The Northern Territory news Sat 6 Nov 2010
The Northern Territory news; NewspaperNT
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Community newspapers -- Northern Territory -- Darwin; Australian newspapers -- Northern Territory -- Darwin
Nationwide News Pty. Limited
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Nationwide News Pty. Limited
28 NT NEWS. Saturday, November 6, 2010. www.ntnews.com.au P U B : N T N E W S D A T E : 6 -N O V -2 0 1 0 P A G E : 2 8 C O L O R : C M Y K This information has been prepared without taking into account your personal circumstances, objectives, financial situation or needs. All applications for loans or credit are subject to lending criteria. Terms, conditions, fees and charges may apply. Full details are available on application or by phoning our Customer Service Centre on 1300 660 115, online at www.ruralbank.com.au, or by visiting your local branch. All information is subject to change. Products are issued by Rural Bank Limited and distributed by Elders Rural Services Australia Limited. Rural Bank Limited ABN 74 083 938 416 AFSL 238042. Registered office: Level 1, 27 Currie Street, Adelaide SA 5000. ru b -3 4 9 8 _ N th _ 1 1 1 0 TREAT YOUR LAND TO SOME MORE LIVESTOCK BORROW AGAINST THE EQUITY IN YOUR LAND OR EXISTING LIVESTOCK WITH CUSTOMISED LENDING SOLUTIONS FROM RURAL BANK. Get a lending solution that works for you and grow your agribusiness. For more details on the seasonal and term finance options that best suit your needs, speak to the rural lending specialist at your local Bendigo Bank or Elders branch or call Rural Bank on 1300 660 115. www.ruralbank.com.au NA190602 SATURDAY EXTRA l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l ntnews.com.au revitalising Darwin city Brendan Dowd Chief Executive Ocer TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTThhhhhhhhhhhhhhhhhhhhhhhhhiiiiiiiiiiiiiiiissssssssssssssssss iiiiiiiiiiiiiiiiiiiiiissssssssssssssssssss MMMMMMMMMMMMMMMMMMMMMMMyyyyyyyyyyyyyyyyyyyyyyyyyyy DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDaaaaaaaaaaaaaaaaaaaaaarrrrrrrrrrrrwwwwwwwwwwwwiiiiiiinnnnnnn PPPPPPPPPPPhhhhhhhhhhhhoooooooootttttttttoooooooooo CCCCCCCCCCCCCCCCCCCoooooooooooooooooooommmmmmmmmmmmmppppppppppppppppppppppeeeeeeeeeeeeeeeeeeettttttttttttttttiiiiiiiiittttttttttttttttttiiiiiiiiooooooooooooooooooooonnnnnnnnnnn Darwin City Council is inviting members of the Community to submit images that tell stories of our lifestyle and culture, for new display signage in The Mall. Images will be assessed against the following selection criteria: Artistic merit of the image. Positive depiction of the lifestyle, culture, events or community of Darwin across the decades. The image quality is appropriate for its intended use. Please forward submissions in the format of a digital copy, scan or photocopy of an original photograph. Applicants must hold copyright of the images. An infosheet on copyright for photographers can be downloaded from the Australian Copy right Council website: www.copyright.org.au/publications/infosheets.htm Closing date is Friday 19 November 2010 Please Contact Alice Rae for more information: 8930 0300 . . . Letter hints at staff cuts CEO Ralph Norris ONLINE news site Crikey said yesterday it had received a leaked internal memo from Commonwealth Bank CEO Ralph Norris sent to Commonwealth employees yesterday. In the memo, Mr Norris, who has conveniently been out of the country since his bank raised rates, sought to explain that if the CBA had not lifted its standard variable lending rate by 45 basis points even though the Reserve Bank of Australia had only lifted its official rate by 25 basis points, he would have to seriously look at other options to reduce costs. Code for jobs and services cuts, perhaps? This is the letter Crikey published: From: Chief Executive Sent: Friday, 5 November 2010 10:55 AM To: All Bank Staff Subject: Message from CEO Ralph Norris (5 November 2010) A message from Ralph Norris Dear Colleagues I have been in China this week on a planned visit to meet with leaders of our partner banks. However, I wanted to write to you as I know for many people this has been a very difficult week dealing with customers who have expressed concern at our announced increase in interest rates. These decisions are always difficult to make, as we need to achieve the right balance between the interests of our borrowers, depositors and shareholders. Since the Global Financial Crisis began, our total funding costs have increased by 1.35 per cent above the Reserve Bank of Australia cash rate. It is important to note that throughout the crisis we have supported customers with home loan lending rates that have been either at the lowest or second lowest level in the Australian market. We have continued to absorb a significant proportion of the increased costs and have held off for several months in adjusting our lending interest rates as our cost of funding has continued to rise. Even with this increase, our retail lending rate margins are still lower than they were going into the crisis as we have absorbed the additional costs, and will continue to do so. The alternative to making these changes would mean we would have to seriously look at other options to reduce costs, such as curtailing services. I dont believe our customers would want us to reduce our services, which have contributed to our tremendous progress on customer satisfaction measures in recent years. All of us have friends and relatives who are affected by these interest rate changes and it is important to let them know the Bank is endeavouring to balance the interests of its stakeholders. I also realise that you, as employees of the Group, are affected. You can be assured that this decision was not taken lightly and if there had been any way to avoid lifting our lending rates I would have taken it. Again, thank you for the effort. Kind regards, Ralph Norris