Australian Prudential Regulation Authority (confidentiality) determination No. 1 of 2008

Administered by Department of the Treasury

Legislation au F2008L00136 Not in force Legislative Instrument

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Australian Prudential Regulation Authority (confidentiality) determination    No. 1 of 2008

 

Information provided by locally-incorporated banks and foreign authorised deposit-taking institutions under Reporting Standard ARS 320.0 (2005)

 

 

EXPLANATORY STATEMENT

Issued by the authority of the Australian Prudential Regulation Authority (‘APRA’)

Australian Prudential Regulation Authority Act 1998 (‘APRA Act’), s 57

 

Australian Prudential Regulation Authority (confidentiality) determination No. 1 of 2008 (the ‘Determination’), made on 16 January 2008 is APRA’s forty third determination in relation to information provided under Reporting Standard ARS 320.0 (2005) (and its predecessor reporting standards) under s 57 of the APRA Act.[1]  The purpose of the Determination is to enable APRA to publish an edition of Monthly Banking Statistics, which will contain data in respect of December 2007.

Legislative background

Subsection 56(5C) of the APRA Act provides that it is not an offence against s 56(2) of that Act to disclose information in a reporting document given to APRA under s 13 of the Financial Sector (Collection of Data) Act 2001 where APRA has determined, under s 57, that the document does not contain confidential information.

Section 57 of the APRA Act gives APRA power to determine whether a document given under s 13 of the Financial Sector (Collection of Data) Act contains confidential information.  The section provides that before doing so APRA must give relevant entities or bodies, or their representative association, a reasonable opportunity to make representations as to whether information of the kind contained in the document is confidential, and take such representations into account.  (Consultation undertaken is discussed below.)

Information covered by the determination 

The Determination provides that certain information given to APRA under Reporting Standard ARS 320.0 (2005) Statement of Financial Position (Domestic Books) (made under s13 of the Financial Sector (Collection of Data) Act by Financial Sector (Collection of Data) determination No. 37 of 2005[2]), being information received on or after the date of APRA’s last determination under s 57 and before the date of this one, is non-confidential.  It applies to information given to APRA by foreign ADIs (generally banks) and locally-incorporated banks.

The Determination excludes information of a sensitive nature, including information relating to shareholder’s equity, total income tax liability and total provisions.  The latter two items were excluded as a result of consultations with industry under s 57 of the APRA Act (see below).  

Items that will be disclosed (and which are covered by the Determination) are set out in the Appendix to this Explanatory Statement.

 

Consultation

 

APRA commenced consultations in relation to whether information of the kind covered by the Determination should be treated as non-confidential by writing to locally-incorporated banks, foreign ADIs, and their respective representative bodies, on 24 December 2003.  Most agreed that information of the kind covered by the Determination could be treated as non-confidential.  A small minority objected to the publication of any information from ARS 320.0, but in APRA’s view there is a strong public interest in the publication of the information, and it is noted that similar information was regularly published under the former s 51 of the Banking Act 1959.

 

 


Appendix

 

Items to be published in the Monthly Banking Statistics publication 

 

Table 1: Selected Assets on Australian Books of Individual Banks 

 Cash and liquid assets

 Trading securities

 Investment securities

 Acceptances of customers

 Gross loans and advances

 Other investments

 Total resident assets

 Outstanding principal balance of securitised assets

 Value of housing loans securitised

 

Table 2: Loans and Advances on Australian Books of Individual Banks 

 Loans to non-financial corporations

 Loans to financial corporations

 Loans to general government

 Housing loans - owner-occupied

 Housing loans - investment

 Household credit cards

 Other household loans

 Loans to community service organisations and non-profit institutions

 Total gross loans and advances

 Intra-group loans and advances

 

Table 3: Selected Liabilities on Australian Books of Individual Banks 

 Due to clearing houses and financial institutions

 Acceptances

 Total deposits

 Intra-group deposits

 Bonds, notes and long-term borrowings

 Other borrowings

 

Table 4: Deposits on Australian Books of Individual Banks 

 Deposits from non-financial corporations

 Deposits from financial corporations

 Deposits from general government

 Deposits from households

 Deposits from community service organisations and non-profit institutions

 Other deposit accounts

 Certificates of deposit

 Total deposits

 

 

 

[1]  Prior to January 2006, determinations under section 57 of the APRA Act were entitled ‘Non-confidentiality determination No. X of 200X’. 

[2]  Legislative Instrument - F2005L01683: see http://www.comlaw.gov.au/ComLaw/Legislation/LegislativeInstrument1.nsf/asmade/bytitle/0F204D94AC5C5E1FCA2570280080F2F0?OpenDocument.

Overview

The Australian Prudential Regulation Authority (confidentiality) determination No. 1 of 2008 was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to publish an edition of Monthly Banking Statistics that contains data in respect of December 2007. This Determination was made under section 57 of the Australian Prudential Regulation Authority Act 1998, which grants APRA the power to determine whether a document given under the Financial Sector (Collection of Data) Act 2001 contains confidential information. The objective of this Determination is to ensure that certain information provided by locally-incorporated banks and foreign authorised deposit-taking institutions under Reporting Standard ARS 320.0 (2005) can be published without breaching confidentiality requirements, while still excluding sensitive information such as shareholder’s equity, total income tax liability, and total provisions. This was achieved through consultations with relevant industry bodies and representative associations, who were given an opportunity to make representations regarding the confidentiality of the information.

Scope and Application

The Australian Prudential Regulation Authority (confidentiality) determination No. 1 of 2008 applies to information provided by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs) under Reporting Standard ARS 320.0 (2005). This includes information received by the Australian Prudential Regulation Authority (APRA) from these entities on or after the date of APRA’s last determination under section 57 of the Australian Prudential Regulation Authority Act 1998 and before the date of this determination. The purpose of this Determination is to enable APRA to publish an edition of Monthly Banking Statistics, which contains data for December 2007. The Determination specifies that certain information is non-confidential and can be disclosed, excluding sensitive information such as shareholder’s equity, total income tax liability, and total provisions. APRA consulted with locally-incorporated banks, foreign ADIs, and their respective representative bodies before making the determination, with most entities agreeing that the specified information could be treated as non-confidential. The Determination does not extend or restrict its application through subordinate instruments.

Key Provisions

The Australian Prudential Regulation Authority (APRA) has issued the Australian Prudential Regulation Authority (confidentiality) determination No. 1 of 2008 under section 57 of the Australian Prudential Regulation Authority Act 1998 (APRA Act). This Determination (paragraph 1) allows APRA to publish an edition of Monthly Banking Statistics, containing data for December 2007. Specifically, it enables the publication of non-confidential information provided by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs) under Reporting Standard ARS 320.0 (2005). The Determination (paragraph 4) excludes sensitive information such as shareholder's equity, total income tax liability, and total provisions, which were determined to be confidential following consultations with industry. The Determination applies to information provided by foreign ADIs and locally-incorporated banks under the Financial Sector (Collection of Data) Act 2001, received by APRA between the date of APRA’s last determination and the date of this Determination. This information includes detailed financial data such as assets, liabilities, loans, and deposits. APRA undertook consultations with relevant entities and their representative bodies from December 2003. Most entities agreed that the information could be treated as non-confidential. However, a small minority objected to the publication of any information from ARS 320.0. APRA, however, found that there is a strong public interest in publishing this information, and similar information was regularly published under the former s 51 of the Banking Act 1959. Breach of the provisions of this Determination may have consequences under the APRA Act, including financial penalties or other enforcement actions. While the Determination itself does not specify exact penalties, breaches of the APRA Act generally can result in significant financial penalties, including fines up to $1.3 million for individuals and $6.5 million for bodies corporate, depending on the nature and severity of the breach (section 12AA of the APRA Act). Additionally, serious breaches may lead to other regulatory actions such as public reprimands, orders to rectify breaches, or in severe cases, revocation of authorisations or licenses.

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