Australian Prudential Regulation Authority (confidentiality) determination No. 16 of 2007

Administered by Department of the Treasury

Legislation au F2007L04754 Not in force Legislative Instrument

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Australian Prudential Regulation Authority (confidentiality) determination    No. 16 of 2007

 

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. 16 of 2007 (the ‘Determination’), made on 13 December 2007 is APRA’s forty second 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 November 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. 16 of 2007 was enacted to facilitate the disclosure of specific financial information by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs). This determination was made under section 57 of the Australian Prudential Regulation Authority Act 1998 (APRA Act) and is the forty-second such determination by APRA regarding the confidentiality of information provided under the Financial Sector (Collection of Data) Act 2001. The primary objective of this determination is to allow APRA to publish an edition of Monthly Banking Statistics that includes data for November 2007. It was introduced to address the need for transparency in the financial sector while ensuring that sensitive information remains protected. APRA consulted with relevant entities and their representative associations before making this determination, taking into account their representations regarding the confidentiality of the information. The determination excludes sensitive information, such as shareholder equity, total income tax liability, and total provisions, which were excluded based on industry consultations.

Scope and Application

The Australian Prudential Regulation Authority (confidentiality) determination No. 16 of 2007 applies to information provided to the Australian Prudential Regulation Authority (APRA) by both locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs), generally banks, under the Reporting Standard ARS 320.0 (2005). This legislation aims to facilitate the publication of specific financial data by APRA in its Monthly Banking Statistics, covering information received by 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 Determination excludes certain sensitive information, such as details relating to shareholders' equity, total income tax liability, and total provisions, based on consultations with industry. The items that will be disclosed, as outlined in the Appendix to the Explanatory Statement, include various types of assets, loans, and liabilities of individual banks. The Determination extends to the Commonwealth jurisdiction and allows for further extension or restriction through subordinate instruments.

Key Provisions

The main operative sections of the Australian Prudential Regulation Authority (confidentiality) determination No. 16 of 2007 (the 'Determination') pertain to the confidentiality of information provided by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs) under Reporting Standard ARS 320.0 (2005). This Determination, made under section 57 of the Australian Prudential Regulation Authority Act 1998 (the 'APRA Act'), allows the Australian Prudential Regulation Authority (APRA) to publish an edition of Monthly Banking Statistics containing data for November 2007. It specifies that certain information under Reporting Standard ARS 320.0 is non-confidential and can be disclosed, excluding sensitive information such as shareholder's equity, total income tax liability, and total provisions. The items to be disclosed are listed in the appendix of the Determination. The Determination imposes obligations on APRA to consult with relevant entities or bodies, or their representative associations, before determining whether the information is confidential. This consultation process is outlined in section 56(5C) of the APRA Act, which mandates that APRA must provide a reasonable opportunity for these entities to make representations regarding the confidentiality of the information. Furthermore, APRA must consider these representations before making a determination under section 57 of the APRA Act. The Determination reflects a majority agreement from the consulted entities that the specified information can be treated as non-confidential. The Determination also outlines the specific information that can be published, including details on assets, loans, and deposits on Australian books of individual banks, as well as other financial metrics. These items are detailed in the appendix to the Determination and include categories such as cash and liquid assets, gross loans and advances, and total deposits. In terms of offences, penalties, or consequences for breach, the Determination does not specify particular criminal or civil penalties for non-compliance. However, the determination of confidential information is crucial as breaches may result in legal consequences under the APRA Act. Given the sensitive nature of financial data, non-compliance with the confidentiality provisions could lead to regulatory scrutiny, enforcement actions, and potential legal penalties for the disclosing entity. The exact penalties would depend on the specific breach and the context in which it occurs, as outlined under the relevant sections of the APRA Act.

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