Media Rel: Tracking Stock Issue taking longer than expected

Document date:  Fri 31 Mar 2000
Published:  Fri 31 Mar 2000 00:00:00
Document No:  160365
Document part:  A
Market Flag:  N
Classification: 

AUSTRALIA & NEW ZEALAND BANKING GROUP LI      2000-03-31  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

+++++++++++++++++++++++++
ANZ today announced that the regulatory approval process for its
planned public offering of tracking stock in New Zealand was on
track, but was taking longer than expected.

"A key component of the planned offering is for income distributions
to carry New Zealand imputation credits and IRD rulings are required
to give certainty on this issue," said Dr Murray Horn, ANZ New
Zealand Managing Director.

"By this stage we had hoped to have received full draft rulings from
the Inland Revenue Department. While the process is proceeding
smoothly, it is taking longer than expected," he said.

"The delay is unfortunate, but it is worth waiting until we have
clarity about the tax treatment," Dr Horn said,



For media enquiries, please contact;

In New Zealand:    Michael O'Donnell
                   Tel: +64-4-472 6046 or +64-21-462 976

In Australia:      Paul Edwards 
                   Head of Media Relations 
                   Tel: +61-3-9273 6955 or +61-409 655 550