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The Rock weaning itself off RBA

23 February 2011 5:18PM
The Rock Building Society says it expects to fully repay its funding lines from the Reserve Bank of Australia by the end of June, bringing to a close a period of extended support from the central bank.This time last year The Rock sourced 13 per cent of its funding from the RBA. The current ratio is not disclosed.Also not disclosed is the capital adequacy ratio, another sore point between regulators and the company, and the company's board and management, in the past. The minimum target ratio for the board and the Australian Prudential Regulation Authority (APRA) is 12 per cent.However, this will improve as profitability recovers from its low point of the last year or two, a time of no growth in the company's receivables, which were unchanged at A$938 million at the end of 2010.The Rock reported a net profit of 16 per cent, to A$2.2 million, for the six months to December and in line with guidance.Two drags on profit were the costs of remediating the collection of excess fees on transaction accounts and the final payments to the company's former managing director, Derek Lightfoot, who left in October.

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