APRA Insight - Issue Two 2020
A message from APRA Executive Director Sean Carmody
Welcome to the second edition of APRA Insight for 2020.
COVID-19: How APRA prepared for and has responded to the coronavirus crisis
In the battle against COVID-19, APRA has taken a range of actions to maintain the stability of banks, insurers, superannuation funds, and the broader financial system.
Myths and misconceptions should be no barrier to super consolidation
APRA debunks some of the myths about superannuation fund mergers.
The changing shape of APRA
Since late 2019, APRA’s supervision has been organised along industry lines (banking, superannuation and insurance). This restructure has proved timely in the wake of the coronavirus crisis, which has brought many industry-specific challenges.
What are risk-weighted assets, and how are they calculated?
On the horizon
With APRA postponing much of its 2020 policy and superannuation agenda to focus on the response to COVID-19, there’s little on the horizon not related to the pandemic. The bulk of APRA’s policy consultations and associated activities have, for the time being, been deferred until later in the year, although APRA will keep the situation under constant review and adjust its timetables accordingly. It remains important that APRA can progress key pieces of important policy work – such as the finalisation of the long-standing review of bank capital, and the Royal Commission recommendations regarding remuneration – at the first available opportunity.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.