The decline in the household savings ratio stabilised during the September 2015 quarter, settling at 9.1 per cent, on a trend basis. The savings rate reached a post GFC peak of 11.1 per cent at the end of 2011, but has eased steadily over the last four years. On a seasonally adjusted basis the household savings ratio fell to 9.0 per cent from 9.4 per cent over the most recent quarter. The Big Four baton has been passed along with the announcement by the Council of the Australian Bankers' Association that Andrew Thorburn, National Australia Bank's group chief executive, has been elected as its new chairman, succeeding Brian Hartzer, Westpac group chief executive. Mike Hirst, managing director of Bendigo and Adelaide Bank, continues in his role as deputy chairman of the ABA. Arrears on all prime, low-documentation, full-documentation, and nonconforming housing loans underlying residential mortgage-backed securities in Australia declined in the three months to September 30, as monitored by the Standard & Poor's Performance Index. The effect of the more recent interest rate increases by several lenders were not felt in Q3. Prepayment rates continued to trend upward as borrowers took advantage of lower interest rates and refinancing opportunities. Credit Suisse Group has named two new private-banking heads in its Asia-Pac wealth management business. Bloomberg, citing "an internal announcement," reports that from the start of next year Francois Monnet will be the firm's head of Greater China private banking, while Alex Wade will lead the business in Australia. Monnet, currently chief operating officer for Asia-Pacific private banking, will be based in Hong Kong, reporting to Francesco de Ferrari, head of Asia-Pacific private banking. Wade, the regional chief of staff in that same division, will relocate to Sydney, reporting to de Ferrari and Australia CEO John Knox. His appointment follows the retirement of Edward Jewell-Tait.