APRA released a new reporting standard ARS 920.0 Australian Government Small and Medium Enterprise (SME) Guarantee Scheme to collect data from financial institutions taking part in the Federal government’s COVID SME Guarantee Scheme. The reporting standard includes Reporting Form ARF 920.0 Australian Government SME Guarantee Scheme (Portfolio Information) and Reporting Form ARF 920.1 Australian Government SME Guarantee Scheme (Loan Level Details). ARS 920.0 must be completed weekly by all lenders that are approved under the scheme. ARS 920.0 will be in effect from April 16, 2020 and will apply to reporting periods ending on or after April 17, 2020. The first data collection is due on May 01, 2020 for information as at April 17, 2020.
Under the COVID SME Guarantee Scheme, the government will provide a guarantee of 50% to SME lenders for new unsecured loans to be used for working capital. ARS 920.0 will support the scheme by providing data to government on key metrics, including number of loans approved, number of loans impaired, and number of guarantee claims made and paid. This reporting standard applies to all authorized deposit-taking institutions and registered financial corporations that are granted a guarantee under section 5 of the Guarantee of Lending to SMEs (Coronavirus Economic Response Package) Act 2020. Due to the need to provide this data to the government promptly, APRA has had to forgo its usual consultation process for the new reporting standards in this instance.
Effective Date: April 16, 2020
Keywords: Asia Pacific, Australia, Banking, SME, COVID-19, Reporting, Guarantee Scheme, ARS 920, Data Collection, ARF 920, Statistics, APRA
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous ArticleOCC Warns About Effects of COVID-19 Lockdowns on Banking System
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards
The Swiss Federal Council recently decided to further develop the Swiss Climate Scores, which it had first launched in June 2022.
The Basel Committee on Banking Supervision (BCBS) launched consultation on a Pillar 3 disclosure framework for climate-related financial risks, with the comment period ending on February 29, 2024.
The U.S. President Joe Biden signed an Executive Order, dated October 30, 2023, to ensure safe, secure, and trustworthy development and use of artificial intelligence (AI).
The Monetary Authority of Singapore (MAS) launched an integrated digital platform, Gprnt, also known as “Greenprint.”
The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.
The Network for Greening the Financial System (NGFS) published its latest set of long-term climate macro-financial scenarios (Phase IV) for assessing forward-looking climate risks.