FED:Bank competition very strong: CBA =5

AAP General News (Australia)
12-15-2010
FED:Bank competition very strong: CBA =5

Another government measure is to increase the powers of the Australian Competition
and Consumer Commission (ACCC) to prevent so-called price signalling, a practice the CBA
denies involvement.

Mr Norris said the banks produced a significant amount of economic commentary through
their respective economic departments, some of which touched on interest rates.

"If pricing signalling ... is going to be part the ACCC mandate to oversight the industry
then we ... if there is a new definition, we will obviously abide by that definition,"

he said.

Mr Norris said he understood the angst in the community caused by his bank's rate increase.

"I certainly got caught up in the maelstrom of this, because it became very personalised,
rather than actually debating the issue," he said.

The Commonwealth Bank had provided repeated proof that his bank's funding costs had
increased, he said.

"We are prepared at any point to stand under public scrutiny."

AAP cb/rl/it

KEYWORD: BANKING CBA 5 MELBOURNE

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