ING Australia responds to APRA’s announcement 

ING Bank (Australia) Limited (“ING Australia”) acknowledges the Australian Prudential Regulation Authority’s (APRA) announcement in relation to its risk frameworks, following the identification and self-reporting of deficiencies in the calculation of its Liquidity Coverage Ratio (LCR).

As a consequence of the identified issues, APRA has required ING Australia to hold an additional $50m in capital, has raised minimum liquidity requirements, and has imposed additional licence conditions, including an independent review of risk management, governance and culture. APRA has confirmed that ING Australia remains well capitalised.

ING Australia has already commenced a program of work to strengthen governance, risk management, regulatory reporting and control frameworks.

Melanie Evans, Chief Executive Officer of ING Australia, said:

“We acknowledge APRA’s announcement and accept the actions outlined today. Meeting our regulatory obligations is fundamental to operating as a bank and we have fallen short of the standards we set for ourselves and of the expectations rightly held by APRA.

“After identifying and self-reporting these issues, we have worked transparently and constructively with APRA to address them. We regret that these deficiencies existed in our operations and we are committed to meeting APRA’s expectations when it comes to standards of risk management, governance and regulatory reporting.”

The issues which are subject to this response relate solely to ING Bank (Australia) Limited and do not relate to ING Bank N.V. Sydney Branch ARBN 080 178 196 AFSL 234557 or any other member of the ING Group.