By Andrew Mackinnon
Assets – Loans receivable – As at 30th June, 2022
Commonwealth Bank of Australia – $878.9 billion AUD
Westpac Banking Corporation – $739.6 billion AUD
National Australia Bank – $680.4 billion AUD
Tag Archives: money creation
The Bank of England has admitted that commercial banks create money out of nothing when they lend at interest.
By Andrew Mackinnon
The Bank of England came out in 2014 and admitted that privately-owned, commercial banks create money out of nothing when they lend to citizens, (non-citizens,) businesses and not-for-profit entities and impose an obligation on them to pay interest on this money created out of nothing:
bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy