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Legislative Assembly for the ACT: 1997 Week 9 Hansard (4 September) . . Page.. 2953 ..

MR WHITECROSS (continuing):

In the past specific legislation was enacted to deal with each instance of a bank merger, as I referred to earlier. This Bill will eliminate the need for this practice. The legislation will benefit residents of the ACT who have bank accounts or conduct banking business with banks involved in a merger by facilitating the transfer processes, and, of course, will also benefit the banking sector. Mr Speaker, I am advised that New South Wales has enacted similar legislation to accommodate bank mergers falling under its jurisdiction. This Bill, the Bank Mergers Bill, varies the previous practice in the way that this legislature deals with bank mergers and I think that in proceeding down this path we need to consider very carefully whether we wish to go down the path of legislation of this type rather than the previous practice in relation to this matter.

Mr Speaker, on the two previous occasions that this legislature has dealt with bank mergers, the first was dealt with by a Bill called the Australia and New Zealand Banking Group Limited (NMRB) Bill 1991 which was introduced by Ms Follett. Mr Kaine was the Opposition Leader. That legislation dealt with the merger of the National Mutual Royal Bank and the ANZ Banking Group, and it set out the mechanisms by which that merger would take place. Mr Kaine, the then Leader of the Opposition, said:

The Liberal Party in opposition has no objection to this Bill. It is a fairly straightforward machinery Bill. It is quite clear that the Chief Minister has virtually been required by events nationwide to enact this legislation for consistency across the country in ensuring that the amalgamation of the National Mutual Royal Bank and the ANZ Banking Group is covered by appropriate legislation. The purpose of that is to ensure that, so far as the ACT is concerned, the 1,500 account holders with that bank have their interests protected.

Mr Kaine went on to say:

As I said, it is essentially a machinery Bill, and seems to go no further, in my view, than is required to achieve its objectives. On that basis, the Liberal Party in opposition has no objection to it.

The Chief Minister said in reply:

I thank Mr Kaine for his support of the Bill. It is a straightforward matter and there is little that can be said to add to the debate. As Mr Kaine has pointed out, the beneficiaries are the 1,500 ACT customers of the National Mutual Royal Bank. If this legislation is passed, they will not be put to the inconvenience of having to renegotiate all their banking arrangements.

It is a method of dealing with the bank merger that saves a considerable amount of time and effort for the bank's customers and staff. I therefore commend it to members of the Assembly. I think it is fairly straightforward and fairly self-explanatory.

Mr Speaker, that was in October 1991 and the Bill was the Australia and New Zealand Banking Group Limited (NMRB) Bill 1991.

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