Banking (Statistics) Regulations (Amendment)

Overview

This Statutory Rule, published in 1972, amends the Banking (Statistics) Regulations under the Banking Act 1959-1967. The regulation was enacted by the Governor-General, acting on the advice of the Federal Executive Council, and signed into law by the Minister of State for Supply on behalf of the Treasurer. The amendment specifically adjusts the prescribed dates for savings banks to submit balance sheets and statements, adding Bank of New Zealand Savings Bank Limited with a submission date of 31st March, following the Bank of New South Wales Savings Bank Limited's date of 30th September. The policy objective of these regulations is to ensure that all authorised banks, including savings banks, comply with the statutory requirement to provide accurate and timely financial reporting to the Commonwealth.

Scope and Application

This Statutory Rule is a legislative instrument made under the Banking Act 1959-1967, a Commonwealth Act that governs the operation of banking in Australia. The regulation pertains to amendments of the Banking (Statistics) Regulations, which require banks to furnish balance sheets and statements on prescribed dates. Specifically, this regulation inserts a new date for the Bank of New Zealand Savings Bank Limited, requiring it to furnish its balance sheets and statements by 31st March each year. This Act applies to banking institutions operating within the Commonwealth of Australia, including savings banks such as the Bank of New Zealand Savings Bank Limited. The amendment ensures that all relevant institutions are compliant with the regulatory requirements for financial reporting. The amendment does not specify any exclusions or exemptions, and it extends the application of the Banking (Statistics) Regulations to include the Bank of New Zealand Savings Bank Limited by incorporating a new reporting date.

Key Provisions

The main operative section of this regulation is the amendment to Regulation 5 of the Banking (Statistics) Regulations (Banking (Statistics) Regulations, 1962, as amended). Specifically, it introduces a new date for the Bank of New Zealand Savings Bank Limited to submit its balance-sheets and statements. This amendment requires the Bank of New Zealand Savings Bank Limited to furnish its balance-sheets and statements by the 31st of March each year. This new provision is inserted into the table in Regulation 5, following the existing entry for the Bank of New South Wales Savings Bank Limited, which has a due date of the 30th of September each year. This Act imposes an obligation on the Bank of New Zealand Savings Bank Limited to comply with the new requirement to submit its balance-sheets and statements by the specified date. Failure to adhere to this obligation may have consequences under the broader legislative framework of the Banking Act 1959-1967. The regulatory intent is to ensure that financial institutions provide timely and accurate financial reports, which are crucial for regulatory oversight and public accountability. The legislation does not explicitly detail specific offences, penalties, or civil/criminal consequences for non-compliance with this particular regulation. However, under the Banking Act 1959-1967, there are general provisions that allow for enforcement actions against banks that fail to comply with regulatory requirements. These actions can include administrative penalties, enforcement actions, or other regulatory measures as deemed appropriate by the relevant authorities. The Banking Act also provides for civil and criminal penalties for more serious breaches of banking regulations, which could potentially include fines or imprisonment depending on the severity and nature of the breach.