Page 3887 - Week 13 - Thursday, 17 October 1991
Next page . . . . Previous page . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .
accident. If we allow the defence of contributory negligence to continue, we are not saving any costs. What we would be doing, in effect, is saying to future bereaved families, "You will bear this particular burden and you will bear it alone, even though you are entirely innocent of any involvement in the accident which was the cause of your loss".
I now present the explanatory memorandum to this Bill.
Debate (on motion by Mr Stefaniak) adjourned.
AUSTRALIA AND NEW ZEALAND BANKING GROUP
LIMITED (NMRB) BILL 1991
MS FOLLETT (Chief Minister and Treasurer) (10.47): Mr Speaker, I present the Australia and New Zealand Banking Group Limited (NMRB) Bill 1991. I move:
That this Bill be agreed to in principle.
The Australia and New Zealand Banking Group Limited (NMRB) Bill 1991 provides for the integration of the National Mutual Royal Bank with the ANZ Banking Group. The ANZ Banking Group took over the National Mutual Royal Bank and the National Mutual Royal Savings Bank in April 1990 as wholly owned subsidiaries of the ANZ Banking Group.
The ANZ's purchase of the National Mutual Royal Bank in 1990 was approved by the Reserve Bank of Australia on the condition that the licences to conduct banking activities held by the National Mutual Royal Bank and the National Mutual Royal Savings Bank be surrendered by 15 November 1991. The ANZ Banking Group is therefore required to integrate the businesses, assets and liabilities of the National Mutual Royal Bank and the National Mutual Royal Savings Bank into the ANZ Banking Group by this date. This will involve the transfer of over 700,000 accounts and the transfer of the borrowing arrangements of more than 85,000 customers Australia-wide. In the ACT, there are 1,500 account holders who will be affected.
The ANZ Banking Group has sought the introduction of enabling legislation to facilitate the transfer of banking activities and assets and liabilities in all affected Australian States and Territories, including the ACT. Other States are therefore introducing similar legislation to the proposals in this Bill, to meet the ANZ Banking Group's request.
The proposed legislation will vest the undertaking of the National Mutual Royal Bank and the National Mutual Royal Savings Bank in the ANZ Banking Group. All existing contracts and obligations will remain unchanged, except that the ANZ Banking Group will replace the National Mutual Royal Bank and the National Mutual Royal Savings Bank as
Next page . . . . Previous page . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .