ASB Bank Limited (ASB)

The Commerce Commission considered that ASB engaged in conduct that was misleading or likely to mislead certain customers by understating the risks and/or overstating the benefits of interest rate swap agreements. The Commission and ASB reached a negotiated settlement whereby ASB agreed to make available $2.7 million to eligible customers and make an out-of-court admission that some of its conduct breached section 9 of the Fair Trading Act 1986 in relation to some named customers.