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Money Westpac CEO admits bank had 'sloppy' record keeping

10:10  06 april  2018
10:10  06 april  2018 Source:   msn.com

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Australia's Westpac Banking Corp's Chief Executive Officer (CEO) Brian Hartzer speaks during a media conference in Sydney© REUTERS/David Gray Australia's Westpac Banking Corp's Chief Executive Officer (CEO) Brian Hartzer speaks during a media conference in Sydney Westpac chief executive Brian Hartzer says the bank has been sloppy rather than deliberately negligent in its checks on whether potential customers could repay their mortgages.

The banking royal commission has heard Westpac and the Commonwealth Bank had flawed processes for ensuring home loan customers were telling the truth about their income, expenses and debts.

But Mr Hartzer on Thursday said while the lender had been "a little sloppy" on some of the record keeping, he denied Westpac had breached responsible lending laws.

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"I think it is drawing a pretty long bow when you look at the actual performance and of credit quality of the banks over a long period of time to suggest that there is something fundamentally wrong," Mr Hartzer told a business summit in Sydney on Thursday.

"It is not in our interest to give a loan to someone who can't pay it back."

The chief executive said the banking sector has, over recent years, adopted new technologies to automatically approve home loans and warned switching back to a manual process for loan could be damaging.

"You can do that but it has a consequence for cost and efficiency and availability of credit and that is likely to hit the people who are at the lower end of the spectrum," he said in the bank's first keynote address by a senior Westpac executive since October.

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