Document reveals alleged misconduct by rural lender

The Commonwealth Bank's approach to farm debt mediation noted the need to protect its brand, a document before the banking royal commission has showed. The document was examined as part of the royal commission's investigation into how CBA subsidiary Bankwest dealt with a Queensland cattle farmer. Asked if CBA felt an imperative to settle matters at farm debt mediation, senior Bankwest executive Sinead Taylor noted she did not work in that area. The inquiry heard a Bankwest bank manager who inflated property valuations gave two unconditional letters of finance approval when the loans had not actually been approved and a number of times gave verbal commitments for finance.

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