November 10, 2017 / 4:17 AM / a year ago

UPDATE 1-Australian court approves $38 mln ANZ swap rate settlement

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Nov 10 (Reuters) - Australia and New Zealand Banking Group Ltd said on Friday a court had approved its payment of a total of A$50 million ($38.41 million) to the securities regulator to settle accusations it had manipulated the bank bill swap rate.

Under the terms of the settlement with the Australian Securities and Investments Commission (ASIC), ANZ agreed to a A$10 million penalty, a payment of A$20 million to a consumer protection fund and a A$20 million payment toward the regulator’s costs.

The penalties approved by the Federal Court were in line with those imposed on rival National Australia Bank last month in the same case.

ANZ reached an agreement last month to settle the case brought by the ASIC.

“We know our customers and the community expect better from us and we apologise for both the attempted unconscionable conduct and our inability to prevent or detect the behaviour,” ANZ Chief Risk Officer Nigel Williams said in a statement.

ASIC accused ANZ, NAB and Westpac Banking Corp of engaging in the rigging a key interest rate in their products. Only Westpac chose to defend itself against the allegations. ($1 = 1.3019 Australian dollars) (Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates)

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