Commerce Commission delays court filings in interest rates swap case

Wed, 02 Apr 2014

April 2 (BusinessDesk) - The Commerce Commission has pushed out its deadline to file proceedings against three Australian-owned banks over their sale of interest rate swap contracts to farmers, saying it’s looking at new information. The regulator had previously expected to file proceedings against ASB Bank, ANZ Bank New Zealand and Westpac New Zealand by the end of March, citing breaches of the Fair Trading Act, but now anticipates making another announcement in the middle of the year, it said in a statement. ASB is owned by Commonwealth Ba...

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