State Bank of New South Wales v Commonwealth Savings Bank of Australia [1985] FCA 695

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JUDGMENT No. wees?)

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY No. G248 of 1984

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GENERAL DIVISION

STATE BANK OF NEW SOUTH WALES

Applicant

COMMONWEALTH SAVINGS BANK OF

AUSTRALTA

Respondent COMMCNWEALT SAVINGS BANK OF AUSTRALIA

Cross-Claimant

STATE BANK OF NEW SCUTH WALES

First Cross-Respondent £

STATE OF NEW SOUTH WALES

5 June, 1985

REASONS FOR JUDGMENT

LOCKHART J.

On 28 May 1985 I indicated the undertakings and orders which appeared to be appropriate to give effect tc my reasons for judgment

of 23 April 1985. When the matter was before me on 3 dune 1985

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counsel for the Stete Eank of New South Wales ("the State Bank") said

that his client wished to lead further evidence of prejudice which it

was said the State Bank would sustain if the entry of judgment against

che Commonwealth Savinos Bank ("th

the matter until today at the request of counsel for the CSE so that proper consideration could be given by his client to that application

on behalf of the State Bank to lead further evidence.

Today I heard the further evidence which the State Bank sought to lead in the form of affidavits from Richard Louis Morath and John Anthony O'Neill, and there was oral evidence given by Mr. Morath. I need not refer to the evidence in detail; it may be briefly summarised by saying that the evidence was to the effect that if judgment were entered for the State Bank in the amount claimed of some $13,779,801.13, then the State Bank would either place those funds on deposit in the short-term money markets or repay borrowings by it from those markets in each case for a short term, and thereafter use the funds to facilitate loans and for other financial purposes to benefit customers. The State Bank's case is that it would lose the interest that it would otherwise earn from those moneys by placing them in the short-term money markets, or lose the saving that would accrue to it