Aust. banks not to wait for Visa decision

Press, 16 January 1979, Page 3

Aust. banks not to wait for Visa decision

I PA Wellington, ; The three Australian trad-, ,‘iing banks do not intend to (delay a decision on launch-; Jing their new credit-card ( (system until the outcome ofj J the Commerce Commission’s, ’ investigation into the Bank I ' of New Zealand’s Visa card; ■ system and similar ventures is known and there is no reason why they should, according to the Examiner i of Trade Practices (Mr A. E. Monaghan). i “I don't see why they i could not launch it tomorrow if they have the neces- > sary consent from the Re- ■ serve Bank,” Mr Monaghan said yesterday. i| “The fact that the Commerce Commission will be t sitting — and the Australian trading banks’ system will ■ obviously be looked at. — does not preclude its being 1 introduced. “I cannot forecast what - the commission will decide. , All I have done is recommend that the plastic-card

i, practice is one which should be examined.” - Mr Monaghan recom,l mended the inquiry by the I commission after a com- '( plaint about. the conI; troversial Visa card in;troduced late last year by .(the B.N.Z. A preliminary ’(hearing before the commission will be held on Februl(ary 13. ; Meanwhile, the three Aus- , tralian trading banks — the Australia and New Zealand Banking Group, the Commercial Bank of Australia. ’ and the Bank of New South , Wales — continue to plan . for the introduction of their . credit-card systems later in . the year. “The decision to proceed is getting fairly close now,” . said a spokesman for the three banks yesterday. “We certainly will not I wait for any decision by the . Commerce Commission.” ; The spokesman said that the three banks would make t submissions on their new scheme to the commission while the planned hearing was in progress.