Australian Prudential Regulation Authority (confidentiality) determination No. 5 of 2007

Administered by Department of the Treasury

Legislation au F2007L01112 Not in force Legislative Instrument

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Australian Prudential Regulation Authority (confidentiality) determination    No. 5 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. 5 of 2007 (the ‘Determination’), made on 20 April 2007 is APRA’s thirty fourth 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 March 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. 5 of 2007 was made under section 57 of the Australian Prudential Regulation Authority Act 1998, providing a legal framework for the disclosure of certain financial data by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs). This Determination was introduced to address the need for transparency and public access to banking statistics, enabling the Australian Prudential Regulation Authority (APRA) to publish an edition of Monthly Banking Statistics that includes data for March 2007. APRA, as the enacting body, determined that specific financial information reported under Reporting Standard ARS 320.0 (2005) could be disclosed, thereby facilitating informed decision-making and economic analysis by the public and stakeholders. The policy objective is to balance the confidentiality of sensitive financial information with the public interest in transparency and financial stability.

Scope and Application

The Australian Prudential Regulation Authority (confidentiality) determination No. 5 of 2007 applies to information provided by locally-incorporated banks and foreign authorised deposit-taking institutions under Reporting Standard ARS 320.0 (2005). This information must be submitted to the Australian Prudential Regulation Authority (APRA) in accordance with section 13 of the Financial Sector (Collection of Data) Act 2001. The Determination aims to allow APRA to publish an edition of Monthly Banking Statistics containing data for March 2007. The information must be received by APRA on or after the date of APRA’s last determination under section 57 and before the date of this Determination. The information covered includes specific assets, loans, and liabilities on Australian books of individual banks, excluding sensitive information such as shareholder's equity, total income tax liability, and total provisions. This exclusion was a result of consultations with industry. The Determination applies to both locally-incorporated banks and foreign authorised deposit-taking institutions, commonly referred to as banks, within Australia. APRA may extend or restrict the application of this Determination through subordinate instruments, in accordance with the provisions of the APRA Act.

Key Provisions

The Australian Prudential Regulation Authority (confidentiality) determination No. 5 of 2007 (the 'Determination'), made on 20 April 2007 under section 57 of the Australian Prudential Regulation Authority Act 1998 ('APRA Act'), allows for the publication of certain financial data by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs). The primary purpose of this Determination is to facilitate the publication of an edition of Monthly Banking Statistics containing data from March 2007, as specified under Reporting Standard ARS 320.0 (2005). This information, collected under section 13 of the Financial Sector (Collection of Data) Act 2001, will now be deemed non-confidential for the purposes of publication, as long as it does not include sensitive details such as shareholder equity, total income tax liability, and total provisions, which were excluded following consultations with the industry. Entities governed by the Determination, specifically locally-incorporated banks and foreign ADIs, must provide the specified information to the Australian Prudential Regulation Authority (APRA). This includes data on assets, loans, advances, and deposits, as detailed in the appendix of the Explanatory Statement. Such entities are obligated to ensure that the information provided is accurate and complete, and that it adheres to the reporting standards set out in ARS 320.0 (2005). Furthermore, these entities are required to respond to any consultations initiated by APRA regarding the confidentiality of the information provided. APRA is mandated to consider representations from relevant entities or bodies before making a determination on the confidentiality of the information. Failure to comply with the requirements of the Determination may not necessarily result in a breach of the APRA Act; however, any misuse or unauthorised disclosure of the published information could lead to civil or criminal penalties. The APRA Act does not explicitly outline the penalties for breaches related to this Determination, but breaches of other sections of the Act can lead to substantial fines and imprisonment. The Determination itself focuses on the disclosure of non-confidential information, but the broader APRA Act provides for a range of enforcement actions against entities that fail to comply with its provisions, including fines of up to $1.26 million for corporations and imprisonment for individuals involved in serious breaches.

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