Conditions on banking authority 2025 – IN1BANK Ltd
Banking Act 1959
To: IN1BANK Ltd ABN 62 627 541 011 (the ADI)
SINCE the ADI holds a section 9 authority under the Banking Act 1959 (the Act) to carry on banking business in Australia (the authority),
I, Jane Magill, a delegate of APRA, under paragraph 9AA(1)(a) of the Act, IMPOSE the conditions on the authority as specified in the schedule (the imposed conditions).
This instrument commences on the day it is made. Dated: 20 June 2025
Jane Magill Executive Director
General Insurance and Banking Division
Interpretation
In this instrument:
APRA means the Australian Prudential Regulation Authority.
banking business and section 9 authority have their respective meanings given in subsection 5(1) of the Act.
Notes
Note 1 APRA is required to publish this instrument in the Gazette.
Note 2 A decision to impose conditions or additional conditions on a section 9 authority is a decision to which Part VI of the Act applies. You may request that APRA reconsider the decision in accordance with subsection 51B(1) of the Act. The request for reconsideration must be made in writing, must state the reasons for the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such
further period as APRA allows. The address where written notice may be given to APRA is Level 12, 1 Martin Place, Sydney NSW 2000.
Note 3 If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Administrative Review Tribunal Act 2024, apply to the Administrative Review Tribunal for review of the reconsidered decision.
Note 4 You also have the right to obtain access to documents about the decision under the Freedom of Information Act 1982. If you wish to submit a freedom of information (FOI) request to APRA, please send the request to foi@apra.gov.au and (a) specify that the request is an FOI request and (b) provide any other information about the document(s) you are requesting. More information about FOI and APRA is available on our website at https://www.apra.gov.au/freedom-of-information.
Schedule – the conditions
Notwithstanding anything in the prudential standards:
- in1bank must, strictly in accordance with the Trigger Framework set out in its REP, activate its REP and commence implementing the recovery and exit actions set out in it at least 20 weeks prior to any breach or prospective breach of its Prudential Capital Requirements.
- If in1bank activates its REP, in1bank must strictly comply with the requirements of the REP.
- No amendments to the Trigger Framework are permitted (whether the REP has been activated or has not been activated) without the prior written approval of APRA.
In this schedule:
Prudential Capital Requirements has the meaning given in Prudential Standard APS 110 Capital Adequacy as in force from time to time.
REP means in1bank’s recovery and exit plan dated 10 February 2025 as amended from time to time in accordance with condition 3.
Trigger Framework means the triggers set out in the REP under the heading ‘3.2 Recovery to timeframe exit’.
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