aust. competition mei,pci?1rne file no: doc: form g - accc
TRANSCRIPT
AUST. COMPETITION MEI,PCI?1RNE
Form G Commonwealth of Australia
FILE No: -
DOC: - MARSIPRISM;
-- -- ---.I- Trade Practices Act 1974 - subsection 93 (1)
NOTIFICATION O F EXCLUSIVE DEALING
To the Australian Competition and Consumer Commission:
Notice is hereby given, in accordance with subsection 93 (1) of the Trade Practices Act 1974, of particulars of conduct or of proposed conduct of a kind referred to subsections 47 (2), (3), (4), (5 ) , (6), (7), (8) or (9) of that Act in which the person giving notice engages or proposes to engage.
PLEASE FOLLOW DIRECTIONS ON BACK OF THIS FORM
1. Applicant
(a) Name of person giving notice:
Mq43535 Members Equity Bank Pty Ltd
ACN 070 887 679
(b) Short description of business carried on by that person:
Financial Services
(c) Address in Australia for service of documents on that person:
C/- The Company Secretary
Level 16,360 Collins Street
Melbourne, Victoria 3000
2. Notified arrangement
(a) Description of the goods or services in relation to the supply or acquisition of which this notice relates:
Savings Accounts, Term Deposits, Transaction Accounts, Credit Cards, Personal Loans, First Home Saver Accounts
(b) Description of the conduct or proposed conduct:
Members Equity Bank will offer a customer preferential interest rates and/or discounted fees in relation to its banking products on the condition that the customer is a member of an eligible superannuation fund or union a t the time of his or her application for the banking product or is a joint account holder with such a person.
Members Equity Bank may refuse to offer a customer preferential interest rates and/or discounted fees in relation to its banking products if the customer is not a member of an eligible superannuation fund or union at the time of his or her application
Page 1 of 4
for the banking product or is not a joint account holder with such a person.
Details of eligible superannuation funds and unions are included in the attached submission.
3. Persons, or classes of persons, affected or likely to be affected by the notified conduct
(a) Class or classes of persons to which the conduct relates:
Customers acquiring banking products
Members Equity Bank Pty Ltd
(b) Number of those persons:
(i) At present time:
Approximately 5 million people may qualify for these products
(ii) Estimated within the next year:
See 3 (b) (i) above
(c) Where number of persons stated in item 3 (b) (i) is less than 50, their names and addresses:
4. Public benefit claims
(a) Arguments in support of notification:
Please refer to Section 3 of the attached submission
(b) Facts and evidence relied upon in support of these claims:
As above
5. Market definition
Provide a description of the market(s) in which the goods or services described at 2 (a) are supplied or acquired and other affected markets including: significant suppliers and acquirers; substitutes available for the relevant goods or services; any restriction on the supply or acquisition of the relevant goods or services (for example geographic or legal restrictions):
Some or all of these products are offered by Banks, Building Societies, Credit Unions, Non-Bank Lenders, and Finance
Companies
Page 2 of 4
6. Public detriments
(a) Detriments to the public resulting or likely to result from the notification, in particular the likely effect of the notified conduct on the prices of the goods or services described at 2 (a) above and the prices of goods or services in other affected markets:
Please refer to Section 3 of the attached submission
(b) Facts and evidence relevant to these detriments:
As above
7. Further information
(a) Name, postal address and contact telephone details of the person authorised to provide additional information in relation to this notification:
Bevan Morris
Level 16,360 Collins Street
Melbourne, Victoria 3000
Dated: Thursday 10 December 2009
Signed bylon ehalf of the applicant 2, 1 1 0 OEC 2G09 1
Nicholas Vamvakas (Full Name)
Members Equity Bank Pty Ltd (Organisation)
Chief Executive Officer - Acting (Position in Organisation)
Page 3 of 4
DIRECTIONS
1. In lodging this form, applicants must include all information, including supporting evidence that they wish the Commission to take into account in assessing their notification.
Where there is insufficient space on this form to furnish the required information, the information is to be shown on separate sheets, numbered consecutively and signed by or on behalf of the applicant.
2. If the notice is given by or on behalf of a corporation, the name of the corporation is to be inserted in item 1 (a), not the name of the person signing the notice, and the notice is to be signed by a person authorised by the corporation to do so.
3. Describe that part of the business of the person giving the notice in the course of the which the conduct is engaged in.
4. If particulars of a condition or of a reason of the type referred to in section 47 of the Trade Practices Act 1974 have been reduced in whole or in part to writing, a copy of the writing is to be provided with the notice.
5. Describe the business or consumers likely to be affected by the conduct.
6. State an estimate of the highest number of persons with whom the entity giving the notice is likely to deal in the course of engaging in the conduct at any time during the next year.
7. Provide details of those public benefits claimed to result or to be likely to result from the proposed conduct including quantification of those benefits where possible.
8. Provide details of the market(s) likely to be affected by the notified conduct, in particular having regard to goods or services that may be substitutes for the good or service that is the subject matter of the notification.
9. Provide details of the detriments to the public which may result from the proposed conduct including quantification of those detriments where possible.
Page 4 of 4
Submission to the Australian Competition and Consumer Commission (ACCC) in
Support of a Notification under Section 93(1) of the Trade Practices Act 1974 (Cth)
1. Introduction
This submission is in support of a notification under section 93(1) of the Trade Practices
Act 1974 (Cth) (TPA) in relation to conduct which possibly falls within sub-sections
47(6) or (7) of the TPA. Accordingly, the relevant test to be applied by the Commission
is set out in sub-section 93(3A) of the TPA, whereby the Commission assesses whether
the public benefits associated with the relevant conduct outweigh any likely public
detriment.
Currently, Members Equity Bank Pty Ltd (ME Bank) offers home loans through
Perpetual Ltd (where ME Bank is mortgage manager) and in its own rights. These home
loans fall into two categories:
(a) home loans, which are available to the general public; and
(b) discounted home loans (DHLs), which are available to persons who meet the
eligibility criteria.
A notification of exclusive dealing in relation to the DHLs offered through Perpetual was
lodged on 23 January 2004 (N3 1273) and in relation to the DHLs offered directly by ME
Bank on 2 May 2008 (N93406). These notifications were allowed to stand and are still in
effect today.
ME Bank now wishes to extend its discounted/preferential product offering to include the
following products ("Banking Products") offered by ME Bank:
(a) Transaction Accounts
(b) Savings Accounts
(c) Term Deposits
(d) First Home Saver Accounts
(e) Credit Cards
(0 Personal Loans
The notified arrangement is ME Bank's offer to give discounted or preferential interest
rates andlor discounted application, transaction, annual, and service fees in relation to the
Banking Products to eligible persons (the "preferential product offering").
As with the DHLs, in order to be eligible for the preferential product offering a customer
must:
(a) be a new or existing customer who is a member of an eligible superannuation
fund at the time of hisher application for one of the Banking Products or a
joint account holder with such a person.
(b) be a new or existing customer who is a member of an eligible union at the
time of hisher application for one of the Banking Products or a joint account
holder with such a person.
Currently, the eligible superannuation funds whose members would qualify for the
preferential product offering are the same as those that qualify for the DHL and are set
out in Attachment A to this submission.
Currently, the eligible unions whose members would qualify for the /preferential product
offering are the same as those that qualify for the DHL and are set out in Attachment B to
this submission.
There are currently approximately 5 million people in Australia who may be eligible for
the preferential product offering. Persons who are not eligible for the preferential product
offering will still be able to apply for any of the Banking Products from ME Bank, the
only difference being that they will not get a preferential interest rate nor discounted fees.
2. Third Line Force
ME Bank's offer to supply the preferential product offering to members of eligible
superannuation funds or unions only (and joint account holders of such persons) or
refusal to offer the preferential product offering to a person who is not a member of an
eligible superannuation fund or union may possibly contravene sub-sections 47 (6) or (7)
of the TPA (notwithstanding that the eligibility is achievable through such a wide range
of unions and superannuation funds.)
The arrangements are nevertheless pro-competitive and there are public benefits arising
from this conduct which will outweigh any possible public detriment.
3. Public Benefit and Lack of Public Detriment
The proposed conduct will have no public detriment. Indeed, it is in fact likely to
increase competition in the provision of products similar to ME Bank's Banking Products
to a great number of Australians who are superannuation fund members or union
members.
Lack of Public Detriment
There are currently a large number of providers of financialhanking products that are
similar to ME Bank's Banking Products. In fact, the market for such products is already
highly competitive. Hence, those persons who are not eligible for the preferential
product offering have a wide variety of alternative products available to them.
Further, the relevant conduct in no way limits the ability of persons to purchase financial
services products from providers other than ME Bank, or the capacity of other financial
services companies and banks to compete against ME Bank in the provision and
marketing of these products.
Public BeneJit
The preferential product offering provides a clear potential benefit to members of eligible
superannuation funds and unions, and their families, as they will be able to obtain
financial services products at a discounted or preferential price.
As stated above, there are approximately 5 million people, from a wide variety of
industries and areas around Australia who would be eligible for this preferential product
offering.
There are many financial services products available currently that offer preferential
pricing to limited classes of persons. For example, American Express offers a Gold
Credit Card to members of the Queensland Law Society (saving them $70 p.a.),
NAB offers all shareholders 0.25% p.a. above the advertised Term Deposit rate for a
selection of Term Deposit terms and HSBC provides 0.30% p.a. discount on Car and
Personal Loan products for members of its corporate HSBC Premier programme.
Examples of these offerings can be found in Attachment C.
There are also many financial institutions that offer financial products at a preferential
price based on the volume of business individuals have with the provider. These
offerings could be viewed as being biased towards suficiently wealthy individuals
whereas ME Bank's preferential product offering is available to a broad cross section of
the Australian public.
The preferential product offering could also encourage further competition from other
financial institutions and thus provide a further public benefit.
Attachment A - List of Eligible Superannuation Funds
Code Super Fund
ACCNTS Accountants Super
AES Australian Enterprise Super
AGEST Australian Government Employees Superannuation Trust
Amcor Superannuation Fund Pty AMCOR Ltd
AMlST Australian Meat Industry Superannuation PIL
ASSET Asset Super
AUS AUSfund
Allied Union Superannuation Trust (Qld)
Australian Super (formally known as AUSSuP ARF and STA)
AUSTSAFE Austsafe Super Fund
AUSWIDE Auswide
AVSUPER AV Super Pty Ltd
AXA HLTH AXA Health
BCC Brisbane City Super Pty Ltd or Brisbane City Council
BUSSQ Building Unions Super Scheme
CARE CARE Superannuation Plan Pty Ltd
CBUS Construction and Building Union Superannuation Fund
Catholic Church Staff Superannuation Fund (SA) - Transferred to CNNGSSF
Part of the BUSS@) Programme
ClSF Coal Industry Superannuation Fund
CLOUGH Clough Superannuation Pty Ltd
CLUB NSW Club Plus Superannuation Pty Ltd
CLUB QLD Club Super
National Nominees Ltd ACF SPEC 'ONNECT Pty Limited
CPSF City of Perth Superannuation Fund
CSF Catholic Superannuation Fund
CSL CSL Superannuation Plan Pty Ltd
CSRF Catholic Superannuation and Retirement Fund (NSWIQld)
CSS Commonwealth Super Scheme (managed by ARIA)
EQUIP
ESI
Equip Super
ESI Super
ESSSuper Emergency Services and State Super
FINSUPER Finsuper (now Australian Super)
FIRST Furniture Industry Retirement and Superannuation Trust
HESTA Health Employees Superannuation Trust Australia
HOSTPLUS Host Plus Superannuation Fund
INTRUST Intrust Super
ISF The Industry Superannuation Fund Pty Ltd
LGS Local Government Superannuation Scheme
Legal Super Pty Ltd
SA Local Government Superannuation Scheme
LUCRF Labour Union Co-operative Retirement Fund
MARS
Media
Maritime Super
Media Super Ltd
MlESF Meat Industry Employees Superannuation Fund
MSF Master Superannuation Fund
MTAASF MTAA Superannuation Fund
MTAWA Motor Trades Association (WA)
NCSF National Catholic Super Fund
NESS New South Wales Electrical Superannuation Scheme
Non-Government Schools Superannuation Fund i ISST
NSF Nationwide Superannuation Fund
NT Government and Public NTGPASS Authorities Employees
Superannuation Scheme
PRIME Prime Super
PSS Public Sector Super Scheme (managed by ARIA)
Public Sector Super Scheme Accumulation Plan (managed by ARIA)
Queensland Coal & Oil Shale QCOSMl Mining Industry Superannuation Ltd
Queensland Independent Education 'IECSS & Care Superannuation Trust
QUAD Quadrant Superannuation Scheme
RBF Retirement Benefits Fund Board
RECR Recruitmentsuper
REISUPER RE1 Superannuation Fund
REST Retail Employees Superannuation Trust
Sisters of Mercy Staff 'OMSSS Superannuation ~ t y ~ t d
Superannuation Plan for Electrical Contractors (QLD)
SST Statewide Superannuation Trust
SUNSUPER Sunsuper Pty Ltd
TACC Tasmanian Automobile Chamber of Commerce (Connected to MTAA Super)
TASPLN Tasplan Super
Telstra
TWUS
Telstra Super
TWU Super Fund
UCS Uniting Church Superannuation Plan Pty Ltd
UNISUPER Uni-Super
VICSUPER VicSuper Pty Ltd
VACC Victorian Automobile Chamber of Commerce (Connected to MTAA Super)
VISION Vision Super Pty Ltd
SUPER
WA Fire Brigade Superannuation Board (FESA)
WA Local Government WALOC Superannuation Plan
WCSP Water Corporation Superannuation Plan
WESTSC Westscheme Pty Ltd
WPSF Western Power Superannuation Fund
Attachment B - List of Eligible Unions
Code Union
AAFEA
ACSA
AEU
AF AP
AFPA
AlMPE
AMOU
AMWU
ANF
ANGEE
Australian Airline Flight Engineers Association
Australian Collieries Staff Association
Australian Education Union
Australian Federation of Air Pilots
Australian Federal Police Association
Australian Institute of Marine and Power Engineers
Australian Licensed Aircraft Engineers Association
Australian Meat Industry Employees Union
Australian Maritime Officers Union
Australian Manufacturing Workers Union
Australian Nursing Federation
Association of Non-Government Education Employees
APESMA Association of Professional Engineers, Scientists and Managers Australia
APFA
ASMOF
ASU
AWG
AWU
BFUE
BLU
BWUVlC
CAOOAA
CEPU
CFMEU
CMAA
CPSU
Australian Professional Footballers Association
Australian Salaried Medical Officers Federation
Australian Services Union
Australian Writers Guild
Australian Workers Union
Bacon Factory Union of Employees
Builders Labourers Union
Blind Workers Union of Victoria
Civil Air Operations Officers Association of Australia
Communications, Electrical and Plumbing Union of Australia
Construction Forestry, Mining and Energy Union
Club Managers Association Australia
Community and Public Sector Union
Electrical Trades Union ETU
FAAA Flight Attendants Association of Australia
FSU Finance Sector Union
HSOA Hospital Salaried Officers Association of Western Australia
HSUA Health Services Union of Australia
IEU lndependent Education Union of Australia
ISSOA WA lndependent Schools Salaried Officers Association of WA
LHMU Liquor, Hospitality and Miscellaneous Workers Union
MEAA Media, Arts and Entertainment Alliance
MSAV Medical Scientists Association of Victoria
MUA Maritime Union of Australia
MUSUA Musicians Union of Australia
NSWNA New South Wales Nurses Association
NSWTF New South Wales Teachers Federation
NTEU National Tertiary Education Union
NUW
PFANZ
PSANSW
PTU
QlEU
QNU
QPSU
QTU
RTBU
SDA
SPA
SSTUWA
TCFUA
m u
National Union of Workers
Police Federation of Australia and New Zealand
Public Service Association of NSW
Public Transport Union
Queensland Independent Education Union
Queensland Nurses Union
Queensland Public Service Union
Queensland Teachers Union
Rail, Tram and Bus Union
Shop Distributive and Allied Employees Union
Salaried Pharmacists Association
State School Teachers Union of WA
Textile, Clothing and Footwear Union of Australia
Transport Workers Union
UClW Union of Christmas Island Workers
UFU United Firefighters Union of Australia
USU Untied Services Union (NSW)
VlEU Victorian Independent Education Union
WAA Wool classers Association of Australia
WAPOUW WA Prison Officers Union of Workers
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