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Imagine AUSTRAC trying to police 4000 banks, instead of 4, just underlines what we have been saying IMO.
Bottom line is that Westpac isn't going out of business.
Yes the share price has slumped but this isn't some speculative mining company or tech hopeful that may well end up worthless. Westpac isn't going anywhere despite the current drama.
Government can't afford them to fail, same with the 3 other big banks, so no chance they'll bring that about.
That said, government does have them over a barrel basically and to the extent that any policy of Westpac's differs from government policy, I expect Westpac will be changing theirs quickly but quietly to match the government's. That sort of thing will be the unspoken way out of the mess is my thinking.