ANZ's explanations about the departure of chief executive David Hisco have so far been unsatisfactory.
Bets have been hedged and threads left dangling in a manner which is exacerbating tension in the local banking sector - a sector already on edge over a broader regulatory conflict with the Reserve Bank.
Is Hisco's offending extremely serious?
If so, why wasn't he formally dismissed? Why is it not an external legal matter? Why isn't he paying the expenses money back?
Or, is this just a technical issue around the inappropriate accounting of his expenses?
The sums at issue across nine years