Westpac is pushing for its three major bank rivals to take on more responsibility for the money sitting in Armaguard depots ahead of negotiations aimed at keeping the Lindsay Fox-owned company afloat and banknotes and coins circulating around the economy.
The Australian Financial Review reported on Monday that Reserve Bank of Australia assistant governor Michelle McPhee has convened a meeting this week to discuss whether to extend a $50 million lifeline provided by banks and retailers to the monopoly cash transport business.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
