Document ID: chunk:federal_register_of_legislation:F2024N00589:reg:6:p1
Version: federal_register_of_legislation:F2024N00589
Segment Type: reg
Provision Reference: reg 6 (pt 1/5)
Character Range: 4940–7687

6  Conditions on approvals
 (1) Under section 16 of the Act, each approval granted under subsection 5(1) is subject to each of the conditions set out in this section.

Condition 1:  Access to Bank@Post services
 (2) The applicant covered by item 3 of the table in subsection 5(2) (the responsible applicant) must use its best endeavours:
 (a) to ensure the financial sector company covered by item 1 of the table in subsection 5(3) (the FS company) maintains an agreement, on terms that are commercially reasonable, with Australia Post for Bank@Post services for a period that satisfies one of the following:
 (i) a period of at least 3 years from the day after the day the acquisition that is approved under this instrument happens; or
 (ii) if the FS company stops being an authorised deposit-taking institution within the period covered by subparagraph (i)—a period starting from the day after the day the acquisition that is approved under this instrument happens until the FS company stops being an authorised deposit‑taking institution; and
 (b) to enter into an agreement with Australia Post, on terms that are commercially reasonable, for Bank@Post services in relation to the responsible applicant's banking business, as soon as is practicable, but by no later than 12 months from the day after the day the acquisition that is approved under this instrument happens, for a period of at least 3 years, with the services to be offered to customers of the responsible applicant being the same or better than those available to customers of the FS company.
 (3) For the purposes of paragraph (2)(a), an agreement is maintained if, and only if, one of the following is satisfied:
 (a) an agreement remains in force between the FS company and Australia Post for Bank@Post services to be offered on the same or better terms to customers of the FS company, as are available under the agreement that is in force between those parties on the day the acquisition that is approved under this instrument happens; or
 (b) an agreement comes into force between the responsible applicant and Australia Post, for Bank@Post services, in relation to both the responsible applicant's banking business and the FS company's banking business, for services to be offered on the same or better terms to their respective customers, as are available under the agreement that is in force between the FS company and Australia Post on the day the acquisition that is approved under this instrument happens, 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