Briefs: RMBS performance declines, big boost for energy efficient bonus program, ASIC bans broker
Moody's Investors Service said that the performance of Australian prime residential mortgage-backed securities deteriorated over the March 2017 quarter. The delinquency rate for prime RMBS loans 30 days or more in arrears rose to 1.65 per cent at March 2017 from 1.55 per cent at December 2016 and 1.49 per cent at 31 March 2016. Moody's said: "delinquency rates rose for most Australian prime RMBS issuer groups during the quarter, except regional authorized deposit-taking institutions." The Clean Energy Finance Corporation said it committed "an additional A$180 million in finance to NAB's "Energy Efficient Bonus program". The new finance takes the CEFC's funding for this NAB facility to $300 million since 2015. The program "provides customers with a 0.7 per cent discount on NAB's standard equipment finance rate for loans for eligible clean energy investments, such as vehicles, energy efficient irrigation systems, solar PV, building upgrades, lighting upgrades, processing line improvements and refrigeration." ASIC has permanently banned Shun Yuen Ken Li (also known as Leo Lee) from providing financial services. ASIC said Li was banned "after pleading guilty and being convicted of two counts of dishonestly using his position as an employee of FX broker GAIN Capital Australia Pty Ltd with the intention of gaining an advantage for two clients." Li was sentenced in the Downing Centre Local Court to a community service order of 350 hours. ASIC said the charges related to Li's use of his position as an employee of GAIN Capital to place orders for two clients.