Business
Macquarie slapped with $500m capital buffer after ‘multiple breaches’ – The Australian Financial Review
The reprimand is a relatively rare regulatory enforcement action against the so-called millionaire’s factory, which avoided a roasting at the royal commission.
The Australian Prudential Regulation Authority has beefed up the operational capital requirements for Macquarie Bank and lashed the financial services giant for poor risk management after breaching regulatory standards over a number of years.
The bank will now be required to hold additional capital of $500 million effective from Thursday following the finding of multiple material breaches of APRAs prudential and reporting standards.
It will also have 15 per cent added to the net cash outflow component…
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