We are not immune, but our regulators have confirmed our financial institutions are well-placed to help Australia manage global market volatility.
and Signature Bank in the US and the takeover of Credit Suisse has sent waves through global financial markets over the past month but Australian banks are well-capitalised, well-regulated and well-placed to deal with this new source of volatility in the global economy.The reassurances given at the Summit by the likes of APRA chairman John Lonsdale are backed by the data.
Earlier this week, I also spoke with US Treasury Secretary Janet Yellen and European Central Bank president Christine Lagarde about volatility in the global financial system and the impact of higher interest rates. It’s clear from my conversations this week that international authorities are prepared to take appropriate steps where necessary to reassure markets at a time of uncertainty and volatility.
They devised Basel III – an international regulatory accord to strengthen the regulation, supervision and risk management of banks.Since the GFC, Australian banks have substantially increased their capital holdings, which sit well above regulatory minimum requirements. The total capital ratio of the Australian banking system is currently 17.7 per cent, up from 11.5 per cent in 2008.
For example, APRA’s prudential rules now exceed global standards for interest rate risk, housing and liquidity.
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