Business
Westpac whacked by APRA over liquidity, risk – The Australian Financial Review
The prudential regulator has penalised the bank over breaches while the bank reveals a review of its risk functions has not gone well.
Just prior to the sharemarket open at 10am APRA published a statement revealing it had instructed Westpac to add another 10 per cent to its liquidity coverage ratio until the breaches had been thoroughly investigated while raising the prospect of additional penalties, mirroring a similar action taken against Bendigo Bank in October.
Westpac would later reveal the problem stemmed from its New Zealand operations and said although the problem had been rectified there was a material breach of the benchmark…
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