Revocation of NOHC authority 2022 – Volt Corporation Limited
Banking Act 1959
To: Volt Corporation Limited ABN 60 622 084 959 (the body corporate) SINCE:
- the body corporate requested in writing to APRA on 12 August 2019 the revocation of its NOHC authority under section 11AA of the Banking Act 1959 (the Act); and
B. APRA is satisfied that the revocation of the NOHC authority would not be contrary to the national interest or the interests of depositors of any ADI that is a subsidiary of the body corporate,
I, Therese McCarthy Hockey, a delegate of APRA, under subsection 11AB(1) of the Act, revoke the NOHC authority that was granted to the body corporate.
Under subsection 11AB(5A) of the Act, the NOHC authority continues in effect in relation to the matters and periods specified in the Schedule, as though the revocation had not happened, for the purposes of the provisions specified in the Schedule.
This instrument commences on the day it is made. Dated: 26 August 2022
Therese McCarthy Hockey Executive Director Banking Division
Interpretation
In this instrument:
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.
NOHC authority has the meaning given in subsection 5(1) of the Act.
Notes
APRA is required to publish notice of the revocation in the Gazette, and may also publish notice of the revocation in other ways.
Schedule – continuation of authority
The authority continues in effect in relation to the following matters and periods, as though the revocation had not happened, for the purposes of the following provisions of the Banking Act 1959 (the Act):
Investigations
- in relation to all matters occurring prior to the date of this instrument:
(a) Part VIII ‘Powers of APRA’; and
(b) section 62E ‘APRA may request information from liquidator’;
Directions
2. for the period from the date of this instrument to the chargeback/reversal sunset date:
(a) section 11CA ‘APRA may give directions in certain circumstances’;
(b) section 11CD ‘Direction not grounds for denial of obligations’;
(c) section 11CE ‘Supply of information about issue and revocation of directions’; and
(d) section 11CG ‘Non-compliance with a direction’;
Auditors
3. in relation to any breach or possible breach of the Act, the Regulations, the applicable prudential standards, or any other law of the Commonwealth or a State or a Territory which has occurred or may have occurred prior to the date of this instrument, section 18 ‘Referring matters to professional associations for auditors’;
Proposed appointment of external administrator
4. for the period from the date of this instrument to the chargeback/reversal sunset date, section 62B ‘Involving APRA in proposed appointment of external administrators of ADIs and NOHCs’; and
Ancillary provisions
5. in relation to any function or power under the Act which APRA had in relation to the body corporate, its responsible persons, and/or accountable persons prior to the date of this instrument and in relation to any function or power that APRA has retained under this instrument as specified in this Schedule, section 18A ‘Enforceable undertakings’;
6. in relation to any potential transferrable deposit amounts, section 62D ‘Application by APRA for directions’;
7. in relation to any conduct engaged in by the body corporate, its responsible persons and/or accountable persons prior to the chargeback/reversal sunset date, section 65A ‘Injunctions’;
8. in relation to any function or power under the Act which APRA had in relation to the body corporate prior to the date of this instrument and in relation to any function or power that APRA has retained under this instrument as specified in this Schedule, section 65B ‘Civil penalties’;
9. in relation to any direction made by APRA under section 11CA, section 70AA ‘Protection from liability – directions and secrecy’;
10. in relation to all matters for which APRA has retained its functions and powers under this instrument as specified in this Schedule, section 70B ‘Act has effect despite the Corporations Act’; and
11. in relation to all protected documents and protected information existing at the date of this instrument, section 56 of the Australian Prudential Regulation Authority Act 1998.
Interpretation
In this schedule:
approved transfer means the partial voluntary transfer of business from VBL to NAB under the Financial Sector (Transfer and Restructure) Act 1999 approved by APRA on 20 July 2022.
chargeback/reversal means any debit Mastercard transaction made in error or where goods and services are not received by a transferring customer prior to or within 30 days of 21 July 2022, or where the transaction is an unauthorised transaction, that are to be charged as a disputed or unauthorised transaction to the relevant merchant or ATM provider, but which do not compromise any fees or other transactional charges.
chargeback/reversal sunset date means 2 July 2024.
NAB means National Australia Bank Limited ABN 12 004 044 937. prudential matter has the meaning given by section 5(1) of the Act. prudential standard has the meaning given by section 5(1) of the Act.
transferrable deposit amount means any amount forming part of a debt of VBL to a transferring customer (including, without limitation, in respect of any chargeback/reversal) transferrable to NAB in accordance with the approved transfer.
transferring customer means a customer of VBL the subject of the approved transfer.
VBL means Volt Bank Limited ABN 67 622 375 722.