National Australia Bank and Personal Guarantees - 6 June 2001

Wednesday, 6 June 2001

National Australia Bank fully co-operated with the Australian Competition and Consumer Commission to promptly rectify the situation involving a personal guarantee taken from Mrs Kathlyn Ashton.

The National sought mediation and agreed to a settlement in the Federal Court case involving Mrs Ashton. The National has refunded money held as a result of the personal guarantee and paid additional compensation.

"As part of the settlement the National has agreed to reinforce procedures related to taking personal guarantees which are necessary for many small businesses to obtain adequate finance," says Mr Mike Pratt, Chief Executive Officer, Australian Financial Services.

* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges