APRA recently granted Intesa Sanpaolo SPA a license to operate as a foreign authorized deposit-taking institution under the Banking Act. Additionally, APRA issued a statement with respect to the announcement by Xinja Bank Limited that it intends to return all funds to depositors and ultimately relinquish its license to operate as an authorized deposit-taking institution.
As a financial safety regulator in Australia, APRA announced that it will closely monitor the return of deposits to ensure all funds are returned to Xinja depositors in an orderly and timely manner. In addition to the return of deposit process, the depositors of this bank remain protected by the Financial Claims Scheme. The Financial Claims Scheme is an Australian government scheme that provides protection to deposit-holders with Australian incorporated banks, building societies, and credit unions (known as authorized deposit-taking institutions) as well as general insurance policyholders and claimants, in the unlikely event that one of these financial institutions fails. This scheme is a government-backed safety net for deposits of up to $250,000 per account holder per authorized deposit-taking institution.
Keywords: Asia Pacific, Australia, Banking, Bank Licenses, Xinja Bank, Intesa Sanpaolo, Deposit Protection, APRA
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