ASIC has permanently banned Max Kiattisak Eung (also known as Kiattisak Eungpongpan), a former NAB financial adviser, from providing financial services and engaging in credit activities. This action was taken following an investigation into his conduct between March 2016 and December 2016 as part of ASIC's Wealth Management Project, working with the largest financial advice firms to identify and remediate non-compliant advice. ASIC found Eung had created false documents in order to open false bank accounts, and had then impersonated his clients to siphon off funds into those accounts. As part of this project, ASIC has banned 47 advisers and one director from the financial services industry. The terms of reference for Phase two of the review of the legislation governing the Reserve Bank of New Zealand include consideration of a levy on banks to pay for the central bank's regulatory responsibilities. "The Review will consider the funding model for the Reserve Bank, including whether some activities should be funded through industry levies while ensuring an appropriate balance between transparency, accountability and independence," say the terms of reference, released yesterday. The review will also look at the potential to implement a deposit insurance scheme, and how the RBNZ could work more closely with APRA and other Australian regulatory agencies to explore, and improve, the coordination of policy. It will also investigate the merits of adding a debt-to-income tool to the RBNZ's macro-prudential toolkit. Moody's Investors Service has assigned to G&C Mutual Bank Limited a long-term issuer rating of Baa1. It would seem that the former State Government Employees Staff Credit Union (and later SGE Credit Union), and mutual bank since 2014, is planning a capital raising. "The Baa1 rating for [the mutual ADI] reflects the bank's strong asset quality and capitalisation, and conservative funding profile," Moody's said.  The bank's problem loan ratio was 0.27 per cent as of 30 June 2017, comparing favourably with some of Moody's other rated mutual ADIs and supported by its focus on lower-risk mortgage lending. Non-mortgage loans are a small proportion of G&C's total loans and are also skewed to a lower level of risk. In the New Zealand market earlier this week non-bank lender Avanti Finance mandated Westpac New Zealand to arrange investor meetings in relation to a possible RMBS transaction, which looks to have been a successful series of discussions: Fitch Ratings has assigned expected ratings to five of the six tranches of RMBS floating-rate notes in the carefully structured securitisation deal, backed by a pool of first-ranking, predominantly prime, New Zealand residential full- and low-documentation mortgage loans originated by Avanti Finance Limited. The transaction is expected to raise about NZ$140 million in further funding for Avanti. At the cut-off date 30 April 2018, the asset pool totalled NZ$150 million and had a weighted-average loan-value ratio of 65.6 per cent. An opinion piece in the Financial Times sums up the state of Australian banking as having had a good run that is now over as the truth of the adage that