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NAB: Learning from Disaster?
Company: Henley Management College
Year Of Publication: 2005
Month Of Publication: August
Pages: 31
Download Count: 448
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Comment Num: 0
Language: EN
Source:
Who Can Read: Free
Date: 1-15-2007
Publisher: Administrator
Summary
In January 2004, the Australian banking industry was shaken by an announcement that the National Australia Bank (NAB), the largest bank in Australia, had incurred financial losses of over A$360 million, as a result of irregular trading activities. Parallels between what had occurred in NAB and similar large losses incurred by Allied Irish Bank in 2002 and the collapse of Barings bank in 1995, are striking. Two formal inquiries were set up to investigate the events at NAB and both found, as with Barings and AIB, that management had, over a prolonged period, ignored warning signs of an impending “disaster”. Obviously, the lessons of the earlier well-publicized failures had not been fully learned by NAB.
Author(s)
McConnell, P. J. Sign in to follow this author
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