Standing Committee on Economics, Finance and Public
Administration
Media release: 9 August 1999
ECONOMICS COMMITTEE STILL CONCERNED ABOUT BANK ETHICS
Following a meeting of the Economics Committee today, the Committee
Chairman, David Hawker MP, reported that 'The Committee remains deeply
concerned about the ethical behaviour of the Australian Bankers' Association
in the light of the ABA/Laws deal.'
'It is not good enough for the Chairman of the ABA just to apologise
for the concern and embarrassment the ABA's behaviour has caused for the
bank's employees, customers, shareholders and the community.'
'In mid July following the exposure of the ABA/Laws arrangement I foreshadowed
the Committee would look into this' said David Hawker. 'The Committee
believes that the Parliament has the authority to investigate such matters.'
'Since then at least five inquiries into this arrangement have been
reported. As the Committee does not wish to duplicate this work, and sees
considerable advantages in it reviewing the information revealed by those
inquiries first, the Committee has decided to defer a specific inquiry
for the moment. We will be closely monitoring developments over the next
few weeks.'
'This decision by the Committee in no way diminishes our concerns' said
Mr Hawker. 'We still firmly believe that it is in the community interest
to get to the bottom of the deal - the real bottom. We need to ensure
that a situation like this is never repeated.'
'This matter has done the banks' reputation no good. It has merely served
to confirm the views of many Australians that the banks operate with self-interest
to the fore.'
'The Committee will make some further comment on this matter in its
forthcoming Reserve Bank report due for release on Monday 23 August 1999'
concluded Mr Hawker.
Ends
9 August 1999
Further information:
David Hawker MP (Chairman) 02 6277 4100
Beverley Forbes (Secretary) 02 6277 4587
Email: EFPA.Reps@aph.gov.au
Committee Membership 39th Parliament
Chairman: Mr David Hawker MP
Deputy Chairman: Mr Gregory Wilton MP
Members:
Mr Anthony Albanese MP
Ms Anna Burke MP
Ms Teresa Gambaro MP
Mrs Kay Hull MP
Mr Mark Latham MP
Mr Christopher Pyne MP
Hon Alex Somlyay MP
Dr Andrew Southcott MP
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