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APRA welcomes assessment of the Basel capital framework in Australia

Tuesday 18 March 2014

 

The Australian Prudential Regulation Authority (APRA) has welcomed an assessment by the Basel Committee on Banking Supervision (Basel Committee) of the implementation of the Basel capital framework in Australia.

The Basel Committee’s report, published overnight, has assessed Australia's capital framework for authorised deposit-taking institutions as ‘compliant’ with the Basel capital framework.

The full report can be found on the Basel Committee website at: www.bis.org/press/p140317.htm

The report on Australia is the eighth in a series of assessments by the Basel Committee under its Regulatory Consistency Assessment Programme (RCAP). An RCAP review makes an assessment of the extent to which the capital framework in each member jurisdiction is aligned with the minimum standards agreed by the Basel Committee. The assessments examine the consistency and completeness of the domestic framework including the significance of any deviations.

Earlier reports have been published on China, the European Union, Japan, Singapore, Switzerland, the United States and Brazil.

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 $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.