The head of Australia’s prudential regulator said the country’s banks were among the best placed in the world to handle a financial crisis, following the collapse of Silicon Valley Bank that roiled international markets. | Reuters
Australian dollars are seen in an illustration photo. REUTERS/Daniel Munoz/File photo
SYDNEY -The head of Australia’s prudential regulator said on Tuesday the country’s banks were among the best placed in the world to handle a financial crisis, following the collapse of Silicon Valley Bank that roiled international markets. The differences between regulatory requirements for Australian banks versus many overseas jurisdictions “give us confidence that the banking system here is among the best equipped in the world to handle a crisis,” John Lonsdale, the chair of the Australian Prudential Regulation Authority , said in speech to the Australian Financial Review’s Banking Summit.“They don’t, however, make us complacent or blind to the potential impact overseas events can have on financial stability here,” he added.
Australian banks did not suffer as much as those in the U.S. and Britain during the 2008 global financial crisis, thanks in part to tighter lending standards and a more resilient economy.
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