ABA WORKING WITH THE COMMUNITY ON RELATIONSHIP DEBT Sudney, 21 June, 2000:The Australian Bankers' Association welcomes the "Finances Working for Women Seminar" report from the Departments of Women and Fair Trading in New South Wales. Jeff Oughton, Acting Chief Executive of the Australian Bankers' Association, said the report is a broad recognition of the issues surrounding relationship debt and the willingness of the key players, including the banking industry, to help in finding solutions. "Going guarantor is a serious decision - prospective guarantors need to ask: 'Why am I doing this?' What people need to understand is that by going guarantor for another person actually means the guarantor will pay off the loan if he or she cannot. One important step before going guarantor, is to seek independent legal advice because an emotional or family relationship with the borrower can sometimes cloud better judgement, " said Mr Oughton. The Australian Bankers' Association is working with the community, including the legal profession, to help address some of these issues. Last year, the Australian Bankers' Association participated in a seminar co-hosted by the NSW Departments of Fair Trading and Women. Mr Oughton said he hoped that the "Finances Working for Women Seminar" report might form the basis of a submission to the review of the Banking Code of Practice, which is currently being conducted by independent consultant, Dick Viney. Members of the public, organisations or government department can also make submissions through email: codereview@bigpond.com or through the mail: Code of Banking Practice Review, GPO Box 4612SS, Melbourne, Victoria 3001 Closing date for submissions is July 14 For further information contact: Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439     ENDS Also see our website: www.bankers.asn.au June 21, 2000, 09/00