Monthly op risk losses: Aussie banks settle rate rigging claims

Breakdown of top five loss events, plus insight on $7bn US consumer protection fines. Data by ORX News

Photo of Australia banks
Shutterstock / Infopro montage

Bank Austria, part of the UniCredit group, was ordered to pay €790 million ($919 million) in the largest operational risk loss in October 2017 – a legal risk loss stemming from a retroactive change in legislation. On October 12, the Austrian Constitutional Court ruled that an increase in the fee charged to transfer employees from Bank Austria’s private pension scheme to the state pension should apply retroactively.

The bank announced it would transfer more than 3,000 employees from its own pens

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