March 25 (Reuters) - Westpac Banking Corp WBC.AX :
* WESTPAC HAS ANNOUNCED THAT ITS CASH EARNINGS1 IN FIRST HALF 2019 WILL BE REDUCED BY AN ESTIMATED $260 MILLION
* EXPECTED REDUCTION DUE TO PROVISIONS ARISING FROM FURTHER WORK ON ITS CUSTOMER REMEDIATION PROGRAMS
* OF ESTIMATED $260 MILLION IMPACT ON H1 CASH EARNINGS, ABOUT 90% RELATE TO ISSUES IDENTIFIED IN PREVIOUS FINANCIAL YEARS
* OF ESTIMATED $260 MILLION IMPACT ON H1 CASH EARNINGS, AROUND HALF OF PROVISIONS RELATE TO FINANCIAL ADVICE BUSINESS
* $260 MILLION INCLUDES COSTS ASSOCIATED WITH IMPLEMENTING REMEDIATION PROGRAMS ALONG WITH INTEREST ON FEES TO BE REFUNDED
* WILL COMMENCE REMEDIATION IN GROUP'S H2 2019 FOR CUSTOMERS OF AUTHORISED REPRESENTATIVES STILL OPERATING UNDER BTFG LICENCES
* WORK IS UNDERWAY TO DETERMINE EXTENT OF SERVICES PROVIDED BY AUTHORISED REPRESENTATIVES WHO ARE NO LONGER OPERATING UNDER BTFG'S LICENCES