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Commonwealth Bank responds to ACCC

25 September 2002

The Commonwealth Bank today strenuously denied allegations raised by the ACCC regarding its 2001/2002 cricket home loan advertising campaign.

The Bank is careful to ensure strict compliance with competition laws in all aspects of its business. For this reason, the Bank is disappointed and surprised at today’s action by the ACCC as the Bank was still in the process of gathering information requested by the ACCC.

On the specific advertisements in question, all (including television) stated that terms and conditions applied to the offer. The Bank considers that its advertising was adequate to alert prospective borrowers that there were qualifications to the advertised benefits and that not every potential applicant could receive them in part or in full.

The Bank considers that now the matter is to be dealt with before the Federal Court, its existing processes will be found to be sound.