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BRIEF-National Australia Bank settles bank bill swap rate court action with ASIC
October 27, 2017 / 8:48 AM / 21 days ago

BRIEF-National Australia Bank settles bank bill swap rate court action with ASIC

Oct 27 (Reuters) - National Australia Bank Ltd

* Agreed settlement with Australian Securities & Investments Commission (ASIC) of bank bill swap rate (BBSW) legal action​

* ‍NAB has agreed to a $10 million penalty and to pay ASIC’s costs of $20 million​

* NAB will also make a donation of $20 million to a financial consumer protection fund nominated by ASIC​

* Impact of settlement will be reflected in NAB’s 2017 financial year results​

* ‍NAB and ASIC will make an application to federal court for approval of settlement

* To agree to make enhancements to policies, procedures, systems & framework to monitor employees regarding BBSW businesses​

* BBSW enhancement process to be overseen by independent expert to be appointed by ASIC Source text for Eikon: Further company coverage:

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