(18 May 2010 – Australia) Westpac has been informed by the Australian Prudential Regulation Authority (APRA) that the St George portfolios have received an advanced accreditation under Basel II.The bank said in a statement yesterday that the accreditation will be effective on 30th June 2010.
In its First Half 2010 results, Westpac indicated that achieving Basel II advanced accreditation for the St George portfolios was expected to be positive for Westpac’s capital ratios.
The bank also noted that the St George portfolios will be reported under the advanced methodologies for credit and operational risk in Westpac’s June 2010 Pillar 3 Report.