Ralph Norris described as the 'hard man' who killed off Allco

Commonwealth Bank of Australia, run by former ASB and Air NZ CEO Ralph Norris, has been described as the 'hard man' that eventually forced the collapse of heavily indebted asset manager Allco Finance on Tuesday night. The Australian's Matthew Stevens reported that Allco Finance collapsed after its banks failed to agree and that CBA was the driving force blocking any deal. "Team Commonwealth is emerging as the hard man of negotiations to rescue the failed and the flawed," Stevens wrote.

A view is coalescing that, where it has a greater level of security, the risk-averse Norris seems prepared to follow in the footsteps of South Park's Eric Cartman. You know what I mean: "Screw you guys, I'm going home." Now, while it would be wrong to sheet home to Norris anything like sole responsibility for Allco's dispatch to receivers and liquidation, it is said Commonwealth Bank was the most robust and single-minded of the now defunct boom baby's creditors.

Meanwhile John Durie at the Australian reported that CBA is owed A$650 million and ANZ is owed A$220 million by ailing kindergarten group ABC Learning, which is widely expected to be put into administration and receivership within days. * This article was first published in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.