Watchdog savages NAB

The Australian Prudential Regulation Authority (Apra) has given NAB a deadline of April 30 to come up with a formal policy on risk limits, which were routinely breached by the four traders that lost the bank A$360 million ($280 million).

NAB must also finalise the "key staff changes" that followed the Pricewaterhouse-Coopers report it commissioned into the scandal, and show substantial progress in redressing the issues raised by Apra before it can trade currency options again.

Key among these