ANZ and ASIC to settle on BBSW case

by AB23 Oct 2017
ANZ has reached a confidential in-principle agreement with the Australian Securities and Investments Commission (ASIC) to settle court action relating to the Australian interbank BBSW market.
 
As a result, this morning ASIC has asked the Court to stand down the trial for 48 hours, which ANZ will consent to, so as to progress the in-principle agreement following which ANZ will make a more detailed statement.
 
Based on the in-principle agreement, the financial impact to ANZ will be reflected in the 2017 Financial Year results and is largely covered by the provisioning held as at 31 March 2017.

COMMENTS

  • by Xavier 24/10/2017 9:03:03 AM

    How does a fine stop lenders from doing this again in the future? and how does this compensate the borrowers who have paid extra on their rates?