Powered by MOMENTUM MEDIA

ANZ and ASIC to settle BBSW case

By Tim Stewart
 — 1 minute read

ANZ has reached an in-principle agreement with ASIC to settle court action relating to alleged manipulation of the Australian bank bill swap rate.

Lawyers representing ASIC told the Federal Court in Melbourne yesterday morning that ANZ has reached a confidential, in-principle agreement with the regulator to settle court action relating to the 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.

Advertisement
Advertisement

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

Lawyers for ASIC asked the court yesterday 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 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 the ANZ settlement will be in the range of $50 million to $70 million.

NAB is also in discussions with ASIC about a possible settlement, chief executive Andrew Thorburn revealed in a parliamentary hearing on Friday.

 

The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!

 

ANZ and ASIC to settle BBSW case
ANZ, ASIC, NAB, Westpac
ID logo

 

related articles

Website Notifications

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