ANZ fined for breaching lending laws

ANZ Bank has been fined AUD 212,500 ($157,397) for breaching lending laws when offering overdrafts through its 'ANZ Assured' facility to its customers, following a crackdown by the Australian Securities and Investments Commission (ASIC); this marks the second run in with the ASIC in a matter of days. As we noted last week, ASIC has filed action against ANZ for allegedly rigging the bank bill swap rate to the bank's financial advantage.

ANZ Bank has had another run in with the corporate watchdog – this time for breaching responsible lending laws when offering overdrafts to its customers.

ANZ has paid a $212,500 penalty for breaching the laws through its 'ANZ Assured' overdraft facility following a crackdown by the Australian Securities and Investments Commission.

Macquarie analysts are upbeat on ANZ's prospects. Credit: Glenn Hunt

It is ANZ's second run in with the corporate cop in a matter of days.

Only last Friday, ASIC filed action against the ANZ for allegedly rigging the bank bill swap rate (BBSW) – the rate used by banks to set the interest rates on business and other commercial loans – to the bank's financial advantage.