The Australian Prudential Regulation Authority grants Basel II accreditation to several Australian banks
SYDNEY – The Australian Prudential Regulation Authority (APRA) has cleared a number of Australian banks for advance accreditation to the Basel II Accord.
The Commonwealth Bank of Australia, the Australia and New Zealand Banking Group (ANZ) and Westpac Banking Corp now have permission to adopt the internal ratings-based approach to credit risk and the advanced measurement approach to operational risk, effective from January 1, 2008.
The Reserve Bank of New Zealand also granted advance accreditation to ANZ’s New Zealand subsidiary.
Macquarie – Australia’s largest investment bank – was also granted Basel II accreditation at the foundation level.
The country’s largest bank, National Australia Bank, is still engaged in restructuring, and has asked to be allowed to continue using the original Basel standards in 2008.
More on Regulation
ABA calls for better ways to compare bank capital between countries
US regulator will pursue a quicker route to exempt foreign CCPs
ECJ decision means new problems for data preservation
Discussion crystallises over regulatory streamlining
Sign up for Risk.net email alerts
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
Watch discussions and speakers from our North America conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.