APRA orders NAB, Westpac and ANZ to put aside additional capital

Company News

by Rachael Jones

National Australia Bank (ASX:NAB) today noted the Australian Prudential Regulation Authority (APRA) announcement applying additional capital requirements to them and Westpac (ASX:WBC) and ANZ (ASX:ANZ) in response to risk governance self-assessments.

APRA will require each bank to hold additional $500 million of operational risk capital.

This is due to problems with their governance and culture.

APRA noted that “the capital add-ons will apply until the banks have completed their planned remediation to strengthen risk management, and closed gaps identified in their self-assessments.”

Shares in National Australia Bank (ASX:NAB) are trading 0.07 per cent lower at $26.84.

 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.