ASB Bank pays $3.2 mln in interest rate swap deal

Tue, 23 Dec 2014

By Fiona Rotherham Dec. 24 (BusinessDesk) - ASB Bank has agreed to pay $3.2 million in the latest settlement with the Commerce Commission on the sale of interest rate swaps to farmers between 2005 and 2009. It follows a $19 million settlement reached between the ANZ Bank and the regulator earlier this month and comes one year after the commission first advised it intended issuing legal proceedings in March 2014 against three banks - ANZ, ASB, and Westpac Banking Corp - over the issue. ASB’s settlement will make $2.7 million available t...

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