SYDNEY, July 12 - Australia's prudential regulator told banks on Monday they must have a plan to deal with the possibility of zero or negative interest rates by April 2022, after a consultation showed such rates could pose "operational challenges" in some instances.
APRA is thus asking banks to take "reasonable steps" to prepare for such a scenario and to "at a minimum, develop tactical solutions to implement zero and negative market interest rates and cash rate by 30 April 2022." "APRA considers the risks arising from lack of preparedness for zero and negative interest rates to be material since this could have significant implications for risk management, hedging, operational processes, contracts, product disclosures, IT and accounting systems among other areas."
"Insufficient preparation for the possibility of zero and negative interest rates could therefore have an adverse impact on , its customers and the markets in which it operates," McCarthy Hockey added.
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