Australian Prudential Regulation Authority (confidentiality) determination No. 7 of 2006

Administered by Department of the Treasury

Legislation au F2006L01571 Not in force Legislative Instrument

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Australian Prudential Regulation Authority (confidentiality) determination    No. 7 of 2006

 

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. 7 of 2006 (the ‘Determination’), made on 19 May 2006 is APRA’s twenty 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 April 2006.

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 value of all assets that have been securitised

 Value of housing loans securitised during the month

 

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. 7 of 2006, made under section 57 of the Australian Prudential Regulation Authority Act 1998, was introduced to address the issue of confidentiality concerning the information provided by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs) under the Reporting Standard ARS 320.0 (2005). The purpose of this Determination is to allow the Australian Prudential Regulation Authority (APRA) to publish an edition of Monthly Banking Statistics containing data for April 2006. This Determination applies to information provided to APRA by foreign ADIs and locally-incorporated banks, excluding sensitive information such as shareholder's equity, total income tax liability, and total provisions. The Determination was enacted following consultations with relevant entities and bodies, where most agreed that the information covered could be treated as non-confidential. The policy objective of this Determination is to facilitate the disclosure of certain non-confidential information, promoting transparency and public interest in the banking sector.

Scope and Application

The Australian Prudential Regulation Authority (confidentiality) determination No. 7 of 2006, issued under section 57 of the Australian Prudential Regulation Authority Act 1998, pertains to information submitted to the APRA by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs) under Reporting Standard ARS 320.0 (2005). This determination aims to facilitate the publication of an edition of Monthly Banking Statistics for April 2006 by deeming certain financial information non-confidential. This applies to data received by APRA after the last confidentiality determination and before this one. Notably, the determination excludes sensitive information, such as details about shareholders' equity, total income tax liability, and total provisions, following consultations with the industry. The publication of other specified items, including various assets, loans, and deposits, is permitted under this determination and will be detailed in the Monthly Banking Statistics publication. The scope of this determination is limited to the Commonwealth jurisdiction, and it does not extend to other states, territories, or national legislation unless explicitly stated in subordinate instruments.

Key Provisions

The main operative sections of the Australian Prudential Regulation Authority (Confidentiality) Determination No. 7 of 2006 (the 'Determination') are found in section 57 of the Australian Prudential Regulation Authority Act 1998 (APRA Act). This section empowers APRA to determine whether information provided under certain reporting standards is confidential, thereby allowing for its publication. Section 56(5C) of the APRA Act further clarifies that disclosure of such non-confidential information is not an offence. This Determination specifically applies to information provided under Reporting Standard ARS 320.0 (2005) by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs). It identifies specific financial data, including assets, loans, and deposits, as non-confidential and suitable for publication in the Monthly Banking Statistics. The Determination imposes certain obligations on the parties it governs. Firstly, it requires these entities to submit the specified financial information to APRA under the stipulated reporting standards. Secondly, it mandates APRA to consult with relevant entities or their representative associations before determining the confidentiality of such information. This process ensures that the views of the financial sector are considered in deciding which data can be made public. Additionally, the Determination specifies that APRA must exclude sensitive information, such as details relating to shareholders' equity and total income tax liability, from the non-confidential category. There are no explicit offences, penalties, or criminal consequences outlined in the Determination itself. However, the underlying APRA Act and the Financial Sector (Collection of Data) Act 2001 impose obligations on entities to provide accurate and complete information. Failure to comply with these obligations can lead to civil or criminal penalties under those Acts. For instance, providing false or misleading information can result in fines and, in severe cases, imprisonment. Furthermore, while the Determination itself does not specify penalties, the publication of confidential information without APRA's authorisation could lead to legal actions under the APRA Act.

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