The last month has been an embarrassing debacle for the ANZ board.

That's probably the best spin you can put on events which started with a serious breach of capital requirement regulations in May and has seen chief executive David Hisco depart under a cloud around his personal expenses and then unanswered questions about the sale by the bank of a luxury mansion to Hisco's wife.

Has the board the board failed in its duty to disclose related party transactions? Has there been a culture of executive excess at ANZ?

And crucially - for the Reserve Bank at least -

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