The latest Quarterly Statement by the Council of Financial Regulators (comprising the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Australian Treasury and the Reserve Bank of Australia, which chairs the Council) discussed the impact of high inflation and rising interest rates on Australian households and the financial system, steps to strengthen the resilience of the financial sector to cyber risks, and regulatory developments in financial market infrastructure and the payments system.

Subsequent to the CFR meeting on 10 March, the Quarterly Statement notes that CFR members met to discuss the resolution action announced by United States authorities in relation to Silicon Valley Bank. APRA, in consultation with CFR agencies, will continue to closely monitor the situation through its intensive supervision of the Australian banking system, “which remains strongly capitalised and highly liquid”.

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Author: David Jacobson
Principal, Bright Corporate Law
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The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.