Media Release ¹5 January 2010
Bank Lending Policies Could Decide Federal Election
Bank policies may be causing a second wave of corporate failures.
The lending policies of major banks which see tens of thousands of self funded retirees with
frozen funds cutting of their income in the $60 billion unlisted property trust area could decide
the next Federal election .
The Government and Opposition will be warned over a second wave of losses and corporate
failures for the property industry which could be caused by the bank lending policies which
require policy responses to improve disclosure.
In a video broadcast to be released TODAY at 9.00am on the Light of Day website, and sent to all
Members of Federal Parliament, Owen Lennie spokesperson for the Light of Day outlines the
need for Government intervention and a Senate Inquiry’
The video is the first in a series which will be released to shine light on the plight of self funded retirees in
the unlisted property trust areas which have been the forgotten generation of investors.
A
number of Light of Day Discussion Papers to be released on the internet via the groups newsletter
“Transparency “
Mr Lennie said Light of Day has been formed by some of the 250,000 mum and dad investors in the
unlisted property trust industry who is concerned about the effects of bank lending policies on the value
of their investment.
The current lending policies of some major banks, who have received the taxpayer guarantee, are
endangering the stability of $60 billion of investment of their own customers in the unlisted property trust
industry through interest rate and fee gouging.
Commenting in today’s Financial Review ( Page 48) Mr Lennie said Government Leaders now need
to make sure they are not blindsided by the issues around Australian banks, which they have guaranteed
and allowed to take over smaller rivals, while the banks pressurise small but important sectors such as
investors in the unlisted property sector,”
“Mr Lennie said the domino impact on the property market of Australian banks forcing sales on unlisted
property trusts will ultimately flow on to lower valuations on a wide range of commercial property
securing banks’ loans, increasing provisioning and reducing funds available for bank lending to small
business.
Media Enquiries: Owen Lennie, Spokesperson, Light of Day Mobile: 0411 507 505
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