COMMENT:

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?

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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