ComCom to issue proceedings against ASB, ANZ, Westpac over interest rate swaps

Mon, 16 Dec 2013

Dec. 17 (BusinessDesk) - The Commerce Commission intends to issue legal proceedings against three of the major Australian banks over their sale of interest rate swap contracts to farmers, which the regulator says may have breached the Fair Trading Act. The commission intends to file proceedings against ASB Bank, ANZ Bank New Zealand, and Westpac New Zealand in March next year, and is also looking at other institutions which sold the swaps, chairman Mark Berry said in a statement. The regulator has told the banks it thinks there is sufficient...

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