Document ID: chunk:federal_register_of_legislation:F2024N00589:reg:6:p2
Version: federal_register_of_legislation:F2024N00589
Segment Type: reg
Provision Reference: reg 6 (pt 2/5)
Character Range: 7426–10101

and there is no period during which Bank@Post services are not offered in relation to customers of the FS company.

       Condition 2: Maintain regional branch footprint
 (4) The responsible applicant must ensure that the total number of regional bank branches of the FS company is not reduced during a period of at least 3 years from the day after the day the acquisition that is approved under this instrument happens.
 (5) The responsible applicant must ensure that the total number of regional bank branches of the responsible applicant is not reduced during a period of at least 3 years from the day after the day the acquisition that is approved under this instrument happens.
 (6) Where the FS company stops carrying on part of its banking business through a particular regional bank branch, and the responsible applicant begins to carry on part of its banking business through a regional bank branch that is in the same location as the FS company's former branch (or is near to that location) at around the same time, and the new branch of the responsible applicant is genuinely intended to replace the FS company's branch (and no other branch), subsections (4) and (5) are applied as if:
 (a) the FS's company's branch is taken never to have been a regional bank branch of the FS company; and
 (b) the new branch of the responsible applicant is taken to have always been a regional bank branch of the responsible applicant.

       Condition 3: No net job losses resulting from the acquisition
 (7) The responsible applicant must ensure that there are no net job losses in Australia (as calculated under subsection (8)), in relation to the responsible applicant, the FS company, and all related bodies corporate of the responsible applicant and FS company, that occur as a direct result of the acquisition, during a period of at least 3 years from the day after the day the acquisition that is approved under this instrument happens.
Example 1: Job losses from a branch of the FS company that has been closed because it is located near a branch of the responsible applicant, occur as a direct result of the acquisition.
Example 2: New jobs created (not merely transferred from one place in Australia to another) from giving effect to a commitment the responsible applicant made with the State of Queensland in connection with the acquisition, occur as a direct result of the acquisition.
Example 3: Employees engaged for the purposes of giving effect to the acquisition, including the integration of the operations of the FS company with those of the responsible applicant, occur as a direct result of the acquisition.
 (8) For the purposes of subsection (7), there