ING Australia Faces APRA Action Over Material Liquidity Reporting Failures

MT Newswires Live09-03 16:39

ING Groep's (ING) ING Bank Australia will face license conditions and additional capital and liquidity requirements after the Australian Prudential Regulation Authority identified material breaches of minimum liquidity requirements, or APRA, said Thursday.

The bank said liquidity miscalculations over several years overstated its LCR, which was reported at around 160% but at times fell below the 100% minimum requirement.

APRA said ING Australia has since raised liquidity above minimum requirements and will require independent reviews of its reporting failures and broader risk management, along with a remediation plan and assurance of implementation.

APRA also imposed a $50 million operational risk capital add-on and increased ING Australia's minimum liquidity requirements, it added.

APRA said the measures will remain in place until ING Australia completes the required remediation work to its satisfaction.

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