NAB fails to update market on losses

National Australia Bank (NAB), the parent of National Irish Bank, has failed to update the market on the extent of losses arising from the revaluation of its currency options portfolio.

Amid fears the losses could reach AUD$600m (€366m), NAB had planned to issue a final figure on the losses overnight. Instead it said investigations were continuing and the final sum would now not be known until next week.

The bank announced last week that four of its currency options traders had been suspended following allegedly unauthorised trades, which it expects to result in pre-tax losses of AUD185m

(€112m).

The traders in Australia's largest bank made the losses on unauthorised derivatives deals in just three months.

NAB is headquartered in Melbourne and operates National Irish Bank and Northern Bank employing more than 2,000 in Ireland.