Daily Dispatches: Westpac rushes to raise its rates

So, after many months of careful post-GFC market conditioning, we have finally reached banking's infamy moment. No, I am not talking about Glenn Stevens, his Reserve Bank board and their widely anticipated decision to hike the official cash rate for a third consecutive time by 25 basis points. No, no, today will be all about Westpac and its decision to jack up its variable mortgage rate by a very meaningful 20 basis points more than the official rate. (The Australian)

Westpac decision to push through a bigger than expected 45-basis-point rise across its standard variable mortgage rate follows intense competition for deposits that is prompting banks to turn to home owners to claw back higher funding costs. (Sydney Morning Herald)

Macquarie Group has signalled its interest in parts of the investment banking unit of European private bank Sal. Oppenheim Jr & Cie, several people familiar with the matter have told Dow Jones Newswires. (The Australian)

The margin lender Lift Capital is prepared to settle with Merrill Lynch for $46m if creditors vote in favour of a scheme of arrangement on December 22. (Business Day)