National Australia Bank (NAB) chairman Michael Chaney has praised David Murray’s Financial System Inquiry but made no firm decisions on adopting its recommendations.
In an annual general meeting with shareholders, Chaney reassured them that the bank is “not threatened by an imminent overhaul of the financial system”.
"The Murray report, we, I think is a very good report and we are now in discussions and will make submissions over the next few months," Chaney said in a report by ABC
"I think we'll all be affected by the outcome of the Murray report, but we don't see it as something that's of huge concern to us."
He added that NAB is ready to meet any extra capital requirements, should Murray’s proposed changes push through.
"We believe that our balance sheet strength positions us really well to meet regulatory changes," he told shareholders.
"We're looking forward to continuing to work with the Government and regulators to make sure that Australia continues to enjoy the benefits of a world class financial system while importantly avoiding any impediments to economic growth."
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