APRA extends Avenue Bank’s licence to operate as a restricted authorised deposit-taking institution
The Australian Prudential Regulation Authority (APRA) has granted Avenue Bank Limited an extension of its licence to operate for a limited time as a restricted authorised deposit-taking institution (Restricted ADI) under the Banking Act 1959.
Recognising the unique circumstances of Avenue Bank's application, APRA judged that a short extension was warranted. APRA does not view this decision as setting a precedent for other Restricted ADIs.
APRA will consider any possible extension of another Restricted ADI’s licence on its own merits as the need arises. An updated list of all APRA-authorised ADIs can be found on the APRA website at: Register of authorised deposit-taking institutions.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.