Daily Telegraph publishes false statement attributed to Commonwealth Bank Chief Executive Officer, Ralph Norris

11 November 2010

The Commonwealth Bank wishes to clarify the position regarding a comment that was falsely attributed to its Chief Executive Officer, Ralph Norris by the Daily Telegraph and its sister publications, including the Herald Sun.

The comment reported on page 1 of the Daily Telegraph on 9 November and on page 32 of the Herald Sun on 11 November and in other News Limited publications is completely false and was never made by Mr Norris.

The statement “But in defence of the Bank’s Melbourne Cup Day rise, Sir Ralph Norris said it was better to see “a few” foreclosures than have an economy hamstrung by a low-profit banking system,” is completely untrue.

As evidenced by the inverted commas, the only words used by Mr Norris in this instance were “a few”. 

The Bank has been in discussions with Management of News Limited and the Daily Telegraph to have this matter corrected and these discussions are continuing, as are discussions on possible Legal action.

Given that this false quote is now being used in other publications, by other media outlets and attracted critical comment in the NSW Parliament, the Bank clearly wants to set the record straight for its customers and other Australians.  The Bank expects the Daily Telegraph, Herald Sun and their other sister publications that published the false statement to publish an apology immediately.

The Bank regrets that some of its customers may have been misled by the false statement attributed to Mr Norris.



Media contact:

Bryan Fitzgerald

(02) 9117 7047