Forget the money. The Australian Prudential Regulation Authority’s decision to force ANZ to hold an extra $250 million in regulatory capital after its latest bond trading scandal looks like a move expressly designed to embarrass chief executive Shayne Elliott and chairman Paul O’Sullivan into finally addressing the bank’s festering risk failings.

While Australia’s corporate regulators might have previously had a reputation for pulling their punches when it comes to overseeing our biggest companies, there can be no mistaking the frustration, even anger, from APRA chairman John Lonsdale, who has placed the bond trading scandal uncovered by The Australian Financial Review’s Jonathan Shapiro and Aaron Patrick in its correct context.