The ACCC has issued a draft determination proposing to grant authorisation with conditions to the Australian Banking Association (ABA), its member banks, and other industry participants to facilitate business continuity planning in the cash in transit industry.
The ACCC’s draft determination also proposes to allow the parties to implement business continuity measures in the event of, or in reasonable anticipation of, a suspension, disruption or exit of Armaguard’s cash-in-transit services.
“It is important that the parties continue their discussions so they can resolve or avoid potential impacts to businesses and consumers across Australia should there be any disruption to Armaguard’s services,” ACCC Deputy Chair Mick Keogh said.
The ACCC has also granted interim authorisation to the parties while the ACCC continues to assess the ABA’s applications. Interim authorisation was granted previously to the parties for similar conduct in March 2024.
“We have included conditions on the interim authorisation to ensure the ABA provides regular reports to the ACCC about the discussions and consultation undertaken with industry participants across Australia, including those who are not involved in the Reserve Bank working groups,” Mr Keogh said.
“We will carefully review those reports to ensure the interest of all communities in Australia, particularly those in regional and remote areas, are being considered before we make a final determination.”
The ACCC is now seeking submissions on its draft determination.
Further information about the ABA’s application and how to make a submission by 14 August 2024 is available on the ACCC’s website.
Above is the ACCC’s media release (published 1/08/2024). The original media release is available here, along with the ‘Notes to editors’ and background information.