opes mediation two, page-59

The Australian Securities and Investments Commission has told a court that it believes the loan, and amendments made to various agreements between ANZ and Opes Prime in its dying days, benefited the bank and left Opes' unsecured creditors $260 million worse off.

ASIC believes Opes was insolvent before ANZ extended the $95 million round-robin "loan", which, ostensibly, was meant to cover a $116 million deficit in the broker's share-lending book but was used to repurchase shares from ANZ.

ASIC's sharp focus on the ANZ deal leaves open the possibility that some of ANZ's staff might be caught up in any disciplinary action by the regulator.