May 6, 2010, 11:40am
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
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Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
