Australia's 4 big banks support government's credit plan

01/26/2009 | Sydney Morning Herald (Australia), The

As the credit crunch continues, each of the four major banks in Australia plans to put $500 million in wholesale funds into a government-backed credit facility that is being developed to help the commercial-property sector. Cameron Clyne, CEO of National Australia Bank, said it is the "right time" for banks to work more closely with the government. Analysts estimated that the commercial real estate sector needs to refinance as much as $30 billion in debt during the next couple of years.

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Sydney Morning Herald (Australia), The

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