Revocation of Authority to carry on banking business
Banking Act 1959
SINCE
- on 10 December 2014 GE Capital Finance Australia ABN 42 008 583 588 (the ADI) applied in writing to APRA under subsection 9A(1) of the Banking Act 1959 (the Act), to revoke its authority to carry on banking business in Australia (the Authority); and
B. I am satisfied that revocation of the Authority:
(i) would not be contrary to the national interest; and
(ii) would not be contrary to the interests of the depositors of the ADI,
I, Keith Chapman, a delegate of APRA, under subsection 9A(1) of the Act, REVOKE the Authority with effect from 1 January 2015 and, under subsection 9A(5A) of the Act, STATE that the Authority continues in effect as though this Revocation has not happened for the purposes of reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 and prudential standards in relation to:
(i) the specified matters set out in the attached Schedule; and
(ii) the specified period of 1 January 2015 to 30 June 2015, and this statement has effect accordingly.
Dated: 23 December 2014
[Signed]
Keith Chapman
Executive General Manager Diversified Institutions Division
Interpretation Document ID: 216239
In this Notice
APRA means the Australian Prudential Regulation Authority.
ADI is short for authorised deposit-taking institution and has the meaning given in subsection 5(1) of the Act.
banking business has the meaning given in subsection 5(1) of the Act.
Note 1
Under subsection 9A(5A) of the Act, the notice of revocation of the authority may state that the
authority continues in effect in relation to a specified matter or specified period, as though the revocation had not happened, for the purposes of a specified provision of the Act or the regulations, or a specified provision of another law of the Commonwealth that is administered by APRA, or a specified provision of the prudential standards, and the statement has effect accordingly.
Note 2
Under subsection 9A(6) of the Act, APRA must publish a copy of this Notice in the Gazette and
may cause notice of the revocation to be published in any other way it considers appropriate.
Note 3
Under subsection 8(1) of the Act, a body corporate is guilty of an offence if the body corporate
carries on banking business in Australia and the body corporate is not the Reserve Bank and the body corporate is not an ADI and there is no order in force under section 11 of the Act determining that subsection 8
(1) does not apply to the body corporate. A penalty of 200 penalty units applies or by virtue of subsection 4B
(3) of the Crimes Act 1914 in the case of a body corporate, a penalty not exceeding 1,000 penalty units. By virtue of subsection 8(2) of the Act, an offence against subsection 8(1) is an indictable offence. Under subsection 8(3) of the Act, if a body corporate commits an offence against subsection 8(1), the body corporate is guilty of an offence against that subsection in respect of the first day on which the offence is committed and each subsequent day (if any) on which the circumstances that gave rise to the body corporate committing the offence continue (including the day of conviction for any such offence or any later day).
Schedule - continuation of Authority
The entity’s authority to carry on banking business continues in effect in relation to:
a) APRA’s requirements that the entity submit reporting documents and information relating to the 2014 calendar year, under these reporting standards:
- ARS 110.0 Capital Adequacy
- ARS 112.1 Standardised Credit Risk – On-balance Sheet Assets
- ARS 112.2 Standardised Credit Risk – Off-balance Sheet Exposures
- ARS 114.0 Standardised Approach – Operational Risk
- ARS 117.0 Repricing Analysis
- ARS 118.0 Off-balance Sheet Business
- ARS 120.0 Standardised Approach – Securitisation
- ARS 120.2 Securitisation – Supplementary Items
- ARS 220.0 Impaired Facilities
- ARS 220.5 Movements in Provisions for Impairment
- ARS 221.0 Large Exposures
- ARS 222.0 Exposures to Related Entities
- ARS 323.0 Statement of Financial Position
- ARS 330.0 Statement of Financial Performance
- ARS 330.1 Interest Income and Interest Expense
- ARS 330.2 Other Operating Income
- ARS 330.3 Other Operating Expenses
- ARS 331.0 Selected Revenue and Expenses
- ARS 332.0 Statement of Economic Activity
- ARS 394.0 Personal Finance
- ARS 396.0 Points of Presence
b) APRA’s requirements that the entity submit these reports and information required under prudential standards, relating to the 2014 calendar year:
- APS 110 Capital Adequacy – the Internal Capital Adequacy Assessment Process Report
- CPS 520 Fit and Proper – Responsible Person Notification
- APS 310 Audit and Related matters – Risk Management Declaration and Appointed Auditor Report
- APS 240 Risk Management of Credit Card Activities – Credit Balance (liquidity) Report
- APS 330 Public Disclosure of Prudential Information – Capital disclosure
c) any resubmissions of reporting documents or information required by APRA under any of the reporting standards or prudential standards listed in (a) and (b).
Definitions
In this Schedule:
APRA means the Australian Prudential Regulation Authority.
the entity means GE Capital Finance Australia.
2014 calendar year means the financial year starting 1 January 2014 and ending 31 December 2014.