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The Unpleasant Truth About Australian Banking

The subscribing banks and Australian Bankers Association published and promoted Code (2003) based on high-principles banks reported they were providing, and the customers could rely on.

This paper explains how Code (2003) was designed to allow the banks to hide behind clever, well-disguised and ambiguous words in order to conceal breaches of the Code and bank complaints, and potentially serious indictable offences. Code (2003) was the first of two steps designed by banks to constrain the Code Compliance Monitors from naming and shaming them.

This was an ambitious plan by banks, preferring customers to use courts, rather then their internal dispute resolution practices to resolve disputes. The Code was said to be a contract between banks and customers backed by Code Compliance Monitors to investigate all complaints.

In 2004, the decision to publish and promote Code (2004) with restrictions placed on Compliance Monitors by the bank CEOs constitution was misleading and deceptive. This paper will publish policies designed by ambitious bankers to conceal reckless and dishonest conduct known to a wide group of banking people.

This paper sets out how banks adopted and promoted Code (2004) principles, without referring to the bank CEOs constitution. It notes the cause: wicked practices and lack of regulation, a trademark of banking over the past decade.

WHAT'S THE NAB STORY

National Australia Bank limited

Principle Place of Business

(UB4440) – Level 4

800 Bourke Street

DOCKLANDS VIC 3008

NAB adopted Code (2004) on 31 May 2004 

The National Australia Bank board was restructured in 2004 with events during the previous year being the catalyst for appointing new directors and renewing bad policies. Since then, a total of fifteen new directors have been appointed, whilst the bank renewed its commitment to meeting the highest standards of corporate governance.

The NAB Corporate Social Responsibility Report states directors have responsibility for corporate governance and board members believe governance is a matter of high importance. The directors will ensure NAB operates with a culture of greater honesty and openness, and greater transparency.

The directors of the bank will provide high quality, relevant and credible information that contains a complete picture of its performance that can be trusted. In its Corporate Responsibility Report, the bank makes no mention on how many customers lodged complains, how many were settled and how many complainants alleged code breaches.

The bank directors did not comment on how effectively the Code Compliance Monitors found their Internal Dispute Resolution procedures, nor did they mention the board supporting the bank CEO's constitution. The directors accepted the CEOs constitution when they adopted Code (2004), and since then allowed the allegedly dishonest arrangement to remain.

The JMA parties referred dual contracting issues to Mr Cameron Clyne, Managing Director, NAB in open letters dated 4 May 2012 and 10 September 2012.

To view the Cameron Clyne 4 May 2012 letter: Click here

View Cameron Clyne10 September 2012 lettter: Click here

NAB Directors (1 August 2003 and 11 May 2004):

Graham Kraehe (28 Aug 1997 - 27 Sep 2005)

John Stewart (11 Aug 2003 - 31 Dec 2008)

George Williamson (10 May 2004 - 7 Jun 2012)

John Thorn (16 Oct 2003 until 2012)

Geoffrey Tomlinson (22 Mar 2000 until 2012)

Francis Cicutto (28 Jul 1998 - 1 Feb 2004)

David Allen (19 Nov 1992 - 16 Feb 2004)

Catherine Walter (28 Sep 1995 - 7 May 2004)

Edward Tweddell (26 Mar 1998 - 27 Aug 2004)

Kenneth Moss (23 Aug 2000 - 27 Aug 2004)

Directors following publication of 11 May 2004 Code:

Daniel Gilbert (2 Sep 2004 until 2012)

Paul Rizzo (2 Sep 2004 until 2012)

Robert Elstone (2 Sep 2004 - 5 Jul 2006)

Jillian Segal (7 Sep 2004 until 2012)

Michael Ullmer (7 Oct 2004 - 31 Aug 2011)

Ahmed Fahour (7 Oct 2004 - 20 Feb 2009)

Michael Chaney (6 Dec 2004 until 2012)

Patricia Cross (1 Dec 2005 until 2012)

Thomas McDonald (7 Dec 2005 - 7 Nov 2008)

Cameron Clyne (1 Jan 2009 until 2012)

John Waller (5 Feb 2009 until 2012)

Mark Joiner (12 Mar 2009 until 2012)

Anthony Yuen (1 Mar 2010 until 2012)

Kenneth Henry (1 Nov 2011 until 2012)

Peter Duncan (2 Nov 2011 - 31 Jul 2008)

WHAT'S THE WESTPAC STORY

Principle Place of Business

Westpac Place

Level 20

275 Kent Street

SYDNEY NSW 2000

Westac adopted Code (2004) on 1 June 2004

The Westpac Bank's 2004 Annual Report states its approach to corporate governance is to have a set of values that underpin their everyday activities, which ensure transparency, fair dealing and protecting stakeholder interests. The Westpac Board believes good corporate governance needs to be values driven and directors, senior executives and employees have to be aligned to core values of teamwork, integrity and performance.

Westpac operates with a policy of requiring honesty and integrity and respect for the law, and requires the banks practices and behaviours ensure transparency, fair dealing and protection of stakeholders best interests.

By contact, it is the Westpac Group directors overlooked commenting on their prior knowledge of the bank CEOs constitution when adopted the 2004 Code.

The JMA parties referred dual contracting issues to Ms Gail Kelly, Managing Director, Westpac Group in open letters dated 4 May 2012 and 10 September 2012.

To view the Gail Kelly 4 May 2012 letter: Click here

View Gail Kelly 10 September 2012 lettter: Click here

Westpac Directors (1 August 2003 and 11 May 2004):

Peter Wilson (31 Oct 2003 until 2012)

Carolyn Hewson (6 Feb 2003 - 30 Jun 2012)

Edward Evans (23 Aug 2002 - 14 Dec 2011)

David Morgan (23 Aug 2002 - 31 Jan 2008)

David Crawford (23 Aug 2002 - 13 Dec 2007)

Leonard Davis (23 Aug 2002 - 31 Mar 2007)

Helen Lynch (23 Aug 2002 - 14 Dec 2006)

Llewellyn Edwards (23 Aug 2002 - 16 Dec 2004)

William Cap (23 Aug 2002 - 12 Dec 2003)

Directors following publication of 11 May 2004 Code:              

Gordon Cairns (8 Jul 2004 until 2012)

Elizabeth Bryan (6 Nov 2006 until 2012)

Gail Kelly (1 Feb 2008 until 2012)

Lindsay Maxsted (1 Mar 2008 until 2012)

John Curtis (1 Dec 2008 until 2012)

Peter Hawkins (1 Dec 2008 until 2012)

Graham Reaney (1 Dec 2008 - 14 Dec 2011)

Ann Pickard (1 Feb 2011 until 2012)

Robert Elstone (1 Feb 2012 until 2012)

WHAT'S ST GEORGE BANK STORY

Principle Place of Business

St George Bank House

14 - 16 Montgomery Street

KOGARAH NSW 2217

St George Bank adopted Code (2004) on 1 June 2004 

The St George Bank published a code of ethics setting out expectations of directors and staff in dealings with customers. The bank said it required the highest-standards of integrity and honesty in all dealings, avoidance of conflicts of interest and observance of the law.

On 1 July 2004, when the government's new corporate governance reforms were published, St George Bank published a statement stating whilst these laws have not yet been applied to the bank, the directors have decided to early-adopt some of the reforms.

The St George Bank directors are responsible for implementing governance policies and overseeing bank controls, systems and procedures to ensure there is compliance with all regulatory and prudential requirements. The directors review all matters of corporate governance and monitor senior managers implementation of strategies, including reporting known or suspected incidences of improper conduct.

The board's acceptance of the bank CEOs constitution, in place when the St George Bank adopted the 2004 Code, has never been explained. The banks code of ethics appears to constrain conflicting values, yet the code of ethics encourages bank staff (but possibly not its directors) to report, in good faith, suspected unlawful/ unethical behaviour.

The JMA parties referred dual contracting issues to Mr George Frazis, Managing Director, St George in open letters dated 4 May 2012 and 10 September 2012.

To view the George Frazis 4 May 2012 letter: Click here

View George Frazis 10 September 2012 lettter: Click here

St George Bank Directors (1 August 2003 and 11 May 2004):

Gail Kelly (29 Jan 2002 - 1 Mar 2010)

Graham Reaney (27 Oct 1996 - 1 Dec 2008)

Paul Isherwood (27 Oct 1997 - 1 Dec 2008)

Linda Nicholls (26 Aug 2002 - 1 Dec 2008)

John Curtis (27 Oct 1997 - 1 Jul 2008)

John Thame (24 Feb 1997 - 1 Jul 2008)

Leonard Bleasel (27 May 1993 - 16 Dec 2005

Frank Conroy (28 Aug 1995 - 17 Dec 2004)            

Bank Directors following publication of 11 May 2004 Code:

Richard England (10 Sep 2004 - 1 Dec 2008)

Terry Davis (17 Dec 2004 - 1 Dec 2008)

Roderic Holliday-Smith (27 Feb 2007 - 1 Dec 2008)

Peter Hawkins (24 Apr 2007 - 1 Dec 2008)

Gregory Bartlett (1 Dec 2008 - 1 Mar 2010)

John Curtis (1 Dec 2008 - 1 Mar 2010)

Peter Hawkins (1 Dec 2008 - 1 Mar 2010)

Lindsay Maxsted (1 Dec 2008 - 1 Mar 2010)

Paul Fegan (7 Feb 2008 - 1 Dec 2008)

WHAT'S THE BANK SA STORY

Principle Place of Business

Level 11

97 King William Street

ADELAIDE SA 5000

Bank SA adopted Code (2004) on 1 June 2004 

The St George Bank Limited wholly owns the Bank of South Australia. For the purpose of this paper, the same policies, practices and principles will apply.

JMA parties referred dual contracting issues to Ms Jane Kittel, Managing Director, Bank SA in open letters dated 4 May 2012 and 10 September 2012.

To view the Jane Kittel 4 May 2012 letter: Click here

View Jane Kittell 10 September 2012 lettter: Click here

WHAT'S ING BANK (AUST.) STORY

Principle Place of Business

Level 14

140 Sussex Street

SYDNEY NSW 2000

ING Bank adopted Code (2004) on 15 June 2004

The ING Bank directors have responsibility for identifying and ensuring compliance of the banks regulatory and ethical expectations and obligations.

The JMA parties referred dual contacting allegations to Mr Donald Koch, Managing Director, ING Bank (Australia) in open letters dated 4 May 2012 and 10 September 2012.

To view the Donald Koch 4 May 2012 letter: Click here

View Donald Koch 10 September 2012 lettter: Click here

ING Bank Directors (1 August 2003 and 11 May 2004):

Phillip Shirriff (1 Jul 1985 - 31 Mar 2011)

Anthony Berg (19 Apr 2000 - 24 Jul 2007)

Hans Verkoren (31 Dec 1994 - 31 May 2006)

Vaughn Richtor (8 Feb 1995 - 27 May 2006)

Geoffrey Brunsdon (19 May 2000 - 26 Jul 2005)

Directors following publication of 11 May 2004 Code:

Eric Robles (19 May 2004 - 20 Mar 2007)

Evert Drok (30 Nov 2005 - 1 Jun 2009)

Irene Lee (23 Dec 2005 - 2 Nov 2011)

Dirk Harryvan (25 Jul 2006 - 1 Jun 2009)

Simonis Tellings (9 Mar 2007 - 1 Oct 2010)

Hugh Harley (24 Jul 2007 - 26 Feb 2010)

Donald Koch (1 Jun 2009 until 2012)

John Masters (1 Jan 2010 until 2012)

Michael Katz (1 Jan 2010 until 2012)

Vaughn Richtor (5 Feb 2010 until 2012)

Brunon Bartkiewicz (1 Oct 2010 - 29 Mar 2012)

Amanda Lacaze (31 May 2011 until 2012)

Ann Sherry (30 Aug 2011 until 2012)

Leenaars Conelis (29 Mar 2012 until 2012)

WHAT'S SUNCORP BANK STORY

Principle Place of Business

Suncorp Centre

Level 18

36 Wickham Terrace

BRISBANE QLD 4000

SML Bank adopted Code (2004) on 30 June 2004

The Suncorp Annual Report 2004 states core values are:

Trust- keeping promises;

Honesty- talking straight, being genuine and ethical;

Courage- taking accountability for results;

Fairness- treating people justly and equitably;

Respect- treating individuals with dignity, and

Caring- listening carefully to others.

Suncorp Bank identified important attributes its directors and executives must have in dealings with customers. These are accountability, independence, diligence, prudence, transparency and most of all integrity.

The JMA parties referred dual contracting issues to Mr Patrick Snowball, Managing Director, Suncorp Metway Bank in open letters dated 4 May 2012 and 10 September 2012.

To view the Patrick Snowball 4 May 2012 letter: Click here

View Patrick Snowball 10 September 2012 letter: Click here

SML Bank Directors (1 August 2003 and 11 May 2004):

William Bartlett (1 Jul 2003)

John Story (24 Jan 1995)

Ian Blackburne (3 Aug 2000)

Cherrell Hirst (8 Feb 2002)

Christopher Skilton (13 Nov 2002)

Martin Kriewaldt (1 Dec 1996)

Directors following publication of 11 May 2004 Code:

Zygmunt Edward (19 Sep 2005 until 2012)

Geoffrey Rickets (20 Mar 2007 until 2012)

Patrick Snowball (1 Sep 2009 until 2012)

Ewoud Kulk (20 Mar 2007 until 2012)

Ilana Atlas (1 Jan 2011 until 2012)

Leo Tutt (20 Mar 2007)

Paula Dwyer (26 Apr 2007)

WHAT'S HSBC BANK STORY

Principle Place of Business

Level 32

HSBC CENTRE

580 George Street

SYDNEY NSW 2000

HSBC adopted Code (2004) on 5 July 2004

In HSBC Supplementary Product Disclosure Statement dated 1 March 2010, with a footnote stating HSBC, the worlds local bank, it states HSBC Bank is committee to delivery of excellence; our aim is to resolve most issues within five working days; if you have a concern about procedure, compliance issues... we want you to tell us.

We have designed a simple customer complaint process; [and] the bank warrants that it will comply with the Code of Banking Practice where those requirements apply to your dealings with the bank.

The JMA parties referred the problematic code issues to Mr Paulo Torre Maia, Managing Director, HSBC Bank in open letters dated 4 May 2012 and 10 September 2012.

To view the Paulo Torre Maia 4 May 2012 letter: Click here

View Paulo Torre Maia 10 September 2012 letter: Click here

HSBC Bank Directors (1 August 2003 and 11 May 2004):

Stuart Davis (8 Mar 2002 - 1 Jul 2009)

Michael Smith (1 Jan 2004 - 15 Jun 2007)

Anthony Hodgson (24 May 2001 - 26 Oct 2005)

David Eldon (2 Feb 1993 - 24 May 2005)

David Say (18 May 1993 - 31 Dec 2004)

Garry McLennan (24 Apr 2001 - 31 Dec 2004)

Aman Mehta (2 Feb 1998 - 31 Dec 2003)

Directors following publication of 11 May 2004 Code:

Graham Bradley (4 June 2004 until 2012)

Vincent Cheng (25 May 2005 - 1 Feb 2010)

Lynette Wood (26 Oct 2005 - 31 Dec 2008)

Richard Humphry (26 Oct 2005 until 2012)

Alexander Flockhart (1 Aug 2007 - 30 Apr 2012)

Kerrie Kelly (1 Jan 2009 - 1 Feb 2010)

Paulo Maia (1 Jul 2009 until 2012)

Carol Austin (1 Feb 2010 until 2012)

Peter Wong (1 Feb 2010 - 1 Feb 2011)

Anthony Cripps (17 Jul 2010 until 2012)

Guy Harvey-Samuel (1 Feb 2011 until 2012)

WHAT'S THE CBA STORY

Principle Place of Business

Ground Floor Tower 1

201 Sussex Street

SYDNEY NSW 2000

CBA adopted Code (2004) on 22 July 2004 

The CBA Annual Report 2004 states the bank demands the highest standards of honesty from bank people. CBA value statement is ‘trust, honesty and integrity' which reflects the bank's high-standards.

The bank adopted a code of ethics known as its Statement of Professional Practice, which sets standards of behaviour required of all bank directors and employees. It requires bank people to avoid situations that may give rise to conflicts of interest, and to ensure they are absolutely honest in all professional activities.

CBA states its standards are regularly communicated to staff to reinforce the need for the highest standards of honesty and loyalty, and its governance principles. The bank is strongly committed to maintaining an ethical workplace, and complying with legal and ethical responsibilities, and reporting instances of fraud, corruption and maladministration.

The JMA parties referred dual contracting issues to Mr Ian Narev, Managing Director, Commonwealth Bank in open letters dated 4 May 2012 and 10 September 2012.

To view the Ian Narev 4 May 2012 letter: Click here

View Ian Narev 10 September 2012 letter: Click here

CBA Directors (1 August 2003 and 11 May 2004):

Fergus Ryan (31 mar 2000 until 2012)

Sarah Kay (5 Mar 2003 until 2012)

Colin Galbraith (13 Jun 2000 until 2012)

Reginald Clairs (1 Mar 1999 - 13 Apr 2010)

John Schubert (9 Oct 1991 - 10 2 2010)

Francis Swan (11 Jul 1997 - 7 Nov 2007)

Warwick Kent (13 Jun 2000 - 7 Nov 2007)

Anthony Daniels (31 Mar 2000 - 3 Nov 2006)

Barbara Ward (14 Sep 1994 - 3 Nov 2006)

David Murray (21 Jun 1992 - 22 Sep 2005)

John Ralph (17 Apr 1991 - 5 Nov 2004)

Norman Alder (17 Apr 1991 - 5 Nov 2004)

Directors following publication of 11 May 2004 Code:

Jane Hemstritch (9 Oct 2006 until 2012)

Harrison Young (13 Feb 2007 until 2012)

John Anderson (12 Mar 2007 until 2012)

Andrew Mohl (1 Jul 2008 until 2012)

Brian Long (1 Sep 2010 until 2012)

Lorna Inman (16 Mar 2011 until 2012)

David Turner (1 Aug 2006 until 2012)

Ian Narev (1 Dec 2011 until 2012)

Ralph Norris (22 Sep 2005 - 30 Nov 2011)

WHAT'S THE ANZ BANK STORY

Principle Place of Business

ANZ Centre Melbourne

Level 9

833 Collins Street

DOCKLANDS VIC 3008

ANZ Bank Adopted the 2004 Code on 16 August 2004 

The ANZ Banks Annual Report 2004 states good corporate governance meets the bank's ethical and stewardship responsibilities, and provides us with a strong commercial advantage. Its Chairman noted in his report the bank has taken a broader role in the community and reinforces the board's message that quality disclosure is fundamental to achieving the bank's vision 'to become Australia's leading and most respected major bank'.

The banks report comments on directors and employees overriding responsibility, which is to act honestly, fairly, diligently and progressively, and in accordance with the law.  Its key codes and policies apply to the directors and employees and are expected to pursue the highest standards of ethical conduct, reinforcing the bank's commitment to having an overriding responsibility to 'always act honestly, fairly, diligently and progressively'. 

The banks directors and employees are expected to adhere to the high standards set out in the bank's code. These require directors and employees always act honestly and ethically in all dealings. The ANZ Bank aims to achieve a culture encouraging open and honest communication and all levels of accountability, to meet ethical responsibilities.

The JMA parties referred dual contracting issues to Mr Michael Smith, Managing Director, ANZ Bank and recent Chair of the Australian Bankes Association in opens letter dated 4 May 2012 and 10 September 2012.

To view the Michael Smith 4 May 2012 letter : Click here

View Michael Smith 10 Septmeber 2012 letter : Click here

ANZ Bank Directors (1 August 2003 and 11 May 2004):

Gregory Clark (1 Feb 2004 until 2012)

Charles Goode (24 Jul 1991 - 28 Feb 2010)

Jeremy Ellis (1 Oct 1995 - 18 Dec 2009)

Margaret Jackson (22 Mar 1994 - 21 Mar 2009)

John McFarlane (1 Oct 1997 - 30 Sep 2007)

David Gonski (7 Feb 2002 - 30 Jun 2007)

Brian Scott (21 Aug 1985 - 23 Apr 2005)

John Dahlsen (20 May 1985 - 3 Feb 2005)

Directors following publication of 11 May 2004 Code:

David Meiklejohn (1 Oct 2004 until 2012)

John Morschel (1 Oct 2004 until 2012)

Michael Smith (1 Oct 2007 until 2012)

Ian MacFarlane (16 Feb 2007 until 2012)

Peter Hay (12 Nov 2008 until 2012)

Alison Watkins (12 Nov 2008 until 2012)

Hsien Yang Lee (1 Feb 2009 until 2012) 

WHAT'S THE CITIBANK STORY

Principle Place of Business

Citigroup Centre

2 Park Street

SYDNEY NSW 2000

Citibank adopted Code (2004) on 14 October 2004

Citibank in on record as saying it does not investigate issues relating to constitutional aspects of the Code Compliance Monitoring Committee and the ABA is responsible for publishing the Code of Banking Conduct. As such, Citibank does not investigate issues not relating to financial services.

A letter written on behalf of Citibank directors state clause 35 of the code requires the bank to have an Internal Dispute Resolution process to deal with 'disputes' and a dispute [only] relates to any complaint by a customer in relation to a banking service (Citibank's emphasis added).

The JMA parties referred dual contracting issues to Mr Stephen Roberts, Managing Director, Citibank in open letters dated 4 May 2012 and 10 September 2012.

To view the Stephen Roberts 4 May 2012 letter: Click here

View Stephen Roberts 10 September 2012 letter: Click here

Citi Group Directors (1 August 2003 and 11 May 2004):

Stephen Roberts (29 May 2003 until 2012)

Steven Baker (29 Nov 1984 - 13 Feb 1986)

Richard Jackson (29 Nov 1984 until 2012)

Francis Catterson (6 Feb 1984 until 2012)

Michael Cannon-Brookes (28 Feb 1991)

Ronald Bunker (13 Nov 1998 - 29 Sep 2010)

Norman Craig (12 Jan 1995 - 29 May 2008)

Leslie Matheson (1 Feb 2002 - 7 Apr 2008)

Willard Scott (31 May 2002 - 19 Nov 2007)

Directors following publication of 11 May 2004 Code:

Richard Warburton (23 Mar 2005 until 2012)

Barry Brownjohn (1 Mar 2006 until 2012)

Francis Ford (19 Mar 2008 until 2012)

Roy Gori (7 Apr 2008 until 2012)

Nicholas Greiner (29 Jul 2008 - 27 May 2011)

George Trowse (17 Mar 2011 until 2012)

Samantha Mostyn (19 Jul 20011 until 2012)

David Mouille (26 Jul 2011 until 2012)

WHAT'S BANK OF QUEENSLAND STORY

Principle Place of Business

Level 17

259 Queens Street

BRISBANE QLD 4000

BOQ adopted Code (2004) on 6 December 2004

Bank of Queensland has its own code of conduct setting out principles directors, employees, owner-managers and contractors are expected to uphold. It actively promotes ethical and responsible decision-making in the bank and requires employees to undergo training in various areas of bank policy, including the Code of Banking Practice.

The JMA parties referred dual contracting issues to Mr Stuart Grimshaw, Managing Director, Bank of Queensland in open letters dated 4 May 2012 and 10 September 2012.

To view the Stuart Grimshaw 4 May 2012 letter: Click here

View Stuart Grimshaw 10 September 2012 letter: Click here

Bank of Queensland Directors (1 August 2003 and 11 May 2004):

Neil Summerson (5 Dec 1996 until 2012)

Antony James Love (16 Jun 1995 - 11 Dec 2008)

Neil Roberts (26 Nov 1987 - 20 Aug 2008)

Bruce Phillips (30 Nov 1996 - 12 Oct 2006)

Peter Fox (18 May 2001- 25 Nov 2011))

John Kelty (31 Aug 2001 - 31 Jul 2012))

David Liddy (9 Apr 2001 - 31 Aug 2011)

John Reynolds (4 Apr 2003 until 2012)

Directors following publication of 11 May 2004 Code:

Carmel Gray (6 Apr 2006 until 2012)

David Graham (12 Oct 2006 - 8 Oct 2010)

Anthony Howarth (18 Dec 2007 - 26 Jul 2010)

Roger Davis (28 Aug 2008 until 2012)

Steven Crane (11 Dec 2008 until 2012)

 Michelle Tredenick (22 Feb 2011 until 2012)

Stuart Ian Grimshaw (1 Nov 2012 until 2012)

Richard George Haire (18 April 2012)

WHAT'S THE BANKWEST STORY

Principle Place of Business

300 Murray Street

PERTH WA 6000

BWA adopted Code (2004) on 1 April 2005

Bankwest set out its position with respect to the Code of Banking Practice stating it sets standards for good banking practice. It's the banks commitment to customers on standards of practice, disclosure and principles of conduct. We subscribe to the code including modifications.

Until recently the directors of Bankwest were happy to be quoted as saying the code was a contract, but recently it changed its position. However, the bank does hold, we believe, the code represents a distillation of fair and prudent banking practices and compliance with it is in the interest of banks and customers.

The JMA parties referred dual contracting issues to Mr Rob De Luca, Managing Director, Bankwest in open letters dated 4 May 2012 and 10 September 2012.

To view the Rob De Luca 4 May 2012 letter: Click here

View Rob De Luca 10 September 2012 letter: Click here

Bankwest Directors (1 August 2003 and 11 May 2004):

Ian MacKenzie (15 Dec 1994 - 5 Feb 2010)

Colin Matthew (23 Oct 2003 - 19 Dec 2008)

Daniel McArthur (21 Jun 2002 - 14 Dec 2007)

John MacLean (25 Mar 2004 - 28 Jun 2007)

Leigh Warnick (1 Apr 1993 - 15 Dec 2005)

Michael O'Leary (3 May 1996 - 23 Sep 2004)

Ronald Turner (18 Dec 1990 - 23 Sep 2004)

Richard Turner (24 Oct 2002 - 23 Sep 2004)

Robyn Ahern (1 May 1996 - 23 Sep 2004)

Terence Budge (30 Nov 1997 - 12 May 2004)

Thomas Abraham (29 Mar 2001 - 24 Mar 2004)

Alastair Loudon (31 Aug 2000 - 24 Oct 2003)

Directors following publication of 11 May 2004 Code:

David Willis (5 Aug 2004 - 15 Dec 2005)

Susan Wilson (15 Dec 2005 - 13 May 2009)

Richard Turner (15 Dec 2005 - 19 Dec 2008)

Christopher Whitehead (15 Dec 2005 - 13 Dec 2006)

Simon Walsh (13 Dec 2006 - 19 Dec 2008)

Brian Jamieson (28 Jun 2007 - 30 Mar 2011)

Ian Corfield (14 Dec 2007 - 15 Apr 2008)

Ross Moulton (15 Apr 2008 -19 Dec 2008)

Jennifer Seabrook (19 Dec 2008 until 2012)

Garry Mackrell (19 Dec 2008 until 2012)

Jon Sutton (19 Dec 2008 - 28 Mar 2011)

Harvey Collins (13 May 2009 until 2012)

Robert McKinnon (13 May 2009 until 2012)

Simon Blair (18 Aug 2009 until 2012)

Roberto Deluca (28 Mar 2012)

WHAT'S BENDIGO & ADELAIDE BANK STORY

Principle Place of Business

The Bendigo Centre

BENDIGO VIC 3550

Adelaide Bank adopted Code (2004) on 4 April 2005

Adelaide Bank has a code setting out standards each manager, executive and employee is required to meet. Its code is said to enforce principles in the Code of Banking Practice and obliges employees to contribute to the wellbeing of the community and to demonstrate social responsibility and honesty in dealings with others.

Adelaide bank has a corporate governance charter. It states the bank is committed to the highest standards of governance and best practice. The practices described in the corporate governance schedule are the responsibility of directors; the directors have adopted the Code of Banking Practice, which reflects the banks attitude to expected behaviour.

Bendigo Bank Adopted the 2004 Code on 1 July 2005

Bendigo Bank's policy states if an employee acts fraudulently, dishonestly or breaches legal duties, any unvested bank options or performance rights lapse.

The bank believes customer service and community relevance remain its longest standing competitive advantages. Thus, the bank needs to continue to invest in the people and technology needed to maintain its standards.

Adelaide bank's corporate governance charter would, in all likelihood, remain in once eth banks merged.

The JMA parties referred dual contacting issues to Mr Michael Hirst, Managing Director, Bendigo and Adelaide Bank in open letters dated 4 May 2012 and 10 September 2012.

To view the Michael Hirst 4 May 2012 letter: Click here

View Michael Hirst 10 September 2012 letter: Click here

Bendigo and Adelaide Directors (1 August 2003 and 11 May 2004):

Robert Johanson (1 Jul 1995)

Jennifer Dawson (27 Aug 1999)

Terence O'Dwyer (23 Oct 2000)

Kevin Roache (1 Jul 1995 - 26 Oct 2009)

Robert Hunt (1 Jul 1995 - 3 Jul 2009)

Donald Erskine (27 Aug 1999 - 31 Nov 2007)

Neal Axelby (23 Oct 2000 - 31 Nov 2007)

Richard Guy (1 Jul 1995 - 31 Aug 2006)

Directors following publication of 11 May 2004 Code:

Antony Robinson (24 Apr 2006 until 29012)

Deborah Radford (27 Feb 2006 until 29012)

Kevin Abrahamson (30 Nov 2007 - 24 Nov 2011)

James McPhee (30 Nov 2007 - 27 Jan 2010)

Kevin Osborn (30 Nov 2007 - 3 Dec 2009)

Adele Lloyd (30 Nov 2007 - 23 Jun 2008)

Roger Cook (30 Nov 2007 - 17 Dec 2007)

Michael Hirst (3 Jul 2009 until 29012)

James Hazel (1 Mar 2010 until 29012)

David Matthews (1 Mar 2010 until 29012)

Jacqueline Hey (5 Jul 2011 until 29012)

WHAT'S THE RABOBANK STORY

Principle Place of Business

Darling Park Tower 3

Level 16

201 Sussex Street

SYDNEY NSW 2000

Rabobank adopted Code (2004) on 22 September 2008

Rabobank is reported to have over 9 million customers worldwide in 48 countries.

It encourages innovations and provides products and services that contribute to the sustainable development of the wealth and prosperity of its clients.

Having adopted the Code of Banking Practice, Rabobank made a statement that it is committed to working towards improving the standards of practice in the banking industry. It states in its code publication notes that the Code governs the behaviour of banks, encouraging fair and ethical behavior, and has appropriate dispute resolution practices.

The JMA parties referred dual contracting issues to Mr Theodorus Gieskes, Managing Director, Rabobank Australia in open letters dated 4 May 2012 and 10 September 2012.

To view the Theodorus Gieskes 4 May 2012 letter: Click here

View Theodorus Gieskes 10 September 2012 letter: Click here

Rabobank Directors Since it Adopted Code 22 September 2008;

David Smithers (17 Sep 2003 until 2012)

John Palmer (30 Nov 2004 until 2012)

William Gurry (18 Mar 2005 until 2012)

Jan Pruijs (26 Nov 2010 until 2012)

Bernardus Martin (26 Nov 2010 until 2012)

Theodorus Gieskes (1 Nov 2009 until 2012)

Anne Brennan (28 Nov 2011 until 2012)

Henry Van Der Heyden (23 Mar 2012 until 2012)

WHAT'S THE AMP BANK STORY

Principle Place of Business

Jessie Street Centre

2 - 12 Macquarie Street

SYDNEY NSW 2000

AMP Bank Adopted Code (2004) on 10 December 2010

The AMP directors adopted the Code of Banking Practice in December 2010 however the banks Managing Director, Michael John Lawrence was appointed a director of the ABA in 2008. The conduct of the AMP Bank would therefore reflect acceptance of the ABA policies.

AMP Banks corporate ambitions in the banking sector can be viewed by referring to the banks corporate governance reports. To this end, AMP asserts superior leadership exists where transparent accountable behavior is consistently demonstrated; flashing light appear when companies lack transparency.

In the AMP Compliance Essentials paper, the bank requires its associates to comply with the Corporations Act and Trade Practices Act. It states AMP Bank expects its associates to comply with the Code of Banking Practice that describes standards of good practice and ensure banks have procedures for resolution of disputes between banks and customers.

The JMA parties referred dual contracting issues to Mr Michael Lawrence, Managing Director, AMP in open letters dated 4 May 2012 and 10 September 2012.

To view the Michael Lawrence 4 May 2012 letter: Click here

View Michael Lawrence 10 September 2012 letter: Click here

AMP Bank Directors Since it Adopted the Code 10 December 2010

Neville Cox (24 June 2003 until 2012)

David Morris (24 June 2003 until 2012)

Craig Duncan Meller (2 Apr 2002 until 2012)

Michael John Lawrence (21 Dec 2007 until 2012)

Nora Lia Scheinkestel (24 Apr 2009 until 2012)

Colin Grahame Storrie (14 Apr 2011 until 2012)

Patricia Akopiantz (23 Nov 2011 until 2012)

Paul Anthony Fegan (1 Apr 2010 until 2012)

WHAT'S BANK OF MELBOURNE STORY

Principle Place of Business

314 Whitehorse Road

BALWYN VIC 3103

Bank of Melbourne adopted Code (2004) on 25 January 2011

Bank of Melbourne Directors details and values in 2004 can be viewed by referring to the Westpac Banking Group section in the paper, as it is a division of WBC. Its policy regarding the policies of the bank and officers regarding compliance with the Code of Banking Practice, Corporations law and Trade Practices Act would reflect the values of the parent bank.

The JMA parties referred dual contracting issues to Mr Scott Tanner, Chief Executive Officer, Bank of Melbourne in open letters dated 4 May 2012 and 10 September 2012.

To view the Scott Tanner 4 May 2012 letter: Click here

View Scott Tanner 10 September 2012 letter: Click here

Bank of Melbourne officers since it adopted Code (2004)

Scott Tanner (Chief Executive - 2012)

Elizabeth Proust AO (Advisory Board Chairman - 2012)

Carol Schwartz AM (Advisory Board - 2012)

Peter Hawkins (Advisory Board - 2012)

WHAT'S BEIRUT HELLENIC BANK STORY

Principle Place of Business

Level 4

219 - 223 Castlereagh Street

SYDNEY NSW 2000

Beirut Hellenic Bank adopted Code (2004) on 1 January 2012 

Beirut Hellenic Directors and their values in 2004 are not relevant as the bank only adopted the Code when this paper was published.

The JMA parties referred dual contracting issues to Mr James Wakim, Managing Director, Beirut Hellenic Bank in open letters dated 4 May 2012 and 10 September 2012.

To view the James Wakim 4 May 2012 letter: Click here

View James Wakim 10 September 2012 letter: Click here

Beirut Hellenic Directors Since it Adopted Code 1 January 2012

Gregory Gav (31 Mar 2005 until 2012)

Nicholas Pappas (26 Mar 2001 until 2012)

James Wakim (28 Feb 2011 until 2012)

Stephen Bracks (18 May 2011 until 2012)

Nikolas Hatzistergos (28 Aug 2006 until 2012)

Promises, and More Promises

As mentioned, directors of the code subscribing banks, through the Australian Bankers Association made promises to implement reforms to benefit customers. At the same time, the Federal Government stepped up its efforts to introduce regulations and reforms to achieve the same end.

In response, the Australian Bankers Association stated bank directors are pleased the Federal Government was looking for ways to reduce red tape for banks and customers while maintaining the important consumer protections.'

The Managing Director, ABA repeated bank support:

We note and support government's view that there needs to be greater consultation by the regulators within the industry. The ABA supports... recommendations regulators should develop a wider range of performance indicators for annual reporting.'

A milestone in achieving the government's stated aims would be to apply the Martin Committee's principles and remove the bank CEOs constitution, introduce proscribed Codes and require banks to honestly and truthfully investigate all complaints.

There must be truth in banking and if any bank directors have acted dishonestly, they should tale a lesson from the National Australia Bank's archives, 2004.

Senate Committee Report webpage (Sub No. 90): Click Here...

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