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Connexus : Issue 42
Walsh fags another major bugbear, the inability to unlock franking credits for shareholders, which puts them at a competitive disadvantage against listed entities such as the major banks. "One of the things we're looking for is being able to release the franking credits in our business," he says. “We’ve been paying tax for decades and we have more than $70 million in franking credits. There's a real need for the federal government to look at how we can pass on franking credits either through a capital-type instrument or even a funding instrument such as a term deposit.” Walsh admits that, at a time when the government is trying to balance the budget, it will have little appetite for recognising the unique ownership structure of mutuals and potentially reducing Treasury revenues. "So the government seems to be taking a one-size- fts-all approach.” James agrees that such capital instruments should be available as a funding option. He adds that the fnancial regulator typically requires mutuals to adhere to higher capital adequacy ratios than the big four. “There should be a more balanced playing feld there too.” Multi-branding deception For all the irritants around banking competition, there is little doubt that the major banks' multi-branding AGGREGATED SERVICES FOR MUTUALS • Integrated online services • Website security and design • Online marketing • National wholesale loan broking • Maintain member relationships while offering loans outside your lending policy • Fast, accurate and well priced • Upload instructions, download documents • Simple and cost effcient service for your members • No upfront or ongoing participation fees • CCI and General insurance • Credit Union branded • 24/7 Call Centre for Staff and members • Your own branding • Superior technology • Pricing fexibility Ross Stone, General Manager Shared Services Pty Ltd P: 02 4860 4004 | M: 0407 481 611 firstname.lastname@example.org | www.sharedservices.com.au eBUSINESS ONLINE SHARE TRADING OFF BALANCE SHEET LENDING INSURANCE SERVICES MORTGAGE PREPARATION MERCHANT ACQUIRING CoverStory 32 Connexus