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Commonwealth Bank commits to Storm customers

24 June 2009: The Commonwealth Bank restated today its commitment to identifying and resolving any shortcomings in how the Bank lent money to Commonwealth Bank customers involved with Storm Financial Ltd.

The Bank stated:

  • Where we have done wrong, we will put it right. This can only be done on a case-by-case basis.
  • We will suspend repayments on customer loan obligations until 31 August, 2009.
  • It has been reported that we will capitalise the deferred interest and add it to the debt at the end of the suspension period, with the suggestion that we will gain from this.  We have never said this and it has never been our intention. We will ensure no customer will pay additional interest as a result of this payment suspension, and any customer who has been identified as being wronged by the Bank will have this interest waived altogether in the overall settlement.
  • We restate our commitment that no customer will be disadvantaged as a result of any shortcomings identified in the Bank’s lending practices, however the Bank is not responsible for the financial advice provided independently by Storm Financial.
  • Any settlement agreed between the Bank and its customers, either in the past or future, will be improved should the Bank be required to do so to meet its obligations.

 

The Bank remains committed to an accelerated resolution process for its customers. To expedite this process the Bank is continuing to offer assistance in paying for independent legal and financial advice.

In addition, the Bank is working with law firm Slater & Gordon to implement an accelerated resolution process.  The Bank is also working with former High Court Justice Ian Callinan to achieve independent and fair outcomes for customers.

The Bank again appealed to customers experiencing hardship to contact the Bank to discuss their situation.

 

For more information contact:

 

Steve Batten

Ph: 0411 080 268

 

Bryan Fitzgerald

Ph: 0414 789 649