Business
Westpac (ASX:WBC) share price gaining ground despite slap by regulator
The Westpac Banking Corp (ASX: WBC) share price has climbed by 0.65% despite being slapped by a temporary 10% increase to its liquidity capital ratio (LCR) by the regulator, due to errors in calculations of its liquidity requirements going back to 2019.
At the time of writing, the Westpac share price is trading at $20.26.
What did the regulator say
The Australian Prudential Regulation Authority (APRA) has ordered Westpac to initiate an independent review of its systems, and apply a 10% increase to its liquidity ratio immediately until the matter has been fully investigated. This order came following the bank admitting to making several errors in its LCR calculations during the past two years.
LCR refers to the percentage amount…
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