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.