Non-Confidentiality Determination No. 3 of 2005

Overview

The Australian Prudential Regulation Authority (APRA) issued Non-Confidentiality Determination No. 3 of 2005 under Section 57 of the Australian Prudential Regulation Authority Act 1998. This determination was made to facilitate APRA's ability to publish an edition of Monthly Banking Statistics for February 2005, which would include data from locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs) as provided under Reporting Standard ARS 320.0 (2003). The determination declares that certain information, given to APRA under this reporting standard, is non-confidential and can thus be published. This action follows consultations with relevant entities and their representative bodies, where a majority agreed on the non-confidential nature of the information, though some objected to the publication of any ARS 320.0 information. The policy objective behind this determination is to balance the need for transparency and public interest in banking statistics with the protection of sensitive information. The determination excludes specific sensitive items such as shareholders' equity, total income tax liability, and total tax provisions, following industry consultations. By publishing this non-confidential information, APRA aims to maintain a strong public interest in financial sector transparency while safeguarding critical data. This determination follows the legislative framework provided by the APRA Act and the Financial Sector (Collection of Data) Act 2001, ensuring that APRA can appropriately manage and disclose financial information from the banking sector.

Scope and Application

The Non-Confidentiality Determination No. 3 of 2005, issued by the Australian Prudential Regulation Authority (APRA) under the Australian Prudential Regulation Authority Act 1998, pertains to specific information provided by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs) under the Reporting Standard ARS 320.0 (2003). This Determination was made to facilitate the publication of an edition of Monthly Banking Statistics containing data for February 2005. It applies to information submitted to APRA after the last determination under section 57 of the APRA Act, and it specifically excludes sensitive information such as shareholder's equity, total income tax liability, and total tax provisions. This exclusion was the result of consultations with the industry, where most entities agreed that the specified information could be treated as non-confidential. The Determination does not extend to items listed in Appendix A, which details the assets, liabilities, and deposits to be disclosed. The authority to make such determinations is supported by the legislative framework of the APRA Act and the Financial Sector (Collection of Data) Act 2001, with the Office of Regulation Review exempting APRA from providing a Regulation Impact Statement in relation to this Determination.

Key Provisions

The main operative sections of the Non-Confidentiality Determination No. 3 of 2005, issued by the Australian Prudential Regulation Authority (APRA) under section 57 of the Australian Prudential Regulation Authority Act 1998 (APRA Act), focus on determining that certain information provided by locally-incorporated banks and foreign authorised deposit-taking institutions (ADIs) is non-confidential. This determination facilitates the publication of an edition of Monthly Banking Statistics, which includes data from February 2005. This is achieved under Reporting Standard ARS 320.0 (2003) Statement of Financial Position (Domestic Books) given to APRA under section 13 of the Financial Sector (Collection of Data) Act 2001. The Determination specifically excludes sensitive information such as shareholder’s equity, total income tax liability, and total tax provisions. The obligations imposed by this Determination on the relevant entities—locally-incorporated banks and foreign ADIs—include providing specified information to APRA under the stipulated reporting standard. APRA, in turn, has the responsibility to consider any representations made by these entities or their representative associations regarding the confidentiality of the information. The entities must ensure that the data they provide aligns with the parameters set by the Determination, excluding any sensitive information that has been identified as non-disclosable. Any breach of the obligations outlined in the Determination could potentially lead to civil or criminal consequences, depending on the nature and severity of the breach. Under section 56 of the APRA Act, there could be penalties for disclosing information that is deemed confidential, although the Determination explicitly exempts certain specified information from being considered confidential. For those items that are disclosed under the Determination, there are no specified penalties for breach within the text provided, but the general principles of the APRA Act and related legislation would apply for any improper disclosure or non-compliance with reporting requirements. The specific maximum penalties would be determined in the context of any related breach of the APRA Act or other relevant legislation.