Notice of name change of authorised deposit-taking institution - Greater Building Society Ltd

Overview

The notice issued under C2017G00275, dated 7 March 2017, pertains to the Banking Act 1959, which was enacted to regulate and oversee the operations of authorised deposit-taking institutions in Australia, ensuring financial stability and consumer protection. The notice specifically addresses the name change of the Greater Building Society Ltd to Greater Bank Limited, a transition that required formal notification to the Australian Prudential Regulation Authority (APRA) and subsequent publication in the Gazette to ensure compliance with the legislative framework governing banking entities. This notification is a formal recognition of the name change and its effect on the institution's authority under the Act, thus maintaining transparency and continuity in the oversight of financial institutions. The notice was issued by Louis Serret, a delegate of APRA, under the authority conferred by paragraph 9B(1)(b) of the Banking Act 1959. The policy objective behind the notice is to ensure that the name change does not disrupt the institution's operations or its standing under the Act, thereby protecting the interests of depositors and maintaining the integrity of the financial system. The notice formalises the name change and updates the relevant records to reflect the new entity, Greater Bank Limited, as the authorised deposit-taking institution previously known as Greater Building Society Ltd.

Scope and Application

The Gazetted Notice C2017G00275, issued under the Banking Act 1959, pertains specifically to the authorised deposit-taking institution, Greater Building Society Ltd, which has undergone a name change to Greater Bank Limited. This notice, signed by Louis Serret, a delegate of the Australian Prudential Regulation Authority (APRA), confirms that the Authority previously held by Greater Building Society Ltd, as per section 9 of the Act, is now deemed to be held by Greater Bank Limited, effective from the date of publication of this Notice in the Gazette. This transition of the Authority ensures that Greater Bank Limited, with the same Australian Business Number (ABN) 88 087 651 956, continues to operate under the regulatory framework without interruption. The Act applies to authorised deposit-taking institutions within the Commonwealth of Australia, and this name change aligns with the statutory requirements set forth in the Banking Act 1959. This legislative change does not introduce any new exclusions or exemptions but reaffirms the existing legal standing of the institution under its new name.

Key Provisions

The key operative sections of the Notice include paragraph 9B(1)(b) of the Banking Act 1959 (the Act), which authorises a delegate of the Australian Prudential Regulation Authority (APRA) to be satisfied that an authorised deposit-taking institution has changed its name. Section 9B(3) of the Act stipulates that the Authority granted to the institution under section 9 of the Act will be deemed to apply to the new name of the institution following the publication of this Notice in the Gazette. This means that the Authority, which was originally granted to Greater Building Society Ltd, will now apply to Greater Bank Limited after the publication of this Notice. The obligations and requirements imposed by this Notice on the parties governed by the Act include the need for Greater Building Society Ltd to notify APRA of its name change and for APRA to verify and approve the change. The Notice confirms that the Authority previously held by Greater Building Society Ltd is now effective for Greater Bank Limited. This transition ensures that there is no interruption in the regulatory oversight of the institution, as the new name is recognised under the Act. Breaching the requirements or failing to comply with the obligations set out in the Notice could have significant consequences. Although specific offences and penalties are not detailed in the Notice, breaches of the Banking Act 1959 generally can lead to civil or criminal penalties. Civil penalties may include fines, while criminal penalties can include imprisonment, depending on the severity of the breach and the specific provisions of the Act that are contravened. The maximum penalties for offences under the Banking Act 1959 can vary widely, with potential fines reaching into the millions of dollars and imprisonment terms extending up to several years, depending on the nature and impact of the breach.