(Updates with details, background in paragraphs 3-4)
Aug 9 (Reuters) - Australia's prudential regulator said on Wednesday Bendigo and Adelaide Bank (BEN) no longer needs to keep an additional amount of cash reserve after the company took steps to rectify issues related to the regulator's liquidity requirements.
The Australian Prudential Regulation Authority (APRA) in 2020 had taken action against the bank for breaching prudential standard on liquidity.
The regulator in 2020 had said it would require the bank to set aside an extra 10% on top of the liquidity cover ratio (LCR) it calculated until the "short-comings have been rectified to APRA's satisfaction".
Australian financial institutions have faced increased scrutiny from regulators after a 2019 government inquiry found rampant fee-gouging and predatory sales tactics to inflate bonuses, leading to multiple lawsuits and customer remediation charges.
Bendigo and Adelaide Bank did not immediately respond to Reuters' request for a comment.
News: BEN UPDATE 1-Aussie regulator removes Bendigo and Adelaide Bank's add-on liquidity requirement
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$12.44 |
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