Cover image for Australia : Financial Safety Net and Crisis Management Framework—Technical Note.
Australia : Financial Safety Net and Crisis Management Framework—Technical Note.
Title:
Australia : Financial Safety Net and Crisis Management Framework—Technical Note.
Author:
Fund, International Monetary.
ISBN:
9781475563054
Physical Description:
1 online resource (48 pages)
Series:
IMF Staff Country Reports
Contents:
Cover -- Contents -- Glossary -- I. Executive Summary -- II. Introduction -- III. Institutional Arrangements, Coordination, and Preparedness -- A. Domestic Inter-Agency Coordination and Information Sharing -- B. Cross-Border Coordination and Information Sharing -- C. Crisis Preparedness -- IV. Early Intervention of Problem ADIs -- A. Liquidity Assistance -- B. Corrective Measures for Problem ADIs -- V. Resolution of Non-Systemic ADIs -- A. Resolution Under Private Control -- B. Statutory Management -- C. Winding-Up -- D. The Financial Claims Scheme -- VI. Crisis Management and Resolution of Systemically Important Banks -- A. Developing Credible Contingency Plans -- B. Private Sector Involvement/Burden Sharing -- C. Official Financial Support -- VII. Cross-Border Resolution and Crisis Management -- Table -- 1. Summary of Recommendations -- Box -- 1. Examples of APRA's Directions Powers -- Annexes -- I. Status of Recommendations from the 2006 FSAP -- II. Challenges to Decisions Taken by APRA -- III. An Informal Comparison of Australia's FCS to the Deposit Insurance Core Principles -- IV. United Kingdom and United States-Summary of RRP Requirements.
Abstract:
Australia has a history of few bank failures, even fewer financial crises, and its banking sector emerged from the global financial crisis relatively well.1 With an eye toward international developments, the Australian authorities have taken commendable steps to strengthen the financial safety net and crisis management framework over the last several years. The Government's well-coordinated response to the global financial crisis included adopting significant legislative changes in October 2008 to put in place guarantee arrangements for retail deposits, among other enhancements to the financial safety net and crisis management framework. Further improvements were made in June 2010 and the Government is currently pursuing additional legislative changes.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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