Any banks or their employees who have done wrong should face the consequences but the sector’s representative won’t rule out shareholder funds being used to mount defences.

Ahead of the banking royal commission’s final report being released on Monday, Australian Banking Association head Anna Bligh says the system understands it is not above the law but every individual is entitled to a defence.

‘I would assume that every institution, whether that’s a bank or an insurance company or anyone else, will be looking to make sure that people get the defence that they’re entitled to. That’s the nature of our criminal justice system in this country,’ she told ABC Radio’s AM when asked if bankers would fund their own legal defences.