Head of NAB mortgages pricing division Philip Lance.

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You mentioned earlier that you looked at a certain amount a
Confirming the public wont know how an economic fee comes about and
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week?---Yeah, 10 a week.
its all internal and private to Nab.
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I don't know if you'll be able to answer this. I mean, there's
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10 a week.

brokered within a week?

to answer or - - -?---It's a significantly larger number

than that.

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How many fixed facilities are sort of

Is that something you'd be able

Than 10?---So this is only when a customer has specifically

asked the banker for further information on how it's been
calculated.
When you say "significant", hundreds?---It's very cyclical.

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So, at the moment, 20 to 30 per cent of all the new loans

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that we do are fixed.

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customers, so it's - - -

So we've got half a million

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Substantial, isn't it?---Yeah, it's a significant number.

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And there's only 10 a week that actually push forward to get

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that information.

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notices, your involvement is - - -?---Minimal; none.

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In terms of the issuing of payout

So you won't prepare, you won't have any input on having an

economic amount on that payout?---No.
It's just a matter of, when questioned, you are to provide how
it's calculated?---Yes, that's correct.
Just lastly.

This calculator, is it made available for clients

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and the general public on a web site or - - -?---No.

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It's an internal document.

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costs of funds are not publicly disclosed except on a

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request.

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As I mentioned earlier, the

Not the cost of funds, but just the calculation.

I mean,

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obviously - - -?---But you need the cost of funds to do

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the calculation.

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That could be a hidden field, I guess, but the calculator isn't

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available for people to work out?---No.

So the only way that anyone can obtain an economic cost
calculation is purely by inquiry?---Yes.

Correct, yes.

And there was just a fluctuation of 2.2 per cent in that

period.

fine.

HIS HONOUR:

MR SEGAL:

<(THE WITNESS WITHDREW)

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HIS HONOUR:

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MR SEGAL:

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HIS HONOUR:

There's no specific date, is there.

That's

I think that's it, yes.

You wouldn't have any re-examination?
No, your Honour.

Is that the plaintiff's case, Mr Segal?

Yes, it is, your Honour.
Thank you.

Mr Sgargetta, what we might do is stop

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for today, and in the morning you can start by going into

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the witness box and giving your evidence.

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will be possibly cross-examined.

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complete, then you can make your submissions.

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slip out of the witness box and go back to the bar table,

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and then you can make whatever submissions you wish to

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make.

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submissions.

Once your evidence is

So you'll

Then, when you're finished, Mr Segal will make his

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MR SGARGETTA:

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HIS HONOUR:

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MR SGARGETTA:

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After that you

I can't cross-examine any of their side or - - You have.

By choice though.

If I was to request that

someone was to make a statement that I could - - -

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HIS HONOUR:

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MR SGARGETTA:

Sorry, I don't understand what you mean.

If I requested that we have a certain individual

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that needs to make statements that I need to question -

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cross-examine - is that made available to me at all?

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HIS HONOUR:

You can't compel the other side to call a witness.

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If you wish someone to give evidence, you are able to

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subpoena a witness.
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