13 February 2003 12:00am

Asked about the extent to which CBA would reduce merchant service fees once interchange fees fall later this year , David Murray said that, "will have to do with the competition in the market," so no assurances for merchants that their merchant services fees will fall from that answer.

"Our basic position on the [credit card] changes is that we will lose net earnings from the cards business. We will continue to provide an interest free period and highly competitive reward programs for our clients

"The point of the RBA position was that there was a flaw in the structure...