Australian banks prepare for Basel II

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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.

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