Australian Prudential Regulation Authority (confidentiality) determination No. 10 of 2009

Administered by Department of the Treasury

Legislation au F2009L03000 Not in force Legislative Instrument

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Australian Prudential Regulation Authority (confidentiality) determination No.10 of 2009

 

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), section 57

 

Australian Prudential Regulation Authority (confidentiality) determination No.10 of 2009 (the Determination), made on 30 July 2009 is APRA’s sixty second determination in relation to information provided under Reporting Standard ARS 320.0 (2005) Statement of Financial Position (Domestic Books) (ARS 320.0) (and its predecessor reporting standards) under section 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 June 2009.

Legislative background

Subsection 56(5C) of the APRA Act provides that it is not an offence against section 56(2) of that Act to disclose information in a reporting document given to APRA under section 13 of the Financial Sector (Collection of Data) Act 2001 where APRA has determined, under section 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 section 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 ARS 320.0 (made under section 13 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 section 57 and before the date of this one, is non-confidential. It applies to information given to APRA by foreign Authorised Deposit-taking Institutions (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 section 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 section 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.10 of 2009 (the Determination) was introduced to address the need for the Australian Prudential Regulation Authority (APRA) to publish specific financial information regarding locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs). Enacted under section 57 of the Australian Prudential Regulation Authority Act 1998, the Determination allows APRA to disclose certain non-confidential information provided under Reporting Standard ARS 320.0, specifically from June 2009, to facilitate the publication of the Monthly Banking Statistics. This determination follows extensive consultations with industry representatives, who largely agreed that the specified financial data could be made public, except for sensitive information such as shareholder equity, total income tax liability, and total provisions. The Determination aims to balance the public interest in financial transparency with the need to protect sensitive commercial information, thereby contributing to a more informed financial sector in Australia.

Scope and Application

The Australian Prudential Regulation Authority (confidentiality) determination No. 10 of 2009 applies to information provided by locally-incorporated banks and foreign Authorised Deposit-taking Institutions (ADIs) under the Reporting Standard ARS 320.0 (2005). The primary focus of this determination is to facilitate the Australian Prudential Regulation Authority (APRA) in publishing an edition of Monthly Banking Statistics, specifically for the month of June 2009. The Act applies to all locally-incorporated banks and foreign ADIs, which generally include banks, that provide information to APRA under the specified reporting standards. It is a Commonwealth legislation, thus extending across the entire nation. The determination excludes sensitive information, such as shareholder’s equity, total income tax liability, and total provisions, which were excluded following consultations with industry stakeholders. This exclusion was determined to balance the public interest in the dissemination of financial data with the need to protect sensitive commercial information. The determination is a direct application of section 57 of the Australian Prudential Regulation Authority Act 1998, allowing for consultation and consideration of industry representations before finalising the non-confidential nature of the information.

Key Provisions

The main operative sections of the Australian Prudential Regulation Authority (confidentiality) determination No. 10 of 2009 (the Determination) pertain to the non-confidential nature of certain information provided by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs) under the Reporting Standard ARS 320.0 (2005). This Determination, under section 57 of the Australian Prudential Regulation Authority Act 1998 (APRA Act), allows for the publication of specific financial data in the Monthly Banking Statistics for June 2009. It excludes sensitive information such as shareholders' equity, total income tax liability, and total provisions, which were determined to be confidential following consultations with the relevant industry bodies. The Determination lists the types of data that will be disclosed, including selected assets, loans and advances, liabilities, and deposits, as outlined in the appendix. The Determination imposes obligations on locally-incorporated banks and foreign ADIs to provide the specified financial information to the Australian Prudential Regulation Authority (APRA) under the Reporting Standard ARS 320.0. It mandates these entities to ensure that the information they submit does not include sensitive or confidential details, as specified by the Determination. Additionally, it requires APRA to consult with relevant entities or bodies before making any determination about the confidentiality of information, as stipulated in section 57 of the APRA Act. This ensures that all stakeholders have an opportunity to present their views on whether certain information should be considered confidential. The Determination also outlines the consequences for breaches of the provisions under the APRA Act. While the Determination itself does not specify criminal or civil penalties, breaches of the APRA Act, such as disclosing confidential information contrary to section 56(2), can result in significant penalties. Section 56(3) of the APRA Act imposes a maximum penalty of $10,200 for individuals and $51,000 for bodies corporate, reflecting the seriousness of unauthorised disclosures. Furthermore, the APRA Act provides for the enforcement of these provisions through the courts, ensuring that breaches are subject to legal scrutiny and potential penalties.

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