Westpac NZ reaches $2.97M swaps settlement, rounding out regulator's probe into banks

Mon, 16 Feb 2015

By Paul McBeth Feb. 17 (BusinessDesk) - Westpac Banking Corp's New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. The bank will make $2.47 million available to 38 customers who registered their complaints with the regulator, $250,000 towards the commission's costs and a further $250,000 to Rural Support Trusts, the Commerce Commission said in a statement. The deal comes two months after its last settlement and wraps...

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