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National_Australia_Bank_Short_Version_April_2009.pdf

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National_Australia_Bank_Short_Version_April_2009

?? National?Australia?Bank? Copyright ?The Professional Risk Managers’ International Association 1? Background? In?January?2004?the?National?Australia?Bank?(NAB)?made?the?following?three?public?announcements?relating?to? losses?from?the?foreign?exchange?options?transactions:? ? 13? January? 2004? –? an? initial? announcement? of? losses? from? unauthorised? foreign? currency? trading? activities?estimated?at?A$180?million.? ? 19? January?2004?–?an?update?of? the? losses?was? revised? to?A$185?million?but?with?a?statement? that? they?were?not?expected?to?exceed?A$600?million.? ? 27?January?2004?–?an?announcement?that?the?total?losses?were?A$360?million,?which?also?included?the? impact? of? false? transactions? as?well? as? a? further? amount? of? A$175? million? arising? from? a? revised? revaluation?of?the?trading?book?at?19?January?2004.? KEY?POINTS? These? losses?occurred?principally?because?of?an? increase? in? risk‐taking? in?the?currency?options?portfolio,?and? combined?with?adverse?currency?movements? (particularly? in?the? last? four?months?of?calendar?year?2003?and? early? 2004).? The? overstatements? of? the? currency? options? portfolio? value? at? 30? September? 2003?was? A$42? million,? and?A$92?million? on? 31?December? 2003;? and? the? continued?weakening? in? the?US? dollar? led? to? an? escalation?of?these?losses?in?early?January?2004?to?A$185?million.?A?subsequent?revaluation?of?the?portfolio?on? 19?January?increased?the?losses?to?A$360?million.? ? The?perpetrators?of?this?scandal?were?four?currency?options?traders?–?three?in?Melbourne?and?one?in?London?‐? who?were?aware? that? significant? trading? losses?had?been? incurred?and? concealed? in?2002?and?2003,?and? in? 2004.? ? The?practice?of? smoothing?profits? and? concealing? losses? had?been?undertaken?by? the? traders? for?over? two? years,?and?possibly?since?1998.?The?traders?had?concealed?losses?by?entering?various?types?of?false?transactions? into?their?trading?system.?Various?methods?were?us