apra

In the AFR I write that after months of debate about whether the Reserve Bank of Australia would increase or decrease its stimulus in recognition of the COVID-induced...

The announcement on Friday that APRA is winding down the ability of banks to rely on the RBA’s Committed Liquidity Facility (CLF) to meet their Liquidity Coverage...

There has been very big news today for both the government and bank bond markets in what would have come as a significant shock to the banking system and almost all...

In a move that's a bit more aggressive than I had expected, APRA just announced that they will close the CLF (Committed Liquidity Facility).   The CLF will be...

Recent data suggests that APRA and the RBA can shrink the Committed Liquidity Facility (CLF) faster than I had previously figured. The entire point of the CLF was to...

The COVID-shock of 2020 put a spotlight on a design flaw in Australian banking regulations. At a time when governments are borrowing lots of money, and the RBA is...

Australia's banks are allowed to arbitrage global regulatory rules on best-practice liquidity requirements to maximise their returns on equity. This comes at a direct...

A scarcity of Australian government debt meant that the RBA and APRA had to be creative when implementing the post-GFC global banking reforms, known as Basel 3. The...

Two recent presentations by senior RBA staff have acknowledged that cutting interest rates has put a rocket under house prices. This is a refreshing change, as for...

Each day the coronavirus pandemic sets another domino to fall. The latest could be bank dividends. It’s now very likely that our banks will cut – or even postpone –...

These are some exciting times for investors across the banks' capital structures, spanning equity, hybrids, subordinated bonds, senior bonds, deposits, and the safest...

Last month, REA Group chief executive Owen Wilson claimed that “the buyers are definitely back”. And recent data seem to back him up. House prices are rebounding,...

Today I write that the “bail-in-able” debt tsunami we forecast last week did not disappoint with two incredibly large "Tier 2" subordinated bond transactions executed...

This week I outline our analysis of the coming tsunami of "bail-in-able" Tier 2 bonds care of APRA's finalised Total Loss Absorbing Capacity (TLAC) policy, which the...

After all of the misconduct exposed at the Banking Royal Commission it is somewhat fashionable to bash the regulators for their shortcomings. That’s fair enough as...

In my column today I argue that May presents an intelligence test for RBA governor Phil Lowe; explain why the banks are already doing the heavy-lifting for it by...

In the AFR today I reveal that very senior industry participants believe the RBA and APRA are considering a targeted alternative to a cut to the official cash rate,...

Let's take a step back from the monthly housing data and ask ourselves: What's happening in the market and are we seeing a bottom in prices - or are there further...

The article below is Narrow Road Capital's submission to the current APRA consultation process on bank capital levels. APRA has rightly recommended that the major...