Updating it systems plan credit union

Depositor preference is a form of depositor protection that would supplement deposit insurance by moving depositors’ (or a subset of depositors’) claims ahead of other senior unsecured creditors in an insolvency situation.

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The Government has also commenced a review into competition in financial services, following on from the Financial System Inquiry’s recommendation to examine the state of competition in the sector.

The APRA has also been busy releasing a consultation paper on a directly issued Common Equity Tier 1 (the same Basel III category as retained earnings) capital instrument for mutual ADIs, following several years of work with the mutual sector.

The Government is also looking to legislate a new Banking Executive Accountability Regime that will increase penalties and heighten expectations on all Australian Deposit-taking Institutions (ADIs) and their executives.

This new regime responds to a lack of individual accountability at Australia’s major banks.