APRA releases final expectations regarding ADIs’ preparedness for zero and negative interest rates
The Australian Prudential Regulation Authority (APRA) has released a letter to all authorised deposit-taking institutions (ADIs) outlining its final expectations regarding ADIs’ preparedness for the possibility of zero and negative market interest rates and cash rate.
Following the feedback received on the draft expectations released for consultation in July 2021, APRA has decided to exclude customer accounts with an aggregate deposit balance of less than $10 million from the scope of its expectations. APRA has also extended the timeframe for the development of tactical solutions to 31 July 2022.
The letter to ADIs is available on the APRA website at: Preparations for zero and negative interest rates.
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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.