The Australian financial sector is subject to several international assessments from international bodies such as the Basel Committee of Banking Supervision (BCBS), the International Monetary Fund (IMF) and the Financial Stability Board (FSB). These assessments provide valuable opportunities for APRA to benchmark against international principles, in line with APRA's vision to be a world class prudential regulator.
Regulatory Consistency Assessment Programme
In 2011, the Basel Committee established the Regulatory Consistency Assessment Programme (RCAP) to monitor, assess and evaluate its members’ implementation of the Basel Framework. RCAP assessments aim to ensure that each member jurisdiction adopts the Basel Framework in a manner consistent with the Framework’s letter and spirit.
In 2014, the Basel Committee on Banking Supervision conducted an assessment of the implementation of the Basel capital framework in Australia.
In 2017, the Basel Committee on Banking Supervision conducted an assessment of the implementation of the Basel Liquidity Coverage Ratio (LCR) standards in Australia. The report can be accessed on the BCBS website.
Financial Sector Assessment Programme
The G20 members have committed to the conduct of the Financial Sector Assessment Program (FSAP) by the International Monetary Fund (IMF) every five years. The purpose of the FSAP is to provide an integrated and objective diagnostic analysis of stability and development issues in the financial sector. The last FSAP for Australia was undertaken in 2018.
You can read copies of the IMF's reports below:
Australia Financial Sector Assessment Program-Technical Note reports:
- Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision
- Insurance Sector: Regulation and Supervision
- Bank Resolution and Crisis Management
- Systemic Risk Oversight and Macroprudential Policy
- Stress Testing the Banking Sector and Systemic Risk Analysis
- Supervision, Oversight and Resolution Planning of Financial Market Infrastructures
Financial Stability Board peer review
The Financial Stability Board (FSB) conducted a peer review of Australia in 2011, as part of a regular programme of peer reviews of FSB member jurisdictions. These reviews are an important institutional mechanism to promote complete and consistent implementation of agreed G20/ FSB financial reforms. The 2011 peer review can be accessed on the FSB website.