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Briefs: The Rock transfers assets and liabilities to MyState Bank, ING Direct launches RMBS

The Rock Building Society will transfer all of its assets and liabilities, along with its duties and obligations, to MyState Bank at the end of the month. Both are subsidiaries of MyState Ltd (The Rock since 2011), which also owns Tasmanian Perpetual Trustees. MyState's banking business will continue to operate under two names: MyState Bank and "The Rock, a division of MyState Bank Ltd". However, after the transfer all products and services offered by The Rock will be provided by MyState Bank. ING Direct has launched an issue of residential mortgage-backed securities, seeking A$750 million of funds. All loans in the IDOL 2015-1 Trust portfolio were originated with full income verification and all are covered by lenders mortgage insurance.

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