The Commonwealth Bank has confirmed it did not follow company protocol and failed to notify customers that it had lost the majority of its morals.

“We didn’t want to alarm anyone,” says the Commonwealth Bank’s acting head of retail banking, Angus Sullivan.

Mr Sullivan has defended the bank’s decision not to inform customers, saying it had discussed the matter with the Office of the Australian Information Commissioner (OAIC), which told the bank no further action needed to be taken.

“They said we didn’t have to do anything,” Sullivan told reporters.

The bank says there is no documentation providing evidence that the lost morals had actually been destroyed.

“You still can’t actually prove that we’re morally bankrupt,” said Sullivan.

“And we were right not to inform the public, we can now see that it would have caused widespread panic.”