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Commonwealth Bank and National Australia Bank make a reporting blunder

Posted by on in From My Window
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John Dagge

THE Commonwealth Bank and National Australia Bank have been forced to reclassify almost $13 billion in home and business loans after making an embarrassing reporting blunder.

The errors, declared to the Australian Prudential Regulation Authority, involved the pair incorrectly classifying household loans as business loans.

CBA accounted for the bulk, incorrectly labelling $9 billion of loans made to households as business lending in the 14 months to July.


It has also reclassified up to $1 billion in deposits that were listed as belonging to households. The funds are now classed as deposits from businesses.


NAB has also run foul of APRA's rules, classifying $3.9 billion of business lending to 5000 customers as household lending in the two years to August.


The bank has now reduced its personal lending book by $2.8 billion, household lending by $700 million and revolving credit by $300 million.

The errors were discovered during reviews by both banks and reported in yesterday's monthly banking data drop by APRA.


The revisions follow a $28.8 billion housing-loan book error announced by Westpac in January.


Australia's second largest bank recorded loans belonging to owner-occupiers when they had been used for investment purposes.


APRA requires the market be informed about revisions of $100 million or more that amount to at least 10 per cent of values previously published.


Commonwealth Bank spokesman Bryan Fitzgerald said the bank had not made a mistake, but rather found itself "out of line" with standard industry reporting.


"There is no impact to the bank's bottom line as the loans did not change."


A NAB spokeswoman said the reclassification did not change the risk profile of the bank's lending book.


"If they were making big revisions to their audited statements it would be more worrying

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  • doyla66
    doyla66 Friday, 28 September 2012

    Good one JJ. I'd say the biggest blunder both banks made was underestimating the power of the people (BFCSA) when they started planning to go down the path of profiteering illegally. Their smart thinking and knowing that they could out-bluff the peasants was so tempting that off they went marching like some in 1934. Yes, their scheming and conniving worked very well, so much that even all the regulators and and much of the government and opposition could see nothing wrong. But, one day Denise woke up and said Hmmmmm...

  • doyla66
    doyla66 Friday, 28 September 2012

    The bottom line, the bottom line, stuff regulators borrowers public and govt, it's all about the bottom line!

    Good to see APRA doing something for our money.

    If those loan were incorrectly classified you can bet London to a brick that the MORTGAGE INSURANCE and the SECURITISED DERIVATiVES are wrong as well.

    Then there are the shareholders and other investors - I'm sure they'd like to know what they got for their money.

    In fact if you dig a little bit deeper you will find all involved in the RBMS probably fudged the classifications (lied), not to mention non-RMBS securities.

    If you want some names to start with we've got 36 odds on starters in this race ...

    So ASIC, APRA, AOFM, ACC....What are you going to do about this FRAUD?

  • doyla66
    doyla66 Friday, 28 September 2012

    $23 BILLION Dollars worth of loans falsely classified? How could a Home Loan possibly be classified as a business loan? Deliberately lying to the regulators by trying to hide household loans as business loans I think.
    Do a full Audit on those 'hidden' Loans & I bet a lot of the LAFs are "out of line" as the CBA puts it. (i.e fraudulent)

  • doyla66
    doyla66 Saturday, 29 September 2012

    The CBA are trying to infer that our loans are business loans not home loans - even though they were taken out against our home - go figure!

  • doyla66
    doyla66 Saturday, 29 September 2012

    What does your copy of the contract say?

  • doyla66
    doyla66 Saturday, 29 September 2012

    OMG! To make such a 'blunder' must be taken as gross negligence on the part of the Compliance Officers of every single one of these banks. Who else gets the feeling that the only blunder was tat they got discovered.. BAAAAAD, Bad feeling about this. How has it impacted their tax requirements? It is just unbelievable they can make an 'accounting entry error' of billions of dollars! In fact I don't believe it was an 'error' for one second!!! What is APRA going to do about it! Across so many banks!!! Obviously there is a greater number of systemic issues than we actually realise.

    IT IS MY WILL that the Australian Government take immediate action to initiate a ROYAL COMMISSION with broad Terms of Reference, into the Australian BANKING SECTOR.

    We deserve the TRUTH!

  • doyla66
    doyla66 Saturday, 29 September 2012

    I'm with you, STM. A very bad feeling, indeed ... This is turning out to be a rather large and complex iceberg endangering multiple Titanics ...
    I'm very glad I'm out of the investor market at present. But what happens to the smaller lenders: apart from wholesale abuse and liquidations, how else could this affect the home borrowers and will they lose their homes if banks and lenders fall over? I vote give the money to the borrowers next time and let the banks fend for themselves! The only consolation is that the courts won't be able to keep up with the banks/lenders demands for liquidations - we could be on ice for years until this whole mess is sorted out.


  • doyla66
    doyla66 Saturday, 29 September 2012

    Shocking the regulators can stomach all these lies and frauds..while bank consumer victims are languishing from the ill effects of such modus operandi. ROYAL COMMISSION into BANKING we need you to get the truth OUT !!

  • doyla66
    doyla66 Sunday, 30 September 2012

    Notice how this is only in the last 2 years,some innovating thinking by the powers that be in the banks, thought they could get away with classifying home loans as business loans.That's because they know THEY ARE LIAR LOANS,the Great LAF COVER UP.
    Billions of dollars
    I can't believe there are such deceitful people in this world, it's sickening.

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