Macquarie Group, which is capitalised at $58 billion, was gloating at yesterday’s AGM that it had $8.4 billion of surplus capital. So why does it need a $11.3 billion loan from the RBA?
Macquarie Group held its second straight virtual AGM yesterday and it turned into a three hour marathon — with the board peppered by more than 50 shareholder and proxy questions.
While GetUp activists dominated the live questions, asked via teleconference and focusing on climate, fracking and Indigenous issues, I lobbed 19 written questions during the meeting, all of which were read out in full by Macquarie personnel hand-picked for their strong voices.
Based on the following exchange, we now know that federal taxpayers have lent the “millionaire factory” $11.3 billion in cheap loans to help get it through the COVID pandemic? After further inquiries, we also know the interest rate: $9.5 billion loan for 3 years at 0.1%; the rest at 0.25%.
Read more about what went down at the Macquarie Group AGM…
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