Unexpected Outcomes of the Financial Institutions Act

Jon Stanford

No 333, Discussion Papers Series from University of Queensland, School of Economics

Abstract: The Financial Institutions Act of 1992 provided a new legislative and regulatory framework for non-bank deposit-taking financial institutions (NBFIs), Building Societies and Credit Unions. The expectation of the Act was that the NBFIs would cater to the household sector of the economy and that the two types of NBFI would retain different balance sheet structures. However, the new regulation regime caused credit unions to change their lending policy to emphasis mortgage, rather than personal loans, and thus comerge to similar structure to building societies.

Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:qld:uq2004:333

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