UBS has been fined £30 million (A$46 million) by the UK's Financial Services Authority over the breakdown in bank controls that led UBS trader Kweku Adoboli to lose the bank £1.4 billion (A$2.1 billion). FSA enforcement director Tracey McDermott said UBS had "failed to question the increasing revenue of the desk and failed to ensure that there was a corresponding increase in the controls in place over the desk". The result was that "Adoboli, a relatively junior trader, was allowed to take vast and risky market positions".* Global lenders have agreed on changes to Greece's bailout program, the Financial Times and other outlets report. The deal will let Greece receive loan payments of about €44 billion (A$54 billion) by March. Rather than write off some debts, the lenders agreed to cut interest rates on bailout loans.* In our report yesterday on Deloitte's 2013 Australian Mortgage Report, we should have reported that Deloitte estimated the average net interest margin (NIM) on new home loans for a major bank at 195 bps, compared with 240 bps on a bank's back book. Instead, we incorrectly reported the average major bank NIM as 95 bps for a new home loan and 125 bps for a bank's back book. We have corrected the website version of the story. We regret reporting the figures incorrectly.