EXPLANATORY STATEMENT
STATUTORY RULES 1982 NO 144
ISSUED BY THE AUTHORITY OF THE TREASURER
BANKING ACT 1959
AMENDMENT OF THE BANKING (STATISTICS) REGULATIONS
In accordance with section 63 of the Banking Act 1959, on 15 June 1981, the Treasurer granted consent to two mergers, one between the Bank of New South Wales and The Commercial Bank of Australia Limited and another between The National Bank of Australasia Limited and The Commercial Banking Company of Sydney Limited.
On 1 July 1981 the Governor-General in Council, in pursuance of sub-section 10(4) of the Banks (Shareholdings) Act 1972, approved the holding by the Bank of New South Wales of a 100 per cent interest in The Commercial Bank of Australia Limited and its wholly-owned subsidiary The Commercial Savings Bank of Australia Limited. He also approved the holding by The National Bank of Australasia Limited of a 100 per cent interest in The Commercial Banking Company of Sydney Limited and its wholly-owned subsidiary the CBC Savings Bank Limited. These approvals were subsequently published in the Commonwealth of Australia Gazette.
In order to meet the requirements of the Companies Acts and the stock exchanges following the mergers, The Commercial Bank of Australia Limited and The Commercial Banking Company of Sydney Limited and their respective subsidiaries are required to change their balance dates from 30 June to 30 September to bring them to the same financial year as their new parent companies.
Regulation 4 of the Banking (Statistics) Regulations prescribes dates in respect of which the trading banks are required, in pursuance of section 52 of the Banking Act 1959, to furnish balance sheets and other annual statements.
The amendment of Regulation 4 effected by this Regulation varies the table listing the annual balance dates for the trading banks by changing the prescribed balance dates for The Commercial Bank of Australia Limited and for The Commercial Banking Company of Sydney Limited from 30 June to 30 September.
Regulation 5 of the Banking (Statistics) Regulations prescribes dates in respect of which the savings banks are required, in pursuance of section 53 of the Banking Act 1959, to furnish balance sheets and other annual statements.
The amendment of Regulation 5 effected by this Regulation varies the table listing the annual balance dates for the savings banks by changing the prescribed balance dates for The Commercial Savings Bank of Australia Limited and for the CBC Savings Bank Limited from 30 June to 30 September.
THE TREASURY
CANBERRA ACT