Commonwealth Bank does not require immediate funding activities

Bank said it has no need for immediate additional wholesale funding amidst Greece and Portugal credit crisis.

Commonwealth Bank of Australia Chief Executive Officer Ralph Norris said the bank has no need for immediate additional wholesale funding following Standard & Poor’s decision to cut Greece's credit rating to junk and lower Portugal's rating two levels to A-.

Australia's biggest lender “can wait it out” as the bank has pre-funded its borrowing needs into its next financial year, Norris said in an interview in Sydney on Wednesday. Commonwealth has no exposure to Greece and Portugal, he added.

"Wholesale markets become somewhat sensitised when these sort of situations occur," Norris said. "There will be some short term volatility. The situation will moderate over the next few weeks."

View the full story in Business Week.