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ASB’s ERA Fees Confirmed By Commerce Commission
Media release
30 April 2009
ASB’s ERA Fees Confirmed By Commerce
Commission
The Commerce Commission has completed the first phase of its investigation into the fixed rate loan break fees charged by New Zealand banks and has confirmed that ASB’s calculation based on the CCCFA methodology is reasonable and that it will not be continuing its investigation into ASB.
ASB’s CEO, Charles Pink said “As we expected, the Commerce Commission has confirmed that ASB’s ERA calculation is reasonable, as it uses the “safe harbour” formula set out in the Credit Contracts and Consumer Finance Regulations, which is based on changes in retail interest rates.”
“Our intention has always been to follow the appropriate procedures set down in the Regulations to calculate and recover reasonable costs from customers choosing to change their fixed loan arrangements. The Commerce Commission’s decision announced today will give ASB customers comfort that our early repayment adjustments are fair.”
ENDS
ASB Bank
Helping you get one step ahead.
In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today.
ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance.
ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want.
We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.
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