APRA to keep MP charges secret

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It gets worse from Wayne Byers:

“Consistent with the fact we don’t want to advertise that any financial institution might have some issue that requires our intervention, we do not disclose [imposing additional capital through the PCR] and, within our powers, we have the capacity to tell [banks] that they should not disclose it as well,” Mr Byres said.

…Mr Byres said that prudential regulation was more effective if conducted “below the radar” which was crucial to maintain public confidence in the banks. “I recognise this is something we have to balance with the broader objectives to have transparency…but we find our capacity to do [work] behind the scenes is a very effective way of getting things dealt with without causing undue angst more broadly,” he said.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.