More market disclosure needed, says NAB

[Legal Beagles]

NATIONAL Australia Bank group chief executive John Stewart says the subprime financial crisis is not going to turn into a global meltdown, and more transparency is needed in the market to help recovery.

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Re: More market disclosure needed, says NAB

One to make Cyn laugh, NAB talking about being transparent and open :shocked::roll:that`ll be the day.

'Over-disclosure' needed, says NAB

February 27, 2008 02:08pm

Article from: AAP


NATIONAL Australia Bank group chief executive John Stewart says the subprime financial crisis is not going to turn into a global meltdown, and more transparency is needed in the market to help recovery.
"Do I think it is going to cause a global meltdown? No, I don't," Mr Stewart said at a lunch in Sydney today.

He said the United States was likely to head into a "shallow recession", which would have only a minor effect on Australia.

"It will, of course, have some effect, but it will be small," Mr Stewart said.

Although some companies were suffering, he said this was part of the normal "rough and tumble" of running a business.

Mr Stewart said confidence needs to return to the market and the financial industry, and that more transparency was needed.

"What we need is more transparency and you will only get that transparency over time," he said.

Mr Stewart said there needs to be even more disclosure by companies - even "over disclosure" - to help the market recover.