Westpac is pushing for its three major bank rivals to take on more responsibility for the money sitting in Armaguard depots ahead of negotiations aimed at keeping the Lindsay Fox-owned company afloat and banknotes and coins circulating around the economy.
The Australian Financial Review reported on Monday that Reserve Bank of Australia assistant governor Michelle McPhee has convened a meeting this week to discuss whether to extend a $50 million lifeline provided by banks and retailers to the monopoly cash transport business.
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