Former prudential regulator Wayne Byres’ stint as a director of Macquarie’s bank begins this week under the shadow of penalty capital restrictions forced upon it by the Australian Prudential Regulation Authority almost three years ago over concerns about risk management.
The restrictions, including a requirement to hold additional capital of $500 million, were handed to Macquarie while APRA was chaired by Mr Byres. The Australian Financial Review can reveal Macquarie has been unable to extract itself from the impost ever since.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
