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Australia government guarantees resources to extend financial institution watchdog powers: paper By Reuters

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© Reuters. Australia federal government promises cash to extend lender watchdog powers: paper

SYDNEY (Reuters) – Australian Treasurer Josh Frydenberg has promised funding for a significant expansion of the powers of the country’s banking watchdog, which include a veto on the appointment of directors, the Australian Monetary Overview claimed on Friday.

Frydenberg instructed the AFR he experienced “secured a guarantee” from the Australian Prudential (LON:) Regulatory Authority (APRA) that it would accept all recommendations of an independent critique into the regulator unveiled earlier this week.

APRA Chairman Wayne Byres experienced expressed reservations with some of the additional contentious recommendations from the capacity review, together with a veto on administrators.

“We have agreed to act on all five suggestions applicable to govt, such as delivering APRA with sufficient powers about the appointment and reappointment of administrators and senior executives, and APRA has mentioned it also supports implementation of all 19 recommendations directed at it,” Frydenberg explained to the AFR.

Byres had also argued that APRA, which is governing administration-funded but independent, desired a lot more cash to carry out its perform.

“We will give APRA the resources that they require and that will be thought of in the context of the price range,” Frydenberg explained to the AFR. “It will be outlined by APRA and Treasury doing work together.”

The AFR report explained Frydenberg was worried about important results in the report that went to the lifestyle of APRA, including currently being as well slow to respond to cybersecurity threats, also bureaucratic and too cosy with the banking institutions it regulated.

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