NAB chief admits weaknesses

"The foreign currency options traders exploited weaknesses in our internal procedures," said Cicutto, in explaining how the traders were able to enter fictitious trades into the bank’s systems.

"We have identified those weaknesses and have closed them," he said, in an interview published on the bank’s website on Friday.

Cicutto played down media reports that the bank’s final bill for unauthorised forex options trading could be as high as A$600 million (US$467 million) -- up from its current