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

Published 27/10/2017, 07:45 pm
© Reuters.  BRIEF-National Australia Bank settles bank bill swap rate court action with ASIC
NAB
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Oct 27 (Reuters) - National Australia Bank Ltd NAB.AX

* 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

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