Big four eye more backing

AUSTRALIA’S big four banks have warned they may need extra backing from the Rudd Government and the Reserve Bank to prevent Australia from being sucked into a global credit-crunch recession.

The chief executives of the Commonwealth Bank, Westpac, NAB and ANZ all agree that the world’s finance ministers and central bank governors must produce a bold “co-ordinated” plan from this weekend’s Washington meetings in order to calm the stampede on world financial markets.

» Big four eye more backing – The Australian, 11th October 2008