The Australian’s Adam Creighton says banks are being “quasi-nationalized” by the RBA.
“The Reserve Bank earlier this week increased this thing called the term funding facility ... to two-hundred billion,”
Mr. Creighton told Sky News host Peta Credlin. “This is basically a way to subsidize the banking system.
“The banks can go to the RBA and they can get very cheap loans … and the theory is that they will pass on those cheaper rates to households and businesses.
“I think the interesting point about this is to some extent the banks are being quasi-nationalized or quasi-bailed out by the central bank.”