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Showing 11 - 20 of 50 results for "BBSW"

ANZ accused of paying hush money on BBSW scandal

ELIZABETH MCARTHUR  |  FRIDAY, 3 JUL 2020
In an action filed in the Federal Court ANZ has been accused of throwing a whistleblower under the bus, paying a fine as "hush money" and "virtue signalling" following ASIC's investigation into ANZ's alleged manipulation of the bank bill swap rate. ...

IFM Investors ready to ramp up corporate lending

KANIKA SOOD  |  FRIDAY, 22 MAY 2020
... also financed infrastructure projects including New Royal Adelaide Hospital. Its returns in lending to companies range from BBSW plus 250 to 400 bps for large caps, investment grade to BBSW plus 450 to 800/900 bps in sub-investment grade lending with ...

Westpac cops BBSW fine

HARRISON WORLEY  |  MONDAY, 12 NOV 2018
... Friday the Federal Court ordered the bank pay $3.3 million for contravening the ASIC Act in its involvement in setting the BBSW eight years ago. Additionally, the bank will welcome an independent expert into its fold to review whether its current systems ...

Dishonest advice fees dent Westpac earnings

JAMIE WILLIAMSON  |  FRIDAY, 28 SEP 2018
... also been accounted for, as have estimated costs for recent litigation such as that around irresponsible lending and the BBSW case. The estimated $235 million does not include those incurred in responding to the Royal Commission. Westpac said the remediation ...

CBA should have done more: Federal Court

HARRISON WORLEY  |  WEDNESDAY, 11 JUL 2018
... turn manifested a false appearance in regards to the market for certain financial products that were priced or valued off BBSW. In a media release, ASIC said the bank will pay $15 million, which will be applied to the benefit of the community, with the ...

New Government body to advance financial literacy

JAMIE WILLIAMSON  |  MONDAY, 28 MAY 2018
... by ANZ and NAB as part of the settlement agreements with ASIC, resulting from the manipulation of the bank bill swap rate (BBSW). An additional $10 million will be committed by the Government, as outlined in the recent Federal Budget, specifically to ...

Westpac off the hook in BBSW scandal

KANIKA SOOD  |  FRIDAY, 25 MAY 2018
... handling bank bill swap rates was "unconscionable" on four of the 16 occasions that ASIC alleged the bank manipulated the BBSW. While ASIC failed to prove Westpac traders had manipulated the BBSW, the bank was found to have inadequate procedures and ...

BBSW methodology restores trust

DARREN SNYDER  |  TUESDAY, 22 MAY 2018
... response to maintain trust in the interest rate benchmark following misuse. In a joint statement the RBA and ASIC said the new BBSW methodology calculates the benchmark directly from market transactions during a longer rate-set window and involves a ...

CBA cops $25 million for BBSW rigging

KANIKA SOOD  |  WEDNESDAY, 9 MAY 2018
... payouts. CBA will acknowledge it "attempted to engage in unconscionable conduct in breach of the ASIC Act" while trading on the BBSW market on five occasions from February to June in 2012. The bank will also concede its policies and systems were inadequate ...

CBA affirms BBSW position

DARREN SNYDER  |  TUESDAY, 27 FEB 2018
... matter." ASIC's initial civil proceedings alleged CBA traded a large number of its products with the intention to influence the BBSW on three specific occasions between 31 January 2012 and October 2012. Original court filings show CBA, from time to time ...