Australia

Data Privacy

Singapore, Australia Agree to Promote Data Connectivity, Digital Economy

By Editors | 23/03/2020

Singapore and Australia have committed to allowing financial institutions to choose where their data is stored and prohibiting data localisation, among a raft of other agreements.

Emerging Prudential Risks

APRA, ASIC Recalibrate Regulatory Priorities to Focus on Covid-19

By Editors | 23/03/2020

APRA and ASIC have suspended the majority of their planned policy initiatives and do not plan to recommence consultation on any non-essential matters before 30 September 2020.

Liquidity Risk

RBNZ Announces Bond Buying Programme, Other Measures

By Editors | 22/03/2020

The latest measures include a NZ$30bn bond-buying programme, a new term lending facility for banks, and additional liquidity to support funding markets.

Credit Risk

Australia Adjusts Regulatory Settings on Responsible Lending

By Editors | 22/03/2020

Six-month exemptions from responsible lending obligations are available to lenders that provide credit to existing small business customers.

Structural Regulation

ASIC Grants Two Month Extension for Holding AGMs

By Editors | 22/03/2020

ASIC will take no action if AGMs of listed companies are postponed for two months, and supports the use of technology to hold virtual or hybrid meetings.

Operational Risk

APRA, RBA Ask Financial Firms to Continue Parallel Reporting of EFS data

By Editors | 20/03/2020

The agencies explain that they wish to ensure a consistent data source for March and June 2020, in order to capture the impact of the coronavirus.

Credit Risk

Australian Banks Announce Small Business, Home Loan Relief

By Editors | 20/03/2020

Australia’s big four banks have each announced reductions in their lending rates, as well as the availability of deferrals of small business and home loan repayments.

Payments & Settlements

Fed Establishes FX Swap Lines with Nine Central Banks

By Editors | 19/03/2020

Temporary currency swap lines will be established with 9 central banks – including BOK, RBA, MAS and RBNZ – to lessen the strain on US dollar funding markets.

Liquidity Risk

RBA, APRA Free Up Liquidity, Capital Buffers for Banks

By Editors | 19/03/2020

New measures include an interest rate cut, a bond-buying programme, a term lending facility for banks, and relaxed expectations on bank capital ratios.