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Is a competitive banking fifth pillar feasible? (Australian Financial Review, 1 January 2019)

Designing Capital Instruments for Mutual ADIs (submission to Hammond Review) ACFS Financial Policy Brief, 2017-05, May 2017

Cooperative and Mutual Financial Institutions: Is there a Future? (Presentation to "Reviving the Cooperative Movement" Conference, Melbourne May 23, 2016)

Changing Organizational Form: Demutualization and the Privatization of Communal Wealth - Australian Credit Union Experiences (November 2015 revision - forthcoming in Annals of Public and Cooperative Economics)

Privatizing Communal Wealth: Alternative Demutualization Strategies of Australian Credit Unions (working paper, 20 May, 2013)

Australian Demutualizations: A List 

List of Australian Credit Unions (APRA link) 

Link to Hammond Review of Mutuals & Coops

Link to Senate Economics Reference Committee Report

"Mutual Equity Interests: An oxymoron?" ACFS FRPD 2013-03 November 2013

(with Christine Brown) "Capital Management in Mutual Financial Institutions" Journal of Banking and Finance, 33, 3, March 2009, 443 - 445

The Board's Lament


Mutually Assured Destruction

Demutualise, demutualise

It really is the best

A few bucks for the members

And we'll take all the rest.


Of course, we wouldn't say that

We're really not that crass

We'd say the world is changing

And must get off our ass


We've grown so big and lost our bond

The members, they won't care

This talk about our special role

They know is all hot air


We run the shop, we take our chop

We know just how it works

No governance by members

Let's maximise those perks


It is a tough decision

We could be forced to go

Stockholders may be critical

Of how we run the show


That risk we'll face, and tough it out

Because we're sure you know

We'll put in place large payouts

In case we're forced to go

Weighing up the choices

Principles or pay

Unfortunately, principles

Have long since had their day


The CEO is for it

We're sure it isn't greed

He's working for the members

Let us do the deed


But Hark, the ghosts of members past

Are crying in dismay

Their legacy of wealth and trust

Should not be spent this way


But they're not here to stop us

Our consciences aren't torn

The current members can be bought

The future ones aren't born


The time is nigh, let's do our duty

We've worked out all the sums

Demutualise and claim the booty

'Fore the Carpetbagger comes.


Kevin Davis

Melbourne University Credit Union

"Australian Credit Unions and the Demutualization Agenda", Annals of Public and Cooperative Economics, 2007, 2, June, 277-300

"Demutualization and Credit Unions" Managerial Finance, 31, 11, November 2005, 6- 25.

Abacus Workshop Report (28/4/2008)

"Credit Union Governance and Survival of the Cooperative Form" Journal of Financial Services Research, 19, 2/3, April/June 2001, 197-210


"Organisational Forms for Financial Services Firms" Developments in Financial Structure and Regulation: Proceedings of the 7th Melbourne Money and Finance Conference, Supplement to the Journal of Applied Finance and Investment, July 1997, 63-66


"Credit Unions: Can They Survive" Agenda 4, 3, 1997, 317-328

"The Last Days of The Credit Union?" JASSA September 1995, 30-31

"Prudential Regulation and Australian Credit Unions" Australian Journal of Management, 19, 1, June 1994, pp 31-46

         "Prudential regulation and the future of Credit Unions" 1993 

"Deregulation, Retail Financing and Credit Unions ", Bulletin of Money, Banking and Finance, 1984-85. No.3.

"The Thrift Institutions", Chapter 3 in M.K. Lewis and R.H.Wallace (eds.), Australia's Financial Institutions and Markets, (Longman Cheshire, Melbourne, 1985), 65-120

         "Credit Union Demutualization" Presentation 2005 

         "Credit Unions and Demutualization" AICUD Presentation, August 2003 

         "Demutualization Risks and Credit Unions" WOCCU Presentation, June 2003 

         "AFIC and the Future of Australian Credit Unions" Address to ICUDA Conference 1993      

 "Credit Unions: What Lies Ahead?" Address to First AFCUL National Credit Union Conference    1981