The Australian Prudential Regulation Authority (APRA) today launched for industry comment a round of consultation drafts setting out new prudential reporting requirements for Authorised Deposit-taking Institutions (ADIs).

The new forms will modernise and replace the current reporting arrangements for banks, building societies, credit unions, and other ADIs. The detailed reporting requirements vary, depending on the nature, scale and complexity of each institutions activities.

APRA aims to have the new reporting arrangements take effect from 1 July 2001.

APRA has worked closely with the Reserve Bank of Australia and the Australian Bureau of Statistics to ensure that the new forms meet most of their financial data needs, as well as APRAs own prudential requirements. Over time, this initiative  which forms part of APRAs broader Statistics Reform Project  will deliver significant benefits to industry, in addition to more relevant information for the agencies.

Wherever possible, APRA has sought to ensure that there is consistency between its proposals and the corresponding general purpose accounting standards.

Interested parties are invited to make written comments on this initial round of consultation drafts by 31 July 2000. The drafts can be found on the APRA website at the following address:

http://www.apra.gov.au/policy/statcom/banking/bankhome.htm

In a related move, APRA has today written to banks about the immediate streamlining of some existing collections. The frequency of reporting of Assets and Liabilities, as well as Foreign Currency Assets and Liabilities, will change from weekly to monthly. The current weekly Certificates of Deposit return has been abolished. These measures will reduce the reporting burden on financial institutions.

E-mail written comments to: statisticsproject@apra.gov.au

Further information:

Thea Rosenbaum
Company Secretary
02 9210 3103