ASIC has taken ANZ to court over alleged interest charge rigging

The Australian Securities and Investments fee on Friday said it had started lawsuits in the Federal court docket in Melbourne in opposition to ANZ for “unconscionable behavior and market manipulation” in relation to the setting of the bank invoice swap reference charge between March 2010 and might 2012.

The BBSW is the number one hobby price benchmark used in Australian economic markets, administered by using the Australian monetary Markets affiliation.

it is the bottom rate used to calculate payments on securities, mortgages, credit score playing cards and business loans.

the possibility that it is able to have been tampered with therefore has wide implications for regular Australians.

On September 27, 2013, the AFMA changed the approach through which the BBSW is calculated. The alleged conduct preceded that exchange.

A spokesman for ANZ said: “ANZ rejects the allegations regarding financial institution buying and selling and the financial institution invoice switch rate made in today’s announcement of declare with the aid of the Australian Securities and Investments fee. ANZ will vigorously guard the prison action brought by way of the fee.”