The Australian Banking Association released an updated version of the Banking Code of Practice yesterday, removing the COVID-19 Special Note that was added last year.

The note said that, given the impact of COVID on operating conditions in the industry, including banks’ internal resources, banks may be unable to comply with the timing requirements for notices and communications under the code.

While the note operated, failure to meet timing requirements related to guarantee notices, requests for copies of documents, responses to requests to discuss financial difficulties and handling complaints were not code breaches.

The special note applied until September 1. All code timing requirements now apply as normal.

The special note also said COVID may have an impact on banks’ obligations when considering providing new or increased loans to small business customers.

“These effects include the inherent difficulties in making predictions for matters such as the pace of economic recovery, and in assessing your ability to service such loans.”