COMPETITION COMMISSION TO HOLD FIRST OPEN MEETING IN LLOYDS TSB/ ABBEY NATIONAL MERGER INQUIRY

The Competition Commission announces that it is to hold the first ever open meeting in respect of a commercial merger as part of the inquiry into the proposed acquisition of Abbey National by Lloyds TSB. The meeting, which is to be held on the morning of Friday 30 March, will be a forum for an extensive discussion on personal banking competition. Representatives from a wide range of interested parties will debate both the existing supply of banking services and the impact that the proposed merger would have in those markets.

The meeting will ensure that the Competition Commission can consider the opinions of all parties in determining whether the proposed merger is against the public interest. Topics for inclusion in the meeting could include current accounts, money transmission systems, credit cards, mortgages, personal finance and savings products.

The Competition Commission is inviting representatives from the Consumers’ Association, trade union organisations, academic institutions, shareholders, stockbrokers’ analysts, Lloyds TSB and Abbey National as well as other banks and building societies. The media will be invited to attend as observers and interested parties, including members of the general public, may apply to the Competition Commission in advance for admission passes.

Commenting on today’s announcement, Denise Kingsmill, Deputy Chairman of the Competition Commission and Chairman of the Inquiry, said:

"By holding an open meeting we will ensure that the consultative process recognises the views of a broad range of interested parties, encourages them to submit relevant evidence and provides them with an opportunity for discussion. I am encouraged by the response which we have so far received from representatives and believe that we will make significant progress on a variety of issues before starting the process of confidential meetings in the course of the Inquiry."

Notes to Editors

The inquiry into the proposed Lloyds TSB/Abbey National merger was announced by Stephen Byers, Secretary of State for Trade and Industry, on 23 February 2001: see DTI news release P/2001/100 and Competition Commission news release 06/01. The Commission has been asked to report to the Secretary of State by 12 June 2001 and the report will be published by the DTI some weeks later.
The inquiry is being carried out by a group of four members of the Commission: Graham Hadley, David Jenkins, Denise Kingsmill (inquiry chairman) and Professor David Parker. Mrs Kingsmill will chair the open meeting.
The meeting will take place on Friday, 30 March from 9.30 am to 1 pm at The Strand Palace Hotel, Strand, London WC2R OJJ.
Anyone wishing to attend, particularly those with a specific interest in the merger (eg as customer, employee or shareholder), may apply for an admission pass to:

Gill Booth
Room 502
Competition Commission
New Court, 48 Carey Street
London WC2A 2JT

E-mail gill.booth@competition-commission.org.uk

Applicants should explain the nature of their interest.

In considering applications the Commission will aim to ensure that the meeting is attended by people covering a representative range of interests.

The open meeting is in addition to the Commission's normal procedures for carrying out its investigations, which include collecting evidence in writing and holding private hearings with individual parties. An outline timetable for the Lloyds TSB/Abbey National inquiry may be found on the Commission's website: www.competition-commission.org.uk
Enquiries should be directed to:

Francis Royle, Press Officer, Competition Commission Tel: 020-7271 0242
Michael Oke, Smithfield Financial Tel: 020-7360 4900