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BULLETIN: Trading Losses Undermine National Australia Bank's Risk Management Competence Jan 04
Standard & Poors, Jan 2004
Abstract
MELBOURNE (Standard & Poor's) Jan. 14, 2004--Standard & Poor's Ratings Services said today that its ratings on National Australia Bank Ltd. (NAB; AA/Stable/A-1+) are unaffected following the disclosure of unauthorized foreign exchange transactions that are expected to result in pretax foreign exchange option losses of A$180 million. 'Standard & Poor's will closely monitor the bank's investigation of its risk management practices, so as to better understand the nature of the risk management breakdown and the extent to which this incident is indicative of the strength of the bank's overall risk management capability,' said Standard & Poor's credit analyst, Craig Bennett, Financial Services Ratings. The disclosure adds to the list of risk management problems recently faced by the bank and undermines...
Companies mentioned in this report are: National Australia Bank Ltd.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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