SYDNEY: ANZ, Australia’s third-largest home lender, has found no evidence that suspected misconduct by the bank’s employees over a 2023 bond issuance had cost the Australian taxpayer, its CEO told a parliamentary inquiry on Friday.

The company is being investigated by the Australian corporate regulator after media reports this year said the bank’s bond trading department was suspected of overstating its role in a 2023 government bond issuance.

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Already the prudential regulator has told the bank to increase the amount of cash it keeps on hand by 50% due to concerns about its risk management.

“There has been speculation that potential misconduct by ANZ in connection with this issuance may have cost taxpayers,” CEO Shayne Elliott told a parliamentary hearing. “From what I have seen, there is no evidence of this.”