APRA releases response package on proposed updates to Reporting Standard ARS 720.1 ABS/RBA Loans and Finance Leases
The Australian Prudential Regulation Authority (APRA) has released a response letter to authorised deposit-taking institutions on its proposed updates to Reporting Standard ARS 720.1 ABS/RBA Loans and Finance Leases (ARS 720.1).
APRA, the Australian Bureau of Statistics and the Reserve Bank of Australia have updated ARS 720.1 to correctly align it with the final version of Prudential Standard APS 220 Credit Risk Management (APS 220) released in December 2019.
The response letter and the finalised reporting standard are available on the APRA website at: Proposed changes to modernised Economic and Financial Statistics (EFS) reporting standards and guidance.
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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.