Briefs: RMBS arrears fall, ITSA gets new name, business finance access harder

Standard & Poor's said arrears of 30 days or more on loans underlying prime residential mortgage-backed securities decreased by two basis points, to 1.29 per cent, in June 2013, compared with a month earlier. Sub-prime RMBS arrears also declined in June, falling 49 bps, to 5.08 per cent. Low-documentation loan arrears increased one basis point, to 5.41 per cent. S&P said sub-prime arrears were at the lowest level recorded in 13 years.

The Insolvency and Trustee Service Australia will change its name to the Australian Financial Security Authority from Thursday. ITSA said stakeholder surveys made clear its name "didn't help us to tell our story - what we do and what people can expect from us."

Finance became more difficult for businesses to access in July 2013, National Australia Bank's monthly business survey suggests. NAB said the "net borrowing index" (firms that found credit "easier" to source minus those who found it "harder") fell from -3 to -5 points in July. NAB said "this outcome reflected a slight increase in the proportion of firms finding borrowing more difficult, which was compounded by a fall in the proportion of firms finding borrowing easier." NAB said that around one third of firms required borrowing in the month.