THE AUSTRALIAN BANKERS' ASSOCIATION RESPONDS TO UNSUBSTANTIATED ALLEGATION

Sydney, 21 December 2004: The Australian Bankers’ Association (ABA) today expressed its disappointment at the media release issued by the Consumer LawCentre Victoria’s (CLCV) which alleges banks are collecting millions of dollars in unlawful fees.

The CLCV’s media release gives the strong impression that banks are breaking the law, but this can’t be substantiated from the information contained in the report.

The banking industry has worked hard in recent years to move consumer issues constructively into direct dialogue and we are disappointed that the CLCV has approached this issue in this way.

ABA is fully confident that its member banks act within the law.

Banks disclose their fees in indicator rates, published fee tables, product contracts and through information services. The ABA and individual banks put considerable resources into financial literacy programs so individual customers know how to minimise fees and charges. In addition, there are a wide variety of basic, low fee accounts available in the market.

For further information:

Dawn Willis

ABA Public Relations

Phone: 02 8298 0411

Mobile: 0424 616 429

ENDS