ANZ Head Confirms No Cost to Taxpayers in Bond Scandal
Taxpayers have not been affected by the misconduct of ANZ employees, according to the bank’s CEO.
During a parliamentary inquiry into the big four banks, ANZ chief executive Shayne Elliott stated that there would be repercussions across the company for any misconduct, including potential pay cuts.
In 2023, the bank was investigated by the corporate regulator for inaccurately submitting monthly secondary bond turnover data to the federal government.
Elliott clarified that there has been no additional cost to taxpayers despite the bond trading scandal.
He mentioned, “There have been speculations about potential misconduct by ANZ that could have impacted taxpayers, but based on what I’ve seen, there is no evidence of this.”
Related Stories
Elliott mentioned that three employees have already left the company due to the scandal and others will face consequences.
He added, “We have experienced significant damage to our reputation, and as a result, we are currently investigating how this occurred.”
Despite some individuals managing well, the hearings come at a time when high-interest rates and persistent inflation are affecting household finances.
Elliott expressed concerns about the increasing difficulty people are facing in paying for housing and daily expenses, as businesses struggle with rising costs.
He also predicted more financial challenges for individuals and businesses in the coming months.
Earlier on the same day, National Australia Bank (NAB) CEO Andrew Irvine addressed the committee, highlighting ongoing cost-of-living pressures and weaker economic growth.
However, Irvine anticipated a decrease in interest rates in the near future.
He emphasized the divide between different sectors and geographies, with some doing well while others face financial strain.
Irvine urged the government to control inflation, especially considering the impact on mortgage holders and renters.
He criticized the imposition of outdated surcharges for card transactions, stating that it adds confusion for consumers and needs reevaluation.
