FED:We were consulted on bank reforms says NAB

AAP General News (Australia)
12-13-2010
FED:We were consulted on bank reforms says NAB

CANBERRA, Dec 13 AAP - The National Australia Bank Ltd says it was properly consulted
about the federal government's banking competition reforms.

The opposition and ANZ Banking Group Ltd have criticised the government for not doing
enough to consult the banking sector about moves to scrap exit fees.

But NAB chief executive Cameron Clyne has contradicted those assertions, arguing the
announcements made by Treasurer Wayne Swan on Sunday came as no surprise.

"The government has been quite consultative over the last 18 months," Mr Clyne told
a Senate inquiry hearing in Sydney, adding that none of the initiatives were especially
surprising.

"The talk about the reform on exit fees has been discussed, and has been floated for some time."

Mr Clyne said NAB had been given the opportunity to provide input into the policies,
even if it wasn't told of the exact announcement beforehand.

"On every element in the package, I can certainly say that we had had discussions with
Treasury and the government over the last six to 12 months about the nature of the industry,"

he said.

"I don't feel there's anything in there that we didn't have an opportunity to provide input."

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KEYWORD: BANKING NAB CONSULT

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