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Australian Bankers’ Association says Daily Telegraph is not telling the full story
Sydney, 13 April, 2010
The Australian Bankers’ Association Chief Executive, Steven Münchenberg said today that his comments provided yesterday to the “Daily Telegraph” were selectively quoted in today’s newspaper.1
Mr Münchenberg said: “When asked about bank fees, I told the journalist there was a lot of choice in the marketplace for consumers – across many products and many providers.”
“I noted that the banks are fiercely competing for business by abolishing and reducing some fees which benefits customers. I noted that there were different interest rates offered in the marketplace for home loans as well. These comments were not included in the article.”
“The financial services market is very competitive, and I also noted consumers have a lot of choice from many providers – the major banks, the regional banks, foreign banks, online banks, building societies and credit unions.”
“This is very different to the newspaper’s interpretation that I have told consumers to choose a building society or a credit union over a bank.”
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[1] Article is “Vote with your feet”, says banker by Joe Hildebrand, page 2 |
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