JOINT MEDIA RELEASE Date: 9 September 1998 Embargo: For Immediate Release

MEMORANDUM OF UNDERSTANDING

AUSTRALIAN COMPETITION AND CONSUMER COMMISSION
AND
THE RESERVE BANK OF AUSTRALIA

The Australian Competition and Consumer Commission (ACCC) and the Reserve Bank today released a Memorandum of Understanding covering their respective responsibilities for access and competition in the payments system. The Memorandum has been endorsed by the Commissioners of the ACCC and the Reserve Bank's Payments System Board.

The ACCC has a long-standing responsibility for ensuring that payments system arrangements comply with the provisions of the Trade Practices Act 1974. The Reserve Bank is now charged with promoting competition and efficiency in the payments system, in terms of the Payment Systems and Netting Act 1998.

The ACCC and the Reserve Bank will work closely together to ensure that a consistent approach is taken to regulatory policy in the payments system. The Memorandum sets out the information-sharing and other consultation arrangements that have been established to achieve this.

The Memorandum is attached. Copies are also available on the web sites of the ACCC and the Reserve Bank.