Page 4078 - Week 14 - Tuesday, 22 October 1991

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(NMRB) BILL 1991

Debate resumed from 17 October 1991, on motion by Ms Follett:

That this Bill be agreed to in principle.

MR KAINE (Leader of the Opposition) (9.03): The Liberal Party in opposition has no objection to this Bill. It is a fairly straightforward machinery Bill. It is quite clear that the Chief Minister has virtually been required by events nationwide to enact this legislation for consistency across the country in ensuring that the amalgamation of the National Mutual Royal Bank and the ANZ Banking Group is covered by appropriate legislation. The purpose of that is to ensure that, so far as the ACT is concerned, the 1,500 account holders with that bank have their interests protected.

As I said, it is essentially a machinery Bill, and seems to go no further, in my view, than is required to achieve its objectives. On that basis, the Liberal Party in opposition has no objection to it.

MS FOLLETT (Chief Minister and Treasurer) (9.04), in reply: I thank Mr Kaine for his support of the Bill. It is a straightforward matter and there is little that can be said to add to the debate. As Mr Kaine has pointed out, the beneficiaries are the 1,500 ACT customers of the National Mutual Royal Bank. If this legislation is passed, they will not be put to the inconvenience of having to renegotiate all their banking arrangements.

It is a method of dealing with the bank merger that saves a considerable amount of time and effort for the bank's customers and staff. I therefore commend it to members of the Assembly. I think it is fairly straightforward and fairly self-explanatory.

Question resolved in the affirmative.

Bill agreed to in principle.

Leave granted to dispense with the detail stage.

Bill agreed to.

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