"We have been reviewing possible indirect effects, but at this stage we appear to have no indirect exposures to Madoff," ANZ spokeswoman Cherelle Murphy said. The process of identifying counterparties comes as global banking giants UBS AG and HSBC Holdings plc face lawsuits from investors angry at their custodian role in funnelling funds to Madoff. The two banks were the largest European custodians for `feeder' funds which channelled billions of dollars to Madoff, holding assets on behalf of investors. However, the custodians' legal relationship with investors is at question since Madoff required his clients to open accounts giving custody to Bernard L. Madoff Investment Securities LLC, effectively forcing the fund custodians to outsource custody to him as sub-custodian. Custodians' duties include overseeing funds and managing cash inflows and payments to investors.