APRA monitors Xinja return of deposits
The Australian Prudential Regulation Authority (APRA) notes today’s announcement by Xinja Bank Limited (Xinja) that it intends to return all funds to depositors and ultimately relinquish its licence to operate as an authorised deposit-taking institution (ADI).
Xinja’s decision to exit the banking industry and pursue other business opportunities is a commercial decision for Xinja.
As Australia’s financial safety regulator, APRA will closely monitor the return of deposits to ensure all funds are returned to Xinja depositors in an orderly and timely manner.
In addition to the return of deposit process, Xinja’s depositors remain protected by the Financial Claims Scheme (FCS).
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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.