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Australian Prudential Regulatory Authority (APRA)
The banks are regulated by the Australian Prudential Regulatory Authority (APRA) in Australia. APRA is responsible for regulating much of the financial industry, including insurance and superannuation companies. Institution seeking to be prudentially regulated as an authorised deposit-taking institution (ADI) is required to be authorised under the Banking Act 1959 (the Banking Act). The Australian Prudential Regulation Authority (APRA) is responsible for the authorisation process. Section 5 of the Banking Act defines ‘banking business’ as consisting of both taking deposits (other than as part-payment for identified goods or services) and making advances of money, as well as other financial activities prescribed by regulations made under the Banking Act. The Banking Act only allows corporations to carry on banking business in Australia, which means APRA cannot consider applications from partnerships or unincorporated entities. ADIs are subject to rigorous and close supervision by APRA, which requires the ADI to comply with a range of requirements contained in Prudential Standards and provide comprehensive data to APRA under Reporting Standards.
APRA has a range of powers it can exercise should an ADI not comply with any of the requirements imposed by APRA. A key component of APRA's prudential framework is the requirement to hold capital. Click here for an illustration of the application of APRA's capital requirements to an ADI. Applications for authorisation under the Banking Act are to follow the ADI Authorisation Guidelines. Currently, the Australian banking sector is dominated by four major banks: Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation.
Australian-owned Banks AMP Bank Limited Rural Bank Limited St. George Bank Limited Australia and New Zealand Banking Group Macquarie Bank Limited Suncorp-Metway Limited Bank of Queensland Limited Members Equity Bank Pty Limited UBank Bendigo and Adelaide Bank Limited National Australia Bank Limited Westpac Banking Corporation Commonwealth Bank of Australia         Commonwealth Development Bank of Australia Ltd                 Foreign Subsidiary Banks     Arab Bank Australia Limited Beirut Hellenic Bank Ltd ING Bank (Australia) Limited (ING Direct) Bank of China (Australia) Limited Citigroup Pty Limited Investec Bank (Australia) Limited Bank of Cyprus Australia Limited HSBC Bank Australia Limited Rabobank Australia Limited             Branches of Foreign Banks Bank of America N.A JP Morgan Chase Bank N.A Taiwan Business Bank Bank of China Limited Lloyds TSB Bank PLC Taiwan Cooperative Bank Ltd Bank of Scotland PLC Mega International Commercial Bank Co The Bank of New York Mellon Barclays Bank PLC Mizuho Corporate Bank The Bank of Tokyo-Mitsubishi UFJ BNP Paribas Oversea-Chinese Banking Corporation Ltd The Hongkong & Shanghai Banking Corp China Construction Bank Corporation Rabobank Nederland The Northern Trust Company Citibank N.A Royal Bank of Canada The Royal Bank of Scotland N.V Credit Suisse AG Société Générale The Royal Bank of Scotland PLC Deutsche Bank Standard Chartered Bank UBS AG First Commercial Bank State Bank of India United Overseas Bank Limited (UOB) Industrial & Commercial Bank of China Ltd State Street Bank and Trust Company WestLB AG ING Bank N.V Sumitomo Mitsui Banking Corporation
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