Bank’s hopes for C.E.R.

Press, 27 June 1983, Page 18

Bank’s hopes for C.E.R.

If the agreement on Closer Economic Relations between Australia and New Zealand is to achieve its promise, greater equality is needed in financial opportunity and representation on both sides of the Tasman Sea, according to the chief executive of the National Bank of New Zealand, Mr Spencer T. Russell. Mr Russell has replied to a leading article printed in “The Press” on June 22. Mr Russell writes: “You mention that the desire of the National Bank of New Zealand to establish representation in Australia may face problems in that country because our bank is a member of the Lloyds Bank group. “While this is true, it the essential and to some exterf®

unusual nature of the National Bank. Since we were established in 1873 we have specialised in providing a banking service to New Zealanders, domestically and internationally. We have a New Zealand chairman, a New Zealand board, and our management responsibilities, here and overseas, are exercised by the chief executive in New Zealand. “For 110 years we have made a particular point of supporting New Zealand trade. Our customers now handle approximately 25 per cent of the trans-Tasman trade. Among them are many of the major New Zealand trading organisations as well as many smaller companies which see a future for both countries in expanded trade across the Tasman.

“We believe we should be able to assist these customers in both Australia and New Zealand, and that the obvious way to do this is by providing our services to them in both countries. “However, the point at issue is not our plans, but the principle of the C.E.R. agreement. The fact that there is a disparity in the financial representation in the two countries is undeniable, and is recognised in an appendix to the agreement itself. Trade and the financial services which sustain and encourage it are essential partners. If the agreement is to achieve its considerable promise then a suitable beginning must surely be a first step toward equality in financial representation and opportunity?’