NAB accused of noncompliance in rate-rigging case

The Australian Securities and Investments Commission (ASIC) has accused National Australia Bank (NAB) of non-compliance following the bank's inability to hand over documents relating to rate-rigging allegations. NAB, however, has claimed it has handed over all relevant documents and that the information requested by ASIC fell outside the scope of the rate manipulation trial. The case, which also includes ANZ and Westpac, claims NAB manipulated the BBSW 50 times.

National Australia Bank has been accused of withholding documents and delaying a landmark trial into rate-rigging at three of Australia's biggest banks.

It comes as a trial date is set to make way for further disclosures from the corporate watchdog.

The corporate regulator told a Federal Court hearing on Monday that the bank had failed to hand over all requested documents relating to alleged manipulation of the bank bill swap rate (BBSW) on time.

"They haven't been compliant and they're late," counsel for the Australian Securities and Investments Commission, Noel Hutley, SC, said.