Brief: Australia's APRA Agrees To Court Enforceable Undertaking From Bank Of Queensland

Bank of Queensland

31/05/2023 02:36

May 31 (Reuters) - Australian Prudential Regulation
Authority (APRA):
    * AGREED TO A COURT ENFORCEABLE UNDERTAKING FROM BANK OF
QUEENSLAND LIMITED
    * UNDERTAKING FOLLOWS APRA’S PRUDENTIAL REVIEW INTO BOQ’S
OPERATIONAL RISK, COMPLIANCE AND RISK CULTURE
    * BOQ AGREED TO PREPARE REMEDIATION PLAN THAT DETAILS ALL
ACTIVITIES IT IS UNDERTAKING TO ADDRESS WEAKNESSES
    * BOQ AGREED TO SUBMIT REMEDIATION PLAN TO APRA FOR APPROVAL
AND
ADDRESS CONCERNS APRA MAY HAVE
    * BOQ AGREED TO APPOINT AN INDEPENDENT REVIEWER TO PROVIDE
WRITTEN
REPORTS ON IMPLEMENTATION OF REMEDIATION PLAN
    * IN ADDITION, APRA WILL REQUIRE BOQ TO HOLD OPERATIONAL
RISK
CAPITAL ADD-ON OF A$50 MILLION TO TAKE EFFECT FROM 30 MAY


Further company coverage:  BOQ.AX 

 ((Reuters.Briefs@thomsonreuters.com;))