Banking

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A landmark fundraise by Australia’s biggest banks has secured a war chest of $12.75 million to the sector’s blockchain consortium, Lygon, to bolster its research and development into helping banks dump their legacy paper trails and reinforce their ability to create and manage digital contracts and transactions.

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Eager to abandon the 200-year-old paper-based ‘bank guarantee’ process and move to a more efficient and robust digital system, the creation of Lygon comes as banks have yielded to the increasing popularity of emerging blockchain systems widely used to store and trade cryptocurrency tokens on highly secure networks.

And following its creation last year by ANZ, Westpac, Commonwealth Bank, Scentre Group and IBM, the consortium has announced that it has raised $12.75 million in a Series A oversubscribed funding round – a significant increase from its initial pre-Series A fundraise from August last year which raked in $5 million.

The funding round led by ANZ Bank, Commonwealth Bank and Aura Ventures, marks an important step in Lygon’s ambitious development of its digital bank guarantee system, in which it uses a computer process of validating transaction information by creating a new “block” and recording that information on the blockchain – a process which is called “minting”.

Lygon’s new bank guarantee process on the blockchain has been designed to take mere seconds, as opposed to potentially weeks to secure leases, projects or property – a major development for banks eager to slash costly and sluggish paper trails and instead focus on delivering quick services to likely impatient clients.

Lygon chief executive officer, Justin Amos said the capital will be used to fund the scale-up in resources required to invite new customers, continue the support of Lygon’s overseas subsidiaries and fund the research and development for delivering other forms of digital financial contracts.

“We are extremely pleased to have completed our Series A funding round, successfully exceeding our equity target of $10 million, which reflects the strong demand for our services both domestically and overseas,” Mr Amos said.

He acknowledged Bishop and Fang Capital Advisory for assisting Lygon through the fund-raising process, and Lygon’s legal team, Piper Alderman, for its ongoing support.

Mr Amos said that staff were again prioritised in this funding round, and that the $12.75 million in capital would go towards ramping up resources, overseas expansion and research and development.

“We are delighted with the breadth and depth of our investor base, and I would like to thank all our shareholders – particularly those that have either reinvested or indicated a desire to invest in future funding rounds,” Mr Amos said.

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A landmark fundraise by Australia’s biggest banks has secured a war chest of $12.75 million to the sector’s blockchain consortium, Lygon, to bolster its research and development into helping banks dump their legacy paper trails and reinforce their ability to create and manage digital contracts and transactions.

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The merger is set to create an organisation with 720,000 members and total assets of over $22.5 billion.

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Heritage Bank and People’s Choice Credit Union have confirmed their intention to proceed with merger plans after completing an extensive due diligence process.

The proposed merger, which was originally announced last year, would create one of the largest customer-owned banking organisations in the country with 720,000 members and total assets worth more than $22.5 billion.

In a statement on Wednesday, the two firms said that the proposed merger provided a “unique and compelling opportunity” to improve member benefits including enhanced products, services, digital capabilities and competitive pricing.

“We are confident a merger is firmly in our members’ best interests. Joining forces represents a unique pairing of equals, offering unparalleled cultural and strategic alignment and an absolute commitment to mutuality,” said Heritage CEO Peter Lock.

“By coming together, we will create a national member-owned banking organisation that will be of a size and scale to enable us to deliver outstanding products and services for our members,” added People’s Choice CEO Steve Laidlaw.

The proposed merger is still subject to regulatory and member approval, with detailed information to be provided to members ahead of a vote at the annual general meeting of both organisations later this year.

If members vote in favour of the proposal, Heritage and People’s Choice expect the merged organisation would be established early next year.

As part of the merger, there will be no redundancies below executive level as well as no branch closures, the two firms said.

Heritage and People’s Choice have also agreed to the governance structure of the combined entity, which will include Mr Lock as CEO and Mr Laidlaw as deputy CEO.

Mr Lock will retire 18 months after the merged organisation has been established, with Mr Laidlaw then moving into the CEO role.

Additionally, existing People’s Choice chairman Michael Cameron will be appointed chairman of the merged organisation and current Heritage chairman Kerry Betros will take up the role of deputy chairman.

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The merger is set to create an organisation with 720,000 members and total assets of over $22.5 billion.

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The RBA has pinpointed key risks to financial systems, including rising inflation and higher rates, and the growing risk of cyber attacks for banks.

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In it semi-annual review of financial stability, the Reserve Bank of Australia (RBA) said around three-quarters of currently outstanding fixed-rate loans will expire by the end of 2023.

Assuming all fixed-rate loans roll over to variable rates, and variable rates increase by around 200 basis points, the RBA predicted that over 90 per cent of fixed-rate loans expiring in the next two years face an increase in repayments of up to 20 per cent.

The one quarter that have terms that expire beyond 2023 are predicted to face even larger shocks depending on how rates evolve over the next 24 months, the central bank said.

But the RBA is confident that repayments should be manageable for most, noting that many fixed-rate borrowers have accumulated substantial liquidity buffers during their loan term.

Touching on APRA’s macroprudential move late last year, the RBA judged that while the October increase in the interest rate buffer did reduce some riskier lending, the share of new lending at high debt-to-income ratios remains significant.

To help mitigate potential financial stability risks, APRA recently warned lenders to be “operationally ready” to implement limits on high-DTI, high-LVR, investor or interest-only lending.

Turning to record house price growth, the RBA acknowledged the possibility of future swings in prices but revealed that internal estimates suggest a 200 basis point increase in interest rates, from current levels, would lower real housing prices by around 15 per cent over a two-year period.

Financial institutions vulnerable

Acknowledging the growing risk of cyber attacks and their rising sophistication, the RBA said it is highly probable that at some point in time the defences of a significant financial institution in Australia will be breached.

Locally, there has been an increase in the number and severity of cyber security incidents of late, with data showing that around 55 per cent of reported data breaches of Australian financial institutions over the past two years have been malicious.

As such, the RBA warned that cyber attacks would not only create problems for the institutions concerned but could also undermine confidence in the broader financial system.

“It therefore remains critical that financial institutions and infrastructures have high resilience with the ability to quickly recover from a significant attack,” the RBA said.

It assured that Australia's financial regulators have been working with industry and the government to achieve this. 

In March 2022, the Council of Financial Regulators (CFR) reviewed the outcomes of a pilot exercise under the Cyber Operational Resilience Intelligence-led Exercises (CORIE) framework, which was completed in October 2021.

According to the RBA, the pilot provided valuable information, both for the participating institutions and for the CFR agencies on the design of future exercises. 

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The RBA has pinpointed key risks to financial systems, including rising inflation and higher rates, and the growing risk of cyber attacks for banks.

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NAB’s bolstered security protocol has blocked more than 10,000 abusive transactions from 6,800 unique customers last month.

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NAB is cracking down on financial abuse by introducing increased measures to automatically block abusive and threatening transaction descriptions.

Under the changes, payments in the NAB app on iOS and Android that feature offensive words and phrases won’t be processed.

Customers attempting to include any one of the 1,300 offensive words and phrases flagged by NAB will get a real-time message advising they’ll need to change the description for the transaction to proceed.

According to recent research, conducted by Deloitte and commissioned by Commonwealth Bank, the direct cost of financial abuse in 2020 amounted to a staggering $5.7 billion. The research revealed as many as 623,000 Australians were victims of financial abuse, representing roughly 380,000 women and 240,000 men.

Doing its part to put a stop to this prevalent form of abuse, NAB has dedicated an entire team of trained professionals who review information on blocked transactions, issue warnings and refer customers to support services.

“Our system is now smarter than ever,” said NAB executive for personal banking, Rachel Slade.

“It can now instantly recognise special characters and spaces that have been substituted in banned words and phrases. Equally, it can recognise if a word should be allowed because it matches the account holder’s legal name or the business’ name.”

NAB’s goal is to shield its customers from verbal violence, whether it be teenagers using transactions to bully others or intimate partners committing financial abuse.

“We’re committed to working with our customers and other organisations to reduce the prevalence of this behaviour. We also encourage customers to contact us if they receive abusive or threatening messages. We are here to help,” Ms Slade said.

Commenting on NAB’s commitment, eSafety Commissioner Julie Inman Grant said that the bank’s initiative will really move the needle in tackling online abuse.

“[It] will prevent many of the online harms we deal with every day from happening in the first place,” Ms Grant said.

“We commend NAB for taking active steps towards adopting this Safety by Design approach and protecting their customers from online abuse being perpetrated through their banking app and internet banking service.”

NAB also recently introduced an acceptable electronic banking use policy to call out unlawful uses of NAB’s electronic banking channels.

“This includes making threatening and abusive comments to any person,” Ms Slade said.

The big four bank has been actively blocking abusive transactions on internet banking since November 2020.

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NAB’s bolstered security protocol has blocked more than 10,000 abusive transactions from 6,800 unique customers last month.

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Westpac has been ordered to pay $1.5 million for mis-selling consumer credit insurance.

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The Federal Court has ordered Westpac to pay a $1.5 million penalty for mis-selling consumer credit insurance with its credit cards and flexi loans to customers who had not agreed to buy insurance policies.

The big four bank was previously accused of issuing consumer credit insurance policies to 141 customers who did not request the product in the four-month period spanning April to July 2015.

The Court heard that Westpac then sent a letter to each customer asserting the right to payment of insurance premiums, before debiting the payments from the customer’s credit card or facility.

In reaching the decision to impose a penalty, Justice Katzmann said, “I am persuaded that the agreed penalty is an appropriate one”. The Justice found that while the contraventions were not deliberate, reckless or systemic, there was a lack of care.

Justice Katzmann also noted that Westpac’s conduct, though serious, did not warrant a penalty near the upper end of the scale.

Commenting on the outcome, ASIC deputy chair Sarah Court underscored the gravity of the consumer harm inflicted by the big four bank.

“Customers were charged for insurance policies they had not agreed to buy and therefore were unlikely to use. The sale of these products benefitted the bank and not the consumer,” Ms Court said in a statement issued by the corporate regulator on Thursday.

“ASIC has secured $270 million in remediation across the sector for consumers harmed by the sale of consumer credit insurance,” she noted.

“The industry is now clearly on notice as to the consumer harm associated with the mis-selling of these products, and under the new penalty regime, ASIC will be seeking significantly increased penalties for misconduct of this kind.”

Westpac has admitted to the charges, noting it had asserted a right to payment for the consumer credit insurance premiums which customers were not liable to pay in contravention of section 12DM of the ASIC Act; and that it failed to comply with financial services laws under section 912A(1)(c) of the ASIC Act.

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Westpac has been ordered to pay $1.5 million for mis-selling consumer credit insurance.

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Governor Philip Lowe is urging the populace to prepare for higher interest rates.

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Reserve Bank of Australia (RBA) governor Philip Lowe has urged borrowers to start preparing for higher interest rates.

Speaking at the Banking 2022 Conference, Dr Lowe said many borrowers have had no experience with an interest rate-rise cycle.

“The last time the RBA increased the cash rate was in November 2010, that’s more than 11 years ago.

“To many borrowers that is going to come as quite an unwelcome development,” Dr Lowe acknowledged.

Last week, the governor acknowledged the risk of waiting too long to lift rates, especially in a world with overlapping supply shocks and a high headline inflation rate.

It was also the first time the governor acknowledged a rate hike could be on the cards for this year.

“It’s not guaranteed, but it’s plausible,” Dr Lowe reiterated on Friday.

The governor, however, stressed that the preconditions for a rate hike have not yet been met.

“We still have modest inflation here,” Dr Lowe said.

He explained that the RBA is still waiting for the 2.6 per cent underlying inflation to sustainably rest within its 2 to 3 per cent target.

But recent developments “have moved us closer to that point,” Dr Lowe said.

“One issue we’re paying close attention to is the inflation psychology. For many years, firms were reluctant to put up their prices and because they didn’t want to put up their prices, they didn’t want to put up wages.

“It’s quite possible a period of protracted headline inflation will see this psychology shift and firms will decide they have to put up their prices and their prices are rising they can afford to pay higher wages,” Dr Lowe continued.

“We’re watching very carefully for any shift in inflation psychology, if that shift occurs, inflation would be higher and more persistent and we would need to respond.”

 

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Governor Philip Lowe is urging the populace to prepare for higher interest rates.

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["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [9]=> object(stdClass)#7414 (32) { ["id"]=> string(1) "9" ["title"]=> string(17) "Third article URL" ["name"]=> string(17) "third-article-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-07-08 05:42:42" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#7166 (3) { ["data":protected]=> object(stdClass)#7169 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#7168 (3) { ["data":protected]=> object(stdClass)#7171 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(17) "Third article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [4]=> object(stdClass)#7411 (32) { ["id"]=> string(1) "4" ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "1" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#7170 (3) { ["data":protected]=> object(stdClass)#7173 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#7172 (3) { ["data":protected]=> object(stdClass)#7175 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(9) "Video URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [6]=> object(stdClass)#7412 (32) { ["id"]=> string(1) "6" ["title"]=> string(33) "Image Caption / Video description" ["name"]=> string(31) "image-caption-video-description" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 16:29:55" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "2" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#7174 (3) { ["data":protected]=> object(stdClass)#7177 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#7176 (3) { ["data":protected]=> object(stdClass)#7179 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(33) "Image Caption / Video description" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [3]=> object(stdClass)#7407 (32) { ["id"]=> string(1) "3" ["title"]=> string(6) "Status" ["name"]=> string(6) "status" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:45:26" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "3" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#7178 (3) { ["data":protected]=> object(stdClass)#7184 (1) { ["options"]=> object(stdClass)#7182 (2) { ["options0"]=> object(stdClass)#7181 (2) { ["name"]=> string(8) "Inactive" ["value"]=> string(1) "0" } ["options1"]=> object(stdClass)#7183 (2) { ["name"]=> string(6) "Active" ["value"]=> string(1) "1" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#7180 (3) { ["data":protected]=> object(stdClass)#7186 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(6) "Status" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#7410 (32) { ["id"]=> string(1) "5" ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "4" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#7185 (3) { ["data":protected]=> object(stdClass)#7188 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#7187 (3) { ["data":protected]=> object(stdClass)#7190 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(22) " Essential information" ["description"]=> string(35) "3 points that summarize the article" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#7420 (32) { ["id"]=> string(1) "2" ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "5" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#7189 (3) { ["data":protected]=> object(stdClass)#7192 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#7191 (3) { ["data":protected]=> object(stdClass)#7194 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(78) "/borrow-money/banking/rba-governor-urges-borrowers-to-prepare-for-higher-rates" ["image"]=> string(35) "images/article-826x550/RBA-ne-2.jpg" ["image_alt"]=> string(3) "RBA" } }