ASIC: ANZ shows 'unconscionable conduct' in interest rates

CORPORATE watchdog ASIC started Federal Court action yesterday against ANZ Banking Group for allegedly manipulating a key market interest rate.

ASIC also alleged the bank showed "unconscionable conduct" in setting the bank bill swap reference rate 44 times between 2010 and 2012.

ANZ "rejected" the allegations.

"ANZ will be vigorously defending legal action brought by the commission," a spokesman SAID.

The swap reference rate is used to calculate payments on hundreds of billions of dollars of securities and loans.


Multi-vehicle crash on Pacific Hwy

Multi-vehicle crash on Pacific Hwy

Three vehicles involved in incident south of Woodburn

Two emergency level bushfires, a dozen others out of control

Two emergency level bushfires, a dozen others out of control

Numerous crews are fighting blazes across Northern NSW

Measles alert for Northern Rivers after child diagnosed

Measles alert for Northern Rivers after child diagnosed

Symptoms don't appear until 10 to 14 days after exposure