Westpac could be forced to pay penalties in excess of $1 billion.Credit:Andrew Quilty
Banking industry sources,who requested anonymity because the talks are confidential,toldThe Age andThe Sydney Morning Herald the penalty could reach $1.5 billion and would be announced at a joint press conference in coming days. One source close to the negotiations said the final figure was"not definitely locked in"but talks between the parties had escalated and a settlement was close to being agreed.
"The parties are trying to get it resolved. I’m being hopeful it’s in the next 48 hours,it could be 24,it could be 12,it could be three days"the source said."My view is it’s still a moving feast."