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BRIEF-Bendigo And Adelaide Bank Responds To APRA Announcement

Published 21/10/2020, 09:19 pm
Updated 21/10/2020, 09:24 pm
© Reuters.

Oct 21 (Reuters) - Bendigo and Adelaide Bank Ltd BEN.AX :

* NOTES APRA ANNOUNCEMENT ON IDENTIFICATION OF HISTORIC ERROR IN CALCULATION OF LCR, NSFR

* IDENTIFIED ISSUES HAVE BEEN RECTIFIED AND REVIEWS ARE UNDERWAY, INCLUDING INDEPENDENT TESTING OF THE LCR CALCULATION

* ERROR RELATES TO INCORRECT SYSTEM CODING OF 3 BUSINESS RULES TO CATEGORISE SOME DEPOSITS FOR LCR CALCULATION

* 30 SEPT 2020 PILLAR 3 DOCUMENT TO INCLUDE RESTATEMENTS OF LCR & NSFR FOR PRIOR 2 YEARS & WILL BE RELEASED BY 27 NOV 2020

* ERROR LED TO UNDERSTATEMENT OF EXPECTED NET CASH OUTFLOW & OVERSTATEMENT OF LCR SINCE JAN 2015

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