APRA penalises ING Bank Australia over $50M liquidity breach

• APRA imposed licence conditions and a $50 million capital penalty on ING Australia.
• The bank must hold additional capital while maintaining higher minimum liquidity levels.
• Enforcement actions follow multi-year reporting errors that overstated the bank's liquidity position.

The Australian Prudential Regulation Authority imposed licence conditions and a $50 million capital penalty on ING Bank Australia.

While reporting a 160% liquidity ratio, the bank's true level fell below the mandatory 100%.

"APRA is therefore acting decisively to ensure ING rectifies these weaknesses expediently," said APRA Deputy Chair Therese McCarthy Hockey.

The regulator mandated independent reviews, a comprehensive remediation plan, and increased minimum liquidity requirements.

ING Australia operates as one of Australia's largest banks, serving over 2 million customers with $100 billion in assets.

APRA stated that the bank remains financially resilient and well capitalised despite the operational risk governance failures.