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/RATINGS: Earlier, Fitch published its....>

AUSTRALIA
AUSTRALIA: /RATINGS: Earlier, Fitch published its 2020 peer review of Australian
major banks. "Negative outlooks are maintained, reflecting the challenges in
remediating the shortcomings in operational and compliance risk management,
which had led to conduct-related issues that resulted in large remediation costs
over the last two years. The Australian major banks' reliance on wholesale
funding, particularly from offshore markets, remains a weakness relative to
similarly rated international peers, although their funding profiles and
liquidity are well managed. Earnings pressures will continue, although strong
franchises underpin ratings."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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