Maybe safer for you to just put your money in a bank account, then.
The way I see it is; Westpac had put $900 million aside for the fine, so the fine was increased to $1.3 Billion. If they had put $1.3 Billion aside, the fine might have been $1.7 Billion. Or maybe they could have put $500 Million aside and the fine might have been lower.
On the subject of the 23 Million breaches, I think a few commenters on here are making it obvious that they think this represents 23 Million criminal transfers. In fact it represents 23 Million reportable transactions, like mum's & dad's buying cars or investing in shares, and some (I would think a very small percentage) of those transactions were linked to criminal activity. So the headlines are a bit (or a lot) sensationalised . . . to sell papers.
I think the SP will start to rebound now that this sorry chapter is behind us.
WBC Price at posting:
$16.19 Sentiment: Hold Disclosure: Held
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