28 Competition: regulatory story (so far)  Positives: –Treasurer promotion of mutuals since 2010 –Banking competition policy centred on mutuals –Legislative recognition (eg covered bonds) –Deposit guarantee maintained at upper level proposed –AOFM support ($1.66bn utilised by mutuals) –FSAC representation, face to face meetings for larger members  Realities –Account switching, exit fee bans limited impact –AOFM boost limited to large mutuals,+B note issue –Major banks now dominate market on both sides –Significant proposals (eg Canadian style RMBS support, expansion of guarantee for fee, AOFM mandate) rejected –Limited signs of member appetite on covered bonds (to date) –Regulator influence and dominance
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