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NAB under fire as Australian banking inquiry opens

Reuters  |  SYDNEY 

By Paulina DuranSYDNEY (Reuters) - The first day of a powerful judicial inquiry into Australia's scandal-ridden banking sector on Tuesday heard National Australia Bank Ltd issued almost $19 billion in home loans under a scheme involving falsified documents.It was the first bombshell of what promises to be an explosive year-long inquiry into the financial sector and especially the "Big Four" banks, which dominate the country's A$1.7 trillion ($1.36 trillion) mortgage market. Rowena Orr, a barrister assisting the Royal Commission inquiry in Melbourne, said NAB had derived more than A$24 billion ...

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First Published: Tue, March 13 2018. 12:42 IST