APRA staff: Management is captured

At the AFR come stunning leaks from APRA staff via its internal review:

“When institutions are consistently able to get a different result by appealing to GM levels and above, line supervisors become demoralised and institutions become emboldened to push the limits,” one employee said.

…One employee speaking under the protection of anonymity said the biggest problem with the regulator was that there were “too many underperforming managers”.

…“In some pockets of APRA, staff do not have a high degree of trust that their managers would ‘back them’, that it would be safe to make a mistake, or that career-related outcomes are fair,” the report said.

Wayne Byers must resign. New blood (and values) is needed. Recruit an RBNZ gun.

Comments

    • I reckon you’re spot on. He won’t resign 9 months into a lucrative 5 year term. They extended him in the middle of a Royal Commission that proved beyond a shadow of a doubt that he’s not doing his job. He flat out refuses to answer any media questions and has zero accountability, aside from that to his puppet masters, namely the Treasurer.

  1. reusachtigeMEMBER

    APRA’s responsibility is to protect bank profits. They do an ok job really.

  2. Mining BoganMEMBER

    Reckon the AFP will be ready to launch some new raids over this. That Thunderbird looking bloke needs protection.

    • The Traveling Wilbur

      Most government departments aren’t tasked with regulating anything that actually matters.

    • SoMPLSBoyMEMBER

      And all that superb ‘regulation’ has enabled them to become the world’s most profitable!
      How come we’re always the smartest people in the international room?

      • We could teach Deutsche Bank a thing or two about stability and profitability. Those amateurs lending primarily to non-housing based enterprises.

  3. A corrupt and captured regulator. APRA was separated from the reserve bank to facilitate this capture. The system is working as designed.

    • Housing regulation used to work great. That was the problem. It held up and added cost to development That’s why the governments over time deregulated certification and the like. If APRA was effective they’d have to merge it with something or otherwise nobble it.

  4. An investigation into the finances of management would be very, very interesting.

    I wonder how many of them get a sudden cash influx, and expensive holiday or their kids private school fees paid by third parties – and how many coincided with questionable APRA decisions made by these managers?