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The four pillars policy is an Australian Government policy to maintain the separation of the four largest banks in Australia by rejecting any merger or acquisition between the four major banks.[1] The policy, rather than formal regulation, first articulated in 1990, reflects the competitive concerns of more concentration as well as the broad political unpopularity of further bank mergers. A number of economically liberalist commentators have argued that the 'four pillars' policy is built upon economic fallacies and works against the Australia's better interests.[2]
The Four Pillars of Destiny, as known as 'Ba-Zi', which means 'eight characters' or 'eight words' in Chinese. Is a Chinese astrological concept that a person's destiny or fate can be divined by the two sexagenary cycle characters assigned to their birth year, month, day, and hour. This type of astrology is also used in Japan and Korea. Is energy efficient with typical power consumption of under 4 watts per port for a fully loaded chassis. The Four Pillars of Arista's Software Defined Cloud Networking:. Universal. The 7500 chassis provides room for two supervisor modules, four or eight line card modules, four. RS-232 Serial Console Port.
The top four banking groups in Australia ranked by market capitalisation at share prices at 1 December 2017:
Rank | Company | Market capitalisation (2017) | Cash earnings (2015) | Total assets (2016) |
---|---|---|---|---|
1 | Commonwealth Bank of Australia (CBA) | A$139.219 billion[3] | A$9.14 billion[4] | A$933.078 billion[5] |
2 | Westpac Banking Corporation (Westpac) | A$106.821 billion[3] | A$7.82 billion[6] | A$839.202 billion[5] |
3 | Australia and New Zealand Banking Group (ANZ) | A$83.599 billion[3] | A$7.22 billion[7] | A$914.900 billion[5] |
4 | National Australia Bank (NAB) | A$79.465 billion[3] | A$5.84 billion[8] | A$777.622 billion[5] |
By market capitalisation, the Commonwealth Bank and Westpac are usually the two biggest companies on the Australian Securities Exchange and the big four banks make up a quarter of the ASX200.[9]
History[edit]
In 1990, the then Labor Treasurer Paul Keating adopted a policy, originally called 'six pillars' — which covered the big four banks (Commonwealth Bank, Westpac, NAB, ANZ) and two insurers (AMP and National Mutual) — that further mergers of these institutions would be rejected. It was articulated in the context of a proposed merger between ANZ and National Mutual. Keating believed this arrangement would ensure a competitive banking market.[10]
In 1997, leading business figure Stan Wallis[11] produced a report of his inquiry into Australia's financial system, entitled the Final Report of the Financial System Inquiry and commonly referred to as 'the Wallis report.'[12] Wallis recommended that the 'Four Pillars' model be dismantled, to leave the banks subject to the same merger competition tests as other businesses. In response, the then Coalition Treasurer Peter Costello's removed the pillar status of the two insurers (National Mutual had by that time already been acquired by France's AXA), but the ban on mergers of the remaining four banks was retained, with the rider that none of them were considered immune from foreign takeover.[13] With the change of government, new Treasurer Wayne Swan stated in 2008 that the Labor government has no plans to dismantle the four pillars policy.[13]
Legal and policy analysis[edit]
The four pillars policy has not prevented the four major banks from acquiring smaller competitors. For example, in 2000, CBA acquired the Colonial group, which had emerged as a major bank–insurance combine in the 1990s, after the Colonial Mutual insurance group took over State Bank of NSW in 1994. The Commonwealth Bank also acquired the State Bank of Victoria in 1990 and BankWest in 2008. Westpac acquired the Challenge Bank in 1995, Bank of Melbourne in 1997, and St.George Bank in 2008.[13]
In 2017, Peter Costello said that the advantage of having big banks under the four pillars policy was stability, which he attributed to Australia faring well during the GFC.[9]
Criticism[edit]
The policy has been criticised for being anti-competitive by ensuring that the four major banks are immune from takeover by the most likely suitors. At the same time, it is credited with insulating the banks from the globalfinancial crisis of 2007–08. The major banks have criticised the policy on the basis that limiting the size of Australian banks makes them less internationally competitive.[14]
See also[edit]
- Big Five (banks), Canada – unofficial policy since the mid-1990s forbids mergers among them
References[edit]
- ^'RELEASE OF THE REPORT OF THE FINANCIAL SYSTEM INQUIRY AND INITIAL GOVERNMENT RESPONSE ON MERGERS POLICY' (Press release).
- ^Marks, Bob; Young, Owen (22 August 2005). 'Four pillars debate needs refining: AFR Economic Briefing'. Archived from the original on 5 February 2008. Retrieved 24 January 2008.
- ^ abcd'ASX 200 List of Companies – Directory'. www.asx200list.com. Retrieved 10 February 2016.
- ^'fy15-media-release-asx'(PDF). www.commbank.com.au. Retrieved 14 February 2016.
- ^ abcdhttps://www.advisoryhq.com/articles/best-banks-in-australia/
- ^'Westpac_FY15_financial_results'(PDF). www.westpac.com.au. Retrieved 14 February 2016.
- ^'fy15_results_investor_discussion_pack_-_final_asx_lodgement'(PDF). www.shareholder.anz.com.au. Retrieved 14 February 2016.
- ^'2015%20asx%20announcement'(PDF). www.nab.com.au. Retrieved 14 February 2016.
- ^ abThe Age, 26/07/2017, 'Are banker salaries really necessary?' - Peter Costello's challenge
- ^'Four pillars back on agenda'. The Age. 14 May 2008.
- ^'Stan D. M. Wallis AC, BCom, Hon LLD, FCPA, FAIM, FCIM, FCIS'. Amcor Limited. Bloomberg. Retrieved 1 March 2018.
- ^Financial System Inquiry (1997). Final Report of the Financial System Inquiry. Canberra, Australia. Retrieved 13 July 2014.
- ^ abc'Westpac-St George merger won't topple four-pillars'. The Age. 15 May 2008.
- ^Durie, John; Gluyas, Richard (3 March 2009). 'Four Pillars policy, our shield against crisis'. The Australian.
Retrieved from 'https://en.wikipedia.org/w/index.php?title=Four_pillars_policy&oldid=918977646'
Four Pillars & Feng Shui 4.2.0.2
Fourpillars.net in Games
Feng Shui is an ancient Chinese system of aesthetics. The concept is that it tries to harmonize the flow of life-energy or Qi. Qi is the Chinese concept of a so-called energy, whose flow determines many things.
Feng Shui is an ancient Chinese system of aesthetics. The concept is that it tries to harmonize the flow of life-energy or Qi. Qi is the Chinese concept of a so-called energy, whose flow determines many things. The concept is also used in traditional Chinese medicine, Acupuncture and Martial Arts(Kung Fu). But Feng Shui Astrology is a type of Chinese astrology.
This is a program that uses Feng Shui Astrology. Now, the Four Pillars program can calculate and analyse Four Pillars charts for any date between 3000 BC and 3000 AD. The Four Pillars chart is very old, used since the Han Dynasty (206 BC-220 AD), and is still much used in Feng Shui Astrology. It is called four pillars because the Chinese writing style makes it look that way. Each pillar has a stem and a branch. Each column is related to a month, day and hour of birth. The first column defines the year animal and element; the second defines the month animal and element; the third the day animal and element, and the last one the hour animal and element.
The animals like the Snake, Dragon, Monkey, etc are the most important or common concepts of Chinese Astrology. Each Person born in the year or month, representing a specific animal has certain behavioral traits. For example, a Dragon person is flamboyant, Snake is Wise, etc. The elements (like the Water, Earth, Metal, Fire etc) are decided by the year in which a person is born. Eg: an Earth person is peace loving. There are a lot of other details to be considered.
Now, the software is just an implementation of the concept using Visual Basic. So, it is a small program. To calculate the four pillars chart, just enter all the necessary information in the input screen. Enter the birth date, name, place, time of birth, etc. and click the -> button. It will fill out the other columns automatically, generating the chart. Well, if you need to read it, you must know something about the Chinese concepts of the various animals. But you can get that info just by searching the Internet. This is very hard to understand if you are new to it.
Four Pillars & Feng Shui 4.2.0.2 Games software developed by Fourpillarsnet. The license of this games software is shareware$, the price is 129.00, you can free download and get a free trial before you buy a registration or license. Do not use illegal warez version, crack, serial numbers, registration codes, pirate key for this games software Four Pillars & Feng Shui. If you want to get a full and unlimited version of Four Pillars & Feng Shui, you should buy from original publisher Fourpillarsnet.
This is a program that uses Feng Shui Astrology. Now, the Four Pillars program can calculate and analyse Four Pillars charts for any date between 3000 BC and 3000 AD. The Four Pillars chart is very old, used since the Han Dynasty (206 BC-220 AD), and is still much used in Feng Shui Astrology. It is called four pillars because the Chinese writing style makes it look that way. Each pillar has a stem and a branch. Each column is related to a month, day and hour of birth. The first column defines the year animal and element; the second defines the month animal and element; the third the day animal and element, and the last one the hour animal and element.
The animals like the Snake, Dragon, Monkey, etc are the most important or common concepts of Chinese Astrology. Each Person born in the year or month, representing a specific animal has certain behavioral traits. For example, a Dragon person is flamboyant, Snake is Wise, etc. The elements (like the Water, Earth, Metal, Fire etc) are decided by the year in which a person is born. Eg: an Earth person is peace loving. There are a lot of other details to be considered.
Now, the software is just an implementation of the concept using Visual Basic. So, it is a small program. To calculate the four pillars chart, just enter all the necessary information in the input screen. Enter the birth date, name, place, time of birth, etc. and click the -> button. It will fill out the other columns automatically, generating the chart. Well, if you need to read it, you must know something about the Chinese concepts of the various animals. But you can get that info just by searching the Internet. This is very hard to understand if you are new to it.
Four Pillars & Feng Shui 4.2.0.2 Games software developed by Fourpillarsnet. The license of this games software is shareware$, the price is 129.00, you can free download and get a free trial before you buy a registration or license. Do not use illegal warez version, crack, serial numbers, registration codes, pirate key for this games software Four Pillars & Feng Shui. If you want to get a full and unlimited version of Four Pillars & Feng Shui, you should buy from original publisher Fourpillarsnet.
![Four Pillars 4 2 Serial Ports Four Pillars 4 2 Serial Ports](/uploads/1/2/6/2/126272961/870902500.jpg)
File Size: 9.07MB License: SharewarePrice: $129.00
Related:Feng Shui - Four Pillars - Chinese Astrology - Software - Freeware - Flying Stars - Ba Zi - I Ching - Yijing - Wen Wang GuaFeng Shui - Feng Shui Garden Design - Chinese Astrology Sign - Writing Chinese Software - Chinese In Ocr Software - Chinese Typing Software - Chinese Writing Software - Astrology Software - Stars! - Stars -
Platform: Windows
Downloads: 143 Category: Games