(Reuters) -Australian No.4 bank ANZ said its initial view of a troubled bond sale that sparked a regulator investigation found it had not participated in market manipulation, although the lender acknowledged unacceptable errors in data reporting.
Earlier in the month, the firm’s CEO said ANZ plans to “get to the bottom” of allegations of misconduct, which have been raised against its bond trading operations, and will hold people accountable for any wrongdoing.
Media reports had emerged that the lender had overstated the value of government bonds that it traded by more than A$50 billion ($33.81 billion) over a one-year period.
The financial firm also confirmed that it had reported wrong data around monthly secondary bond turnover for the fiscal year 2022-2023 and had reported the same to the Australian Office of Financial Management in August 2023.
Data errors were caused by a range of issues including process and data extraction errors on ANZ’s part, the company said.
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Alan Barona)
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