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Connexus : Issue 41
“ They might not, but they could. There’s no sense that the failure of a mutual would be systemic unless it really starts getting a r un on other institutions.” Harper is concerned for the interests of mutuals but questions the depth of feeling that exists elsewhere. “ There’s a sense that if the local credit union goes bad, well, we can deal with that. We don’t need to pull out all the stops, and the market sees that and the market is therefore going to charge the smaller mutuals more for the money than it would charge a major bank,” Harper says. Right move, right time Dev il’s advocates can and do point to Australia’s relatively strong economic and banking per for mance during the GFC as justification for @ When you’ve got scale the market worries less about you losing money and ... thinks the government would never let you fail. www.abacus.org.au 37