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Commonwealth Bank farm management deposit account ready to help primary producers



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MEDIA RELEASE MEDIA RELEASE Comnonwealth BankCommonwealth Bank of Australia ACN 123 123 124GPO Box 2719 Sydney NSW 2001 AustraliaTelephone (02) 9373 2663 Telephone (02) 9378 2662 Facsimile (02) 9378 2395Commonwealth Bank Farm Management Deposit "Account Ready to Help Primary ProducersHorsham, 2 March 1999: The Commonwealth Bank has welcomed the Government's new Farm Management Deposit Scheme and will combine the resources of its network of almost 1,200 branches and over 80 specialist agribusiness bankers around Australia to provide the Bank’s new Farm Management Deposit (FMD) account to primary producers throughout the nation.The Bank's new FMD account will be available as a tax effective savings and risk management facility for primary producers when the regulations governing the operation of the Federal Government's new Farm Management Deposit Scheme are finalised, expected to be late this month.The Bank's Chief Manager Agribusiness, James Price attended the launch today of the Government's new FMD Scheme at the Wimmera Machinery Field Days at Horsham in Victoria. The Bank is an exhibitor at the event.“The Commonwealth Bank congratulates the Government and Agriculture, Fisheries and Forestry Australia (AFFA) on replacing the current Income Equalisation Deposits and Farm Management Bonds with the commercial FMD Scheme", Mr Price said.“It allows improved investment returns, tax effectiveness, accessibility, flexibility and choice for primary producers in dealing with fluctuating income and smoothing their taxable income over a number of years.“Our Farm Management Deposit account will provide primary producers with these enhancements. The Bank has planned for the introduction of the new FMD Scheme. W e will also offer competitive interest rates, professional assistance from our agribusiness specialists, and the opportunity to complement the benefits of our FMD with the Bank's other tax effective and risk management strategies available through our AghOptions package.‘This will all be backed up by our being Australia's most accessible bank, as primary producers will be able to operate their FMD account at any of the Bank's branches across Australia', Mr Price said.The Commonwealth Bank foreshadowed the new FMD account when its AgriOptions package was launched by the Federal Minister for Agriculture, Fisheries and Forestry, Mark Vaile MP on 22 January.(ends)For further information contact:Steve CooksonGroup Corporate RelationsJames Price Chief Manager Agribusiness Ph. 0414 996 367 or 02 9312 9312 Ph. 02 9378 2504