What a bunch of party plankers

THE Commonwealth Bank is celebrating its home-loan selling success with a "pirate party", days after raising interest rates on customers to protect mega-profits.

The bank is flying 200 of its "mobile bankers and mortgage innovators" from throughout the country to Lorne for a gala dinner on a "treasure island".

CBA staff are ordered to come dressed as a "pirate, wench, rascal, scoundrel or villain", with those refusing to join in the fun ordered to "walk the plank".

What do you think of the CBA's pirate bash? Have your say below.

But CBA workers are mocking the party, saying most customers believe bankers are already pirates.

They say the party is just another slap in the face for customers faced with "over-priced loans".

The bank said last night it was not paying for the March 5 party. Third-party suppliers were footing the bill.

Consumer group Choice urged the Commonwealth Bank to make the pirate outfits official uniform.

"This is definitely showing they are determined to be different - CBA has really nailed their colours to the mast," Choice spokesman Christopher Zinn said.

"Don't stop with just the party, they should come to work dressed as blood-curdling pirates with cutlasses, eye patches and great big hats."

It comes as French bank Societe Generale said yesterday Australia's big four banks' claims they needed to increase their interest rates this month because of funding costs were "dubious."

And ANZ was lashed with harsh criticism last week after the Herald Sun revealed it was sending its top performers on a luxury cruise to Malaysia's Langkawi islands.

In a "reply all" to an email invitation to the party at Lorne's Mantra Erskine Beach Resort, a Commonwealth Bank staff member wrote: "How ironic, theme for Lorne is pirates.

"Just been listening to 3AW today and they are having a field day on the CBA after announcing interest rate increase. They are calling us pirates, so I guess on that note we could all wear our Corporate Wardrobe at Lorne."

Thrive PR account manager Alicia Grabowski said both the Commonwealth and ANZ banks had shown disrespect to their customers by failing to cancel their celebrations.

"You can lose all the money in the world and still operate a business, but if you lose your reputation you are bankrupt," she said.

The pirate party is part of the Commonwealth Bank's 2012 national conference for mobile lenders, March 4-6.

The bank hit the mortgagees with a rate rise of 0.1 of a percentage point last week, pushing its variable rate to 7.41 per cent, as it posted a $3.57 billion half-year profit, which was up 7 per cent.

A CBA spokesman said: "The bank's focus on its customers has seen its customer satisfaction ratings reach all-time highs and the gap continuing to narrow between the CBA and the highest-rated competitor.

"The bank will continue to place emphasis on customer satisfaction and ensuring customer needs are met."

ninemsn.com.au 22 Feb 2012