Estimate on Storm damage for CBA

Commonwealth Bank is believed to have capped its exposure to the collapse of Storm Financial at $200 million, the Sydney Morning Herald reported. The source for the SMH report is not clear.

Actual compensation payments to investors of Storm, and who obtained margin loans and property loans from the bank and its Colonial arm, may range from $100 million to $200 million. About 2500 CBA customers are affected.

CBA on Wednesday acknowledged there were shortcomings in its lending to clients involved with failed financial advisor Storm Financial, but said it was not responsible for financial advice provided by the firm.