THE COMMISSIONER: Exhibit 1.113, statement Mr van Horen, 9 March ’18, CBA.9000.0002.0001. EXHIBIT #1.113 STATEMENT OF MR VAN HOREN DATED 09/03/2018 (CBA.9000.0002.0001) MR SCERRI: Thank you, Commissioner. THE COMMISSIONER: Yes. Yes, Mr Dinelli. <CROSS-EXAMINATION BY MR DINELLI [10.04 am] MR DINELLI: Thank you, Commissioner. Mr van Horen, my name is Albert Dinelli and I am one of the counsel assisting the Royal Commission?Good morning. You have given evidence to this Commission that your present role at CBA is Executive General Manager Retail Products. Is that correct?That’s right. And, as I understand it, you have held that role since May 2016?Correct. And, before that, you held various roles within CBA?That’s right. I am going to ask you some questions today, or this morning, relating to personal overdrafts. And that, as I understand it, is part of your role and area of responsibility within the bank?It is, yes. You’ve explained in your statement has just been tendered what a personal overdraft is. Can you assist the Commission, perhaps, by explaining in your words the nature of a personal overdraft?Well, a personal overdraft is a credit facility that’s linked to a customer’s day-to-day transaction account. And so it’s a facility that allows a customer to go into negative balance, essentially, up to an agreed or down – to an agreed limit. So if your limit in your overdraft is, for example, $1000, then the customer is able to spend into debit by up to $1000. I see?It incurs interest at an agreed interest rate. And THE COMMISSIONER: Sorry, Mr van Horen, the last part of your sentence I missed?The overdraft incurs interest Yes? at a published interest rate.
THE COMMISSIONER: Exhibit 1.113, statement Mr van Horen, 9 March ’18, CBA.9000.0002.0001. EXHIBIT #1.113 STATEMENT OF MR VAN HOREN DATED 09/03/2018 (CBA.9000.0002.0001) MR SCERRI: Thank you, Commissioner. THE COMMISSIONER: Yes. Yes, Mr Dinelli. <CROSS-EXAMINATION BY MR DINELLI [10.04 am] MR DINELLI: Thank you, Commissioner. Mr van Horen, my name is Albert Dinelli and I am one of the counsel assisting the Royal Commission?Good morning. You have given evidence to this Commission that your present role at CBA is Executive General Manager Retail Products. Is that correct?That’s right. And, as I understand it, you have held that role since May 2016?Correct. And, before that, you held various roles within CBA?That’s right. I am going to ask you some questions today, or this morning, relating to personal overdrafts. And that, as I understand it, is part of your role and area of responsibility within the bank?It is, yes. You’ve explained in your statement has just been tendered what a personal overdraft is. Can you assist the Commission, perhaps, by explaining in your words the nature of a personal overdraft?Well, a personal overdraft is a credit facility that’s linked to a customer’s day-to-day transaction account. And so it’s a facility that allows a customer to go into negative balance, essentially, up to an agreed – or down to an agreed limit. So if your limit in your overdraft is, for example, $1000, then the customer is able to spend into debit by up to $1000. I see?It incurs interest at an agreed interest rate. And THE COMMISSIONER: Sorry, Mr van Horen, the last part of your sentence I missed?The overdraft incurs interest Yes? at a published interest rate.