APRA issues letter for ADIs on loans impacted by COVID-19
The Australian Prudential Regulation Authority (APRA) has issued a consultation letter to authorised deposit-taking institutions (ADIs) regarding capital measures and reporting requirements for loans impacted by COVID-19. The consultation formalises the capital treatment outlined in the letter sent by APRA to ADIs on 9 July 2020.
The letter and draft reporting standard are available on the APRA website at: Treatment of loans impacted by COVID-19.
APRA has also updated its banking COVID-19 frequently asked questions relating to the treatment of loans impacted by COVID-19.
The Australian Securities and Investments Commission (ASIC) has published its expectations of retail lenders when loan repayment deferrals end.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.