Silly conducts a seafood whole-selling business called: Seafood Affair. Her primary market is the restaurants in Melbournes CBD. The business had prospered for some years, earning approximately $500,000 yearly, but deteriorated with the closure caused by Covid-19 in March 2020. Seafood Affair lost 80% of its earning for the months of March through to June. She approached her bank, ABC Ltd, to increase her overdraft (credit account) but it refused to extend her any more credit. They justified their decision by stating that her reduced income was unlikely to improve according to analysts in the bank. Silly argued that since the bank was a subscriber to the Code of Banking Practice it is obligated to provide her with a new loan due to her circumstances caused by Covid-19.

Is ABC Ltd obliged by the Code of Banking Practice to provide Silly with a new loan or to increase the existing overdraft due to her circumstances caused by Covid-19?