July 23, 2019 / 11:16 PM / 3 months ago

Australia's bank watchdog orders Macquarie, HSBC, Rabobank to tighten funding

SYDNEY, July 24 (Reuters) - Australia’s banking regulator said it has forced Macquarie Group Ltd and the domestic units of Rabobank and HSBC to tighten funding arrangements in Australia.

The Australian Prudential Regulation Authority (APRA) said it had reviewed the lenders and found they were “improperly reporting the stability of the funding they received from other entities within the group”, in a statement.

“APRA is requiring these banks to strengthen intra-group agreements to ensure term funding cannot be withdrawn in a financial stress scenario.” (Reporting by Tom Westbrook; Editing by Michael Perry)

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