ANZ and Macquarie have been implicated in an interest-rate rigging scandal in Singapore, forcing each of them to set aside an extra $S100 million ($83 million) to $S300 million in reserves.

Singapore's monetary authority censured 20 banks from around the world for trying to rig benchmark interest rates, ordering them to set aside as much as $S12 billion at zero interest pending steps to improve internal controls.

A spokesman for ANZ said the bank had identified behaviour by certain employees that was 'inappropriate' but no one had been dismissed. Credit:Jessica Shapiro

The Australian body overseeing the setting of this country's banking price gauge insists there will be no direct implications for the local benchmark, despite the naming of ANZ and Macquarie by Singapore authorities.

Australian Financial Markets Association executive director David Lynch said the local bank bill swap rate was ''quite different'' to either the Singapore or British interest-rate benchmarks.