Briefs: Dollarmites' shonky award, Queensland Country CEO retires, Pepper chasing $600m RMBS deal a
Commonwealth Bank's Dollarmites banking in schools program earned the dubious honour of a 'Shonky' from consumer group CHOICE yesterday. "Dollarmites mixes unchecked corporate power with primary schools," CHOICE complained. CHOICE has said in the past that the Dollarmites program "should be banned outright." Aileen Cull, the CEO of Queensland Country Credit Union, has advised members and her board of her decision "to retire from full time work." QCCU. On 1 April, Queensland Country merged with Queenslanders Credit Union and major milestones such as consolidating the core banking system and contact centres are now complete. John Weier, the former CEO of Queenslanders is now a member of the QCCU board. Pleased with the success of its new "bank financial strength dashboard", the Reserve Bank of New Zealand is planning to replicate it for insurers and non-bank deposit takers. The "dashboard" - a standalone website with charts and plain English information about banks' performance to help people make informed decisions when choosing a bank - was launched in May. The RBNZ said it attracted more traffic in the first 24 hours than the previous data set received in a year. "Insurance is likely to be the next cab off the rank and we expect to start work in mid-2019," said RBNZ head of prudential supervision Toby Fiennes. Yesterday Pepper Group priced the Australian dollar notes of its A$600 million (AUD equivalent) Pepper I-Prime 2018-2 Trust. This was a residential mortgage-backed securitisation deal launched on Monday this week. The A1-a notes were launched with guidance of 130 to 135 basis points over one month BBSW; the A2 notes had guidance of 190 basis points area and the class B notes at 210 to 220 bps over BBSW. NAB noted in its weekly 'Securitisation Insights' newsletter, that the top two Australian dollar tranches priced at the lower end of guidance - ie, 130 and 185 basis points, respectively, over the swap rate, while the B notes priced at the top end of guidance - 220 basis points over. The class C to F notes priced in line with guidance. The US dollar denominated class A1-1 notes will price early today. NAB was the arranger and one of the joint lead managers of this transaction.