The country's banks may have to disclose less

Reserve Bank Governor Graeme Wheeler

Reserve Bank Governor Graeme Wheeler

The Reserve Bank may require less disclosure from the country's registered banks.

It launched on Tuesday public consultation on changes to its regulatory requirements to improve the efficiency of supervising banks.

It expects the changes will also reduce banks' costs.

The proposed changes arise out of a regulatory stocktake the central bank announced a year ago reviewing prudential requirements on banks and non-bank deposit takers.

The purpose of the stocktake was to enhance the efficiency, clarity, and consistency of the prudential requirements applying to them, the Reserve Bank said.

Public consultation on the project is being undertaken in two parts.

The first is the release of a public consultation document on matters relating to registered banks. 

The second is the release at the same time of an Industry Update for non-bank deposit takers.

One of the possible changes is the number of times banks have to issue disclosure statements each year and what they must include in them.

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Banks issue disclosure statements four times a year. Two are quarterly statements and the other two are a half-year statement and a full-year statement. One of the suggested options is to remove the two quarterly statements.

"Overall, we expect that the changes that are being considered as part of the stocktake will result in significant cost savings for banks, and improvements in the efficiency of the regulatory regime," Toby Fiennes, Head of Prudential Supervision, at the Reserve Bank said.

Submissions on the consultation document close at 5pm on September 16, with final decisions on changes currently expected before the end of 2015.


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