The federal government has announced it will adopt a host of Senate committee recommendations aimed at improving mutual and cooperative firms’ ability to raise capital.

The changes will allow mutuals to issue CET1 instruments, such as bonds, and were part of 11 recommendations by experienced banking and financial governance lawyer Greg Hammond in July for a Senate Economics References Committee Report titled ‘Cooperative, Mutual and Member-owned Firms’.

Currently mutuals and co-ops cannot raise capital without jeopardising their mutual structure.  

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