Already a subscriber?The chairman of the prudential regulator, John Lonsdale, said the weak economic outlook means “now is not the time to wind back the clock on financial safety” in response to banks’ complaints that APRA’s constraints are restricting their ability to lend.
At The Australian Financial Review Banking Summit in March, outgoing NAB chief executive Ross McEwan saidwhich “unintentionally makes it difficult and expensive to deal with customers we could help”. However, he said: “It also strikes me that the argument to date has been quite one-sided; heavily focused on the costs of financial regulation but paying little attention to the benefits or why it exists.
However, when APRA re-ran the stress test – assuming banks started from the capital positions before “unquestionably strong” – several large banks had fully depleted capital buffers, he revealed. “Ultimately, a bank’s commercial success is far more a function of the decisions its board and management make than it is a reflection of the broader financial regulatory framework.”
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