APRA Grants License to Intesa while Xinja Bank Gives Up Its License
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.
Related Links
Keywords: Asia Pacific, Australia, Banking, Bank Licenses, Xinja Bank, Intesa Sanpaolo, Deposit Protection, APRA
Related Articles
EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
EBA Publishes Regulatory Standards to Identify Shadow Banking Entities
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
EC Publishes Results on Review of Web Accessibility Directive
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
NGFS Report Explores Quantification of Climate Risk Differentials
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
MAS Consults on Adjustment Spreads for Conversion of SOR Contracts
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.