Ross Greenwood discusses banking licences

Ross Greenwood speaks to Kim Cannon the MD of First Mac about his attempts to obtain a banking licence.

Speaking on his Money News program, Ross Greenwood said that Australia needs more banking competition.

However Kim Cannon explained a rule put in place in the mid 1980’s which almost prevents new banking licences.

‘The rule was that no private person could patrol more than 15% of the bank,’ Cannon said.

‘I’ve be working constantly to see the rule overturned.’

Click PLAY to hear the interview