Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Major bank to settle rate rigging case with ASIC

scales justice scales justice
Staff reporter 4 minute read

A big four bank has reached an in-principle agreement with the corporate watchdog to settle a court action relating to alleged manipulation of the Australian bank bill swap rate.

Lawyers representing ASIC told the Federal Court in Melbourne on Monday (23 October) that ANZ has reached a confidential, in-principle agreement with the regulator to settle court action relating to the bank bill swap rate (BBSW) market.

ASIC commenced legal proceedings against ANZ in March 2016 relating to “unconscionable conduct and market manipulation” relating to Australia’s interbank rate, the BBSW.

The corporate regulator initiated similar proceedings against Westpac and NAB in April and June 2016, respectively.

Advertisement
Advertisement

Lawyers for ASIC asked the court on Monday to stand down the trial for 48 hours (with ANZ’s consent) to hammer out the details of the settlement.

A statement by ANZ said that the financial impact will be reflected in the 2017–18 financial year results and are “largely covered” by the provisioning held as at 31 March 2017.

The Fairfax press has suggested that the ANZ settlement will be in the range of $50 million to $70 million.

Major bank to settle rate rigging case with ASIC
scales justice
TheAdviser logo

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

PROMOTED CONTENT


scales justice
James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

 

more from the adviser
Parliament house new ta

Breaking News

Major bank CEOs flag SME ‘pressure’

The heads of CBA and ANZ have acknowledged to MPs the growing pre...

boardroom

Breaking News

CAFBA announces board changes

The broker association has announced board changes following the ...

uptick

Breaking News

SME revenue divide expected to widen: ScotPac

Half of SMEs expect revenue to grow this year but a record propor...