"Weakness in control procedures at NAB" says PWC

National Australia Bank, parent company of National Irish Bank, and Australia's biggest bank has said that the final loss arising from the foreign currency options trading fraud remains at A$360m (€213m), and that it has put into action a plan to ensure a non-reoccurrence of the scandal.

In a statement following the release of a review into the matter by PricewaterhouseCoopers, the bank said the four traders involved in the scandal exploited weaknesses in systems and processes to hide trading losses and protect bonuses.