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Teachers' Credit Society
The Teachers' Credit Society (TCS) was a credit union founded in 1971 best known for its part in the WA Inc scandal of 1987. Over the 16 years it operated, the TCS grew from a 300-member society into the largest credit union in Australia, with 40,000 members and A$550 million on deposit and millions out on loans. The TCS was considered one of the major driving forces behind the 1980s "debt-funded boom" in Western Australia (WA) and its collapse, along with the collapse of several other large corporations within WA such as Qintex, Bond Corporation and The Bell Group, triggered an economic recession in the state. Role in WA Inc By the 1980s, TCS was already one of Australia's largest credit unions, however they grew rapidly during the economic liberalisation and deregulation of the Australian economy under the Hawke government. With the repeal of section 54-57 of the ''Credit Unions Act 1979'' in 1984, the society was permitted to offer commercial loans. Previously credit unio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Union
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision of Credit (finance), credit, and other financial services. In several African countries, credit unions are commonly referred to as SACCOs (Savings and Credit Co-Operative Societies). Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 274 million, with nearly 40 million members having been added since 2016. Leading up to the financial crisis of 2007–2008, commercial banks engaged in approximately five times more subprime lending relative t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of Australia
The economic history of Australia traces the economic history of Australia since European settlement in 1788. 1788–1821 The European settlement of Australia began on 26 January 1788 at Port Jackson (modern Sydney, New South Wales), when the First Fleet arrived with more than 1,000 convicts, marines and a few free settlers, plus a vast quantity of stores to establish a penal colony in New South Wales. The United Kingdom claimed all of eastern Australian as its territory on the basis of terra nullius, though the actual landing and consequent settlement was initially confined to the Port Jackson area. According to the first census of 1788, as reported by Governor Phillip to Lord Sydney, the Home Secretary, the white population in the colony was 1,030, of which 753 were convicts and their children; the colony also had 7 horses, 2903 sheep, 749 swine, 6 rabbits, and 754 cattle. The Indigenous population was not counted or estimated, nor reported at that point. More settlers ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Based In Western Australia
A company, abbreviated as co., is a Legal personality, legal entity representing an association of people, whether Natural person, natural, Legal person, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Companies take various forms, such as: * voluntary associations, which may include nonprofit organizations * List of legal entity types by country, business entities, whose aim is generating profit * financial entities and banks * programs or Educational institution, educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duty according to the publicly declared Incorporation (business), incorporation, or published policy. When a company closes, it may need to be Liquidation, liquidated to avoid further legal obligations. Companies may associate and collectively register themselves ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Black Monday (1987)
Black Monday is the name commonly given to the global, sudden, severe, and largely unexpected stock market crash on Monday, October 19, 1987. In Australia and New Zealand, the day is also referred to as ''Black Tuesday'' because of the time zone difference from other English-speaking countries. All of the twenty-three major world markets experienced a sharp decline in October 1987. When measured in United States dollars, eight markets declined by 20 to 29%, three by 30 to 39% (Malaysia, Mexico and New Zealand), and three by more than 40% (Hong Kong, Australia and Singapore). The least affected was Austria (a fall of 11.4%) while the most affected was Hong Kong with a drop of 45.8%. Out of twenty-three major industrial countries, nineteen had a decline greater than 20%. Worldwide losses were estimated at US$1.71 trillion. The severity of the crash sparked fears of extended economic instability or even a reprise of the Great Depression. The degree to which the stock market crashe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Run
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent; they keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a bank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rothwells
Lawrence Robert "Laurie" Connell (died 27 February 1996) was a Western Australian business entrepreneur. As chairman of the Rothwells merchant bank, he was well known for his dealings with the Government of Western Australia and his close relationships with a former premier of Western Australia, Brian Burke, and with entrepreneur Alan Bond, during the WA Inc period in the mid to late 1980s. Laurie Connell was the grandson of a long-serving Western Australia Police Commissioner, Robert Connell (1867–1956) commissioner 1913–1933. In 1994, Connell was jailed for conspiring to pervert the course of justice by paying a jockey to leave the country. Horse-racing scandals 1975 disqualification Connell was reportedly warned off by stewards in 1975 for involvement in a betting scam at the Kalgoorlie races. Despite that, he became well connected in the Perth racing establishment and, in 1984, he sought election to a position on the committee of The Western Australian Turf Clu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Requirement
A capital requirement (also known as regulatory capital, capital adequacy or capital base) is the amount of capital a bank or other financial institution has to have as required by its financial regulator. This is usually expressed as a capital adequacy ratio of equity as a percentage of risk-weighted assets. These requirements are put into place to ensure that these institutions do not take on excess leverage and risk becoming insolvent. Capital requirements govern the ratio of equity to debt, recorded on the liabilities and equity side of a firm's balance sheet. They should not be confused with reserve requirements, which govern the assets side of a bank's balance sheet—in particular, the proportion of its assets it must hold in cash or highly-liquid assets. Capital is a source of funds not a use of funds. Regulations A key part of bank regulation is to make sure that firms operating in the industry are prudently managed. The aim is to protect the firms themselves, their custo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Holmes à Court
Michael Robert Hamilton Holmes à Court (27 July 1937 – 2 September 1990) was a South African-born Australian businessman who became Australia's first billionaire, before dying suddenly of a heart attack in 1990 at the age of 53. A great-great-grandson of William Holmes à Court, 2nd Baron Heytesbury, and a grand-nephew of William Frederick Holmes à Court, 3rd Baron Heytesbury, Holmes à Court was one of the world's most feared corporate raiders through the 1980s, having built his empire single-handedly from virtually nothing to a diversified resources and media group with an estimated value immediately before the 1987 stock market crash of about A$2 billion. Shareholders in the company enjoyed enormous investment growth. 1984 saw Robert Holmes à Court's horse Black Knight win the Melbourne Cup with a time of 3 minutes 18.19 seconds. Holmes à Court died intestate, and his estate was to be divided one-third for his widow Janet (née Ranford), and the remainder equ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bond Corporation
Alan Bond (22 April 1938 – 5 June 2015) was an English-born Australian businessman noted for his high-profile and often corrupt business dealings. These included his central role in the WA Inc scandals of the 1980s, and what was at the time the biggest corporate collapse in Australian history and also for his criminal conviction that saw him serve four years in prison. He is also remembered for bankrolling the successful challenge for the 1983 America's Cup, the first time the New York Yacht Club had lost it in its 132-year history. He is also the founder of Bond University, Gold Coast, Australia. Early life Alan Bond was born on 22 April 1938, the son of Frank and Kathleen Bond in the Hammersmith district of London, England. In 1950, aged 12, he emigrated to Australia with his parents and his elder sister Geraldine, living in Fremantle, near Perth. At the age of 14, he was charged with stealing and being unlawfully on premises. Aged 18, he was arrested for being unlawfully ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
