Australia Tightens Capital Rules on ING Unit
Australian regulators have imposed stricter capital and liquidity requirements on ING Bank Australia. The move follows discoveries that the bank miscalculated its liquidity position over several years.
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Australia imposed a A$50M ($35.84M) capital add-on on ING Groep N.V.'s local unit on Thursday morning after the bank overstated its liquidity position. The penalty addresses reporting weaknesses that caused Liquidity Coverage Ratios to breach regulatory minimums. The enforcement action comes as prudential regulators intensify scrutiny over risk management practices at major international banks operating in the region.
