APRA joins global banking body
(17 March 2009 – Australia) Australia, as well as a number of other large but emerging countries, will become a member nation of the Basel Committee on Banking Supervision.
APRA, the prudential regulator of the Australian financial services industry oversees banks, credit unions and building societies among others will become a member of the Basel Committee, the global standard-setting body for banking regulation.
The Chairman of APRA and the Governor of the Reserve Bank will also be included in an enlarged governance body for the Basel Committee.
The Basel Committee's members now come from Australia, Belgium, Brazil, Canada, China, France, Germany, India, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Spain, Switzerland, the United Kingdom and the United States.
The other countries invited to join the Basel Committee this year are Brazil, China, India, Korea, Mexico and Russia.
In its statement, APRA said that the core mandate of the Basel Committee is to strengthen bank regulatory practices and standards worldwide.
APRA Chairman, Dr John Laker, said that the invitation to become a member is an acknowledgement of the regard in which Australia's financial regulatory regime is held in international circles, and confirmation that Australian regulatory authorities can make a significant contribution to global standard-setting in the future.
The Basel Committee is best known for its international standards on bank capital adequacy (the Basel II Capital Framework, replacing the Basel Capital Accord); the Core Principles for Effective Banking Supervision; and the 'Concordat' on cross-border banking supervision.
The Chairman of APRA and the Governor of the Reserve Bank will also be included in an enlarged governance body for the Basel Committee.
The Basel Committee's members now come from Australia, Belgium, Brazil, Canada, China, France, Germany, India, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Spain, Switzerland, the United Kingdom and the United States.
The other countries invited to join the Basel Committee this year are Brazil, China, India, Korea, Mexico and Russia.
In its statement, APRA said that the core mandate of the Basel Committee is to strengthen bank regulatory practices and standards worldwide.
APRA Chairman, Dr John Laker, said that the invitation to become a member is an acknowledgement of the regard in which Australia's financial regulatory regime is held in international circles, and confirmation that Australian regulatory authorities can make a significant contribution to global standard-setting in the future.
The Basel Committee is best known for its international standards on bank capital adequacy (the Basel II Capital Framework, replacing the Basel Capital Accord); the Core Principles for Effective Banking Supervision; and the 'Concordat' on cross-border banking supervision.
Subscribe