Australian Prudential Regulation Authority (confidentiality) determination No. 14 of 2011

Administered by Department of the Treasury

Legislation au F2011L01539 Not in force Legislative Instrument

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Australian Prudential Regulation Authority (confidentiality) determination No.14 of 2011

 

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.14 of 2011 (the Determination), made on 22 July 2011 is APRA’s eighty ninth 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 2011.

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.14 of 2011, enacted on 22 July 2011, addresses the issue of disclosing information provided by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs) under the Reporting Standard ARS 320.0 (2005). This determination was issued under section 57 of the Australian Prudential Regulation Authority Act 1998 (APRA Act) to allow the Australian Prudential Regulation Authority (APRA) to publish an edition of Monthly Banking Statistics that includes data for June 2011. The primary objective is to balance the need for transparency and public interest with the confidentiality concerns of sensitive financial information. The determination excludes sensitive information such as shareholder's equity, total income tax liability, and total provisions, while permitting the disclosure of other financial data. This approach reflects the consensus reached during consultations with industry stakeholders, ensuring a strong public interest in the publication of financial data.

Scope and Application

The Australian Prudential Regulation Authority (confidentiality) determination No.14 of 2011 applies to information provided by locally-incorporated banks and foreign authorised deposit-taking institutions under the Reporting Standard ARS 320.0 (2005) Statement of Financial Position (Domestic Books). The Determination allows for the publication of specified financial data in APRA’s Monthly Banking Statistics, which includes information provided by both local and foreign banks. This determination specifically excludes sensitive information such as shareholder equity, total income tax liability, and total provisions, following consultations with the industry. The Determination extends to any information received by APRA from these entities after the date of the last confidentiality determination and before the date of this one. The authority to determine whether information is non-confidential is granted under section 57 of the Australian Prudential Regulation Authority Act 1998, which requires consultation with relevant entities before making such a determination. The Determination is effective across the Commonwealth of Australia, reflecting the national scope of APRA's regulatory oversight.

Key Provisions

The main operative sections of the Australian Prudential Regulation Authority (Confidentiality) Determination No.14 of 2011 (the Determination) concern the confidentiality of information provided by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs) under Reporting Standard ARS 320.0 (2005). Section 1 of the Determination specifies that certain financial data provided under ARS 320.0, including selected assets, liabilities, and deposits on Australian books of individual banks, will be treated as non-confidential and thus can be published in the Monthly Banking Statistics (MBS) by the Australian Prudential Regulation Authority (APRA). This data includes cash and liquid assets, trading securities, investment securities, various types of loans and advances, and detailed breakdowns of deposits from different sectors. However, the Determination excludes sensitive information such as shareholder’s equity, total income tax liability, and total provisions from being disclosed. The Determination imposes obligations on locally-incorporated banks and foreign ADIs to ensure that the information provided to APRA under ARS 320.0 is accurate and complete. These entities must adhere to the reporting standards set forth in ARS 320.0 and provide the specified data to APRA in a timely manner. The entities also have the responsibility to ensure that the information provided does not include any sensitive or confidential data that falls outside the scope of what APRA has determined to be non-confidential. APRA, in turn, has the responsibility to review the provided information, consult with relevant entities or their representative associations, and make a determination on whether the information can be published without breaching confidentiality provisions. Breach of the confidentiality provisions under the Australian Prudential Regulation Authority Act 1998 (APRA Act) can result in significant legal consequences. According to section 56(2) of the APRA Act, disclosing information that has been determined to be confidential is an offence. However, under the Determination, specific information covered by the Determination is not considered confidential, and thus disclosing such information does not constitute an offence. Nevertheless, any unauthorised disclosure of information that is deemed confidential under other provisions of the APRA Act could result in criminal or civil penalties. The specific penalties for breaches of confidentiality are not detailed in the Determination but typically include fines and potential imprisonment under the APRA Act. The exact penalties would depend on the nature and severity of the breach, as well as any additional relevant legislation.

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