ISSUES RAISED IN COMMITTEE'S REPORT NOW BEING CONSIDERED BY THE REVIEWER OF THE CODE OF BANKING PRACTICE Sydney, 3 October, 2000: The Australian Bankers' Association said that issues raised in the report by the Federal Parliament's Joint Committee on Corporations and Securities are under consideration by the independent consultant reviewing the Code of Banking Practice. Jeff Oughton, acting Chief Executive of the Australia Bankers' Association, noted: "Mr Viney will soon be releasing an issues paper. This will provide another opportunity for interested parties to engage in further consultation, for them to gain some insight into Mr Viney's provisional views on the Code, and how the Review might deal with the issues raised in the Committee's report. The next stage of the Review to follow this will be the release by Mr Viney of his final report with recommendations on a wide range of issues." Mr Oughton told the Joint Committee on Corporations and Securities in Adelaide on August 23, that the Committee's interest in this issue of accounting for bank customers' loans that have chronically fallen into arrears related to a very small number of customers. Mr Oughton also told the Committee in August: "Our discussions with (ABA) members to date find that practices vary somewhat across the industry. Not all banks keep so-called shadow ledgers. Some do keep them but only stop issuing statements when a write-off occurs. Even then, some banks do provide a statement on request when a write-off has occurred." Today, Mr Oughton, said: "I am pleased that the Parliamentary Joint Committee on Corporations and Securities has recognised that the best place to resolve these issues is not through legislation but in the Review of the Code of Banking Practice which is currently underway. For further information contact: Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439     ENDS EMBARGOED UNTIL RELEASE OF COMMITTEE'S APPROX 4.30PM