NAB ‘rogue trading’ dates from 2002

Chief financial officer Richard Mckinnon said the vast majority of fictitious trades occurred between October 2003 and mid-January 2004, as the bank had initially suspected. But the revaluation of the options portfolio, completed last week, also identified trades in the previous year that needed to be revalued on a "more conservative basis", he said.

The discovery pushed the bank’s losses up from its original estimate of A$185 million, announced when the alleged fraud was uncovered on Januar