APRA extends Basel III deadline

The prudential regulator has written to Australian banks advising them of an extension to the 1 January 2015 deadline for Basel III disclosure requirements.

On 18 September 2014, APRA released for consultation a discussion paper and draft amendments to Prudential Standard APS 110 Capital Adequacy and Prudential Standard APS 330 Public Disclosure, which outlined APRA’s proposed implementation of new disclosure requirements for authorised deposit-taking institutions (ADIs).

The disclosures are in relation to the leverage ratio, the liquidity coverage ratio and the identification of potential globally systemically important banks.

“This consultation package also proposed minor amendments to rectify minor deviations from APRA’s implementation of the Basel Committee’s Basel III framework,” APRA’s Charles Littrell said in a letter to ADIs yesterday.

“APRA’s intention was that, subject to the outcome of the consultation, these amendments would come into effect from 1 January 2015,” Mr Littrell said.

“[However,] a number of matters remain to be addressed before APRA is able to finalise the new standards.

“Accordingly, given the limited period of time remaining before the scheduled implementation date, APRA is advising affected ADIs that any new requirements will not take effect until 1 April 2015 at the earliest.”

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