Sonicwall Midyear Banner1

Sonicwall Midyear2 Banner

Sonicwall Leaderboard Banner2

Thursday, 12 August 2021 12:40

ACCC authorises banks' COVID-19 relief program continuation Featured

By Staff Writer
Banks providing COVID 19 relief packages to small businesses Banks providing COVID 19 relief packages to small businesses

The competition watchdog the ACCC has granted interim authorisation to allow the Australian Banking Association (ABA) and banks to continue to work together on a variety of existing COVID-19 related relief packages, so they can respond to any further outbreaks as required.

The says that COVID-19 related relief packages allow for temporary and limited coordination between the ABA and participating banks to defer loan repayments and waive certain banking fees for small businesses impacted by the pandemic - and the coordination also allows banks to facilitate second phase financial recovery and maintain access to banking services for small businesses.

“In the context of COVID-19 related lockdowns and restrictions, the ACCC recognises that large numbers of businesses and individuals are continuing to experience significant financial hardship,” Australian Competition and Consumer Commission (ACCC) Chair Rod Sims said.

“We consider that the ABA’s coordinated packages are likely to assist banks with providing relief to businesses and other customers impacted by COVID-19 restrictions, maintain access to banking services and support financial recovery.”

“Importantly, as well as offering customers the packages covered by the interim authorisation, banks can also individually offer more favourable and tailored solutions to their customers experiencing financial hardship during these times,” Sims noted.

“Without this authorisation, banks would be forced to offer separate financial relief packages without standardisation or consistency.”

The ABA’s authorisation is subject to a number of conditions, including an obligation for the banks to notify the ACCC before any coordination on further specific financial packages.

The ACCC cautions that the authorisation does not allow the banks to coordinate on any element of prices for any service or product.

“Having granted interim authorisation for the package, the ACCC is seeking feedback on its draft determination proposing to grant substantive authorisation to the ABA on the same terms until 30 June 2022,” the ACCC notes.

The ACCC says interim authorisation applies to all ABA member banks who agree to participate, “which may vary according to the specific package and over time” and proposed substantive authorisation are conditional on the ABA providing details of any programs and arrangements to the ACCC before implementation.

“Current relief programs are mainly aimed at small businesses, with the exception of a limited debit card program which allows the fast track issuing of debit cards to isolated and vulnerable customers so they have access to banking services,” the ACCC notes.

“In addition to loan repayments, fees that are proposed to be waived by banks for some small businesses include the refund of merchant terminal fees, and a waiver of fees and notice periods on cash deposit and farm management deposit accounts.

“The ABA member banks have also agreed that they will offer a range of home loan support measures to individual and business customers, and specialised targeted support for larger business customers. However, the participating banks will individually decide on the specific relief measures to be provided.”

The ACCC also notes that authorisation provides statutory protection from court action for conduct that “might otherwise raise concerns under the competition provisions of the Competition and Consumer Act 2010,” adding that “broadly, the ACCC may grant an authorisation when it is satisfied that the likely public benefit from the conduct outweighs any likely public detriment.”

More information, including the ACCC’s draft determination, is available on the ACCC’s public register at Australian Banking Association.

Read 1352 times

Please join our community here and become a VIP.

Subscribe to ITWIRE UPDATE Newsletter here
JOIN our iTWireTV our YouTube Community here
BACK TO LATEST NEWS here




GET READY FOR XCONF AUSTRALIA 2022

Thoughtworks presents XConf Australia, back in-person in three cities, bringing together people who care deeply about software and its impact on the world.

In its fifth year, XConf is our annual technology event created by technologists for technologists.

Participate in a robust agenda of talks as local thought leaders and Thoughtworks technologists share first-hand experiences and exchange new ways to empower teams, deliver quality software and drive innovation for responsible tech.

Explore how at Thoughtworks, we are making tech better, together.

Tickets are now available and all proceeds will be donated to Indigitek, a not-for-profit organisation that aims to create technology employment pathways for First Nations Peoples.


Click the button below to register and get your ticket for the Melbourne, Sydney or Brisbane event

GET YOUR TICKET!

PROMOTE YOUR WEBINAR ON ITWIRE

It's all about Webinars.

Marketing budgets are now focused on Webinars combined with Lead Generation.

If you wish to promote a Webinar we recommend at least a 3 to 4 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://itwire.com/itwire-update.html and Promotional News & Editorial. Plus a video interview of the key speaker on iTWire TV https://www.youtube.com/c/iTWireTV/videos which will be used in Promotional Posts on the iTWire Home Page.

Now we are coming out of Lockdown iTWire will be focussed to assisting with your webinars and campaigns and assistance via part payments and extended terms, a Webinar Business Booster Pack and other supportive programs. We can also create your adverts and written content plus coordinate your video interview.

We look forward to discussing your campaign goals with you. Please click the button below.

MORE INFO HERE!

BACK TO HOME PAGE
Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & ON-DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments