BoQ push for ‘stability and continuity’ amid market jitters

“Stability and continuity at this time is really, really important,” he said.

“Small things are spooking markets at the moment. The Australian banking system is very strong, we’ve got a really strong regulator … But we wanted to ensure that there’s no reason for any instability or any suggestion of instability going forward.”

Allaway also sought to highlight the tighter regulation of Australian banks and their conservative capital and liquidity positions.

“Markets react very, very quickly to these things, and my sense is that it’s being contained for the time being. I wouldn’t take any complacency from that. But I think what is very comforting for Australia is that we have a far better regulated system here, the banks have very strong capital, liquidity positions.”

Chairman Negus also highlighted the regulatory treatment given to Australian banks: “It’s uncomfortable at times, but it’s times like this, you realise the benefits of the regulation and the confidence that gives to, particularly, people who deposit their money with the banking system.”

Allaway will be paid $1.5 million in fixed pay, with the potential to earn up to a further $2.55 million in equity, subject to hitting targets and receiving shareholder approval.

Bank of Queensland shares closed the session flat at $6.40.

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