Westpac Accused of Rate Fixing

The transcript discusses allegations against Westpac for manipulating bank swap bill rates between 2010 and 2012. Westpac is accused of attempting to influence rates to maximize profits, with evidence including phone call transcripts. Westpac denies these claims and plans to defend itself. ANZ is also implicated in similar activities. The transcript explains that regulatory changes in 2013 altered how rates are set, moving away from a panel-based system to one using interbank trading platform data, following the Libor scandal in the UK.

What was Westpac accused of doing between April 2010 and June 2012?

• Manipulating stock prices

• Influencing bank swap bill rates

• Laundering money

• Evading taxes

What evidence did ASEC present against Westpac?

• Emails from bank executives

• A phone call transcript

• Video footage

• Financial statements

How did Westpac respond to the allegations?

• They rejected the allegations and planned to defend themselves

• They ignored the allegations

• They admitted to the accusations

• They settled the case out of court

Which other bank was named in similar allegations?

• Commonwealth Bank

• NAB

• Enzed

• ANZ

What change occurred in 2013 regarding the bank bill rate setting in Australia?

• It was set by a government agency

• It was determined by a public vote

• It was set by a single bank

• It was compiled using interbank trading platform prices