The Australian Prudential Regulation Authority (APRA) has granted International Bank of Australia Pty Limited a licence to operate as a restricted authorised deposit-taking institution (Restricted ADI) and IBOA Group Holdings Pty Limited as a non-operating holding company, under the Banking Act 1959.
The updated lists of all APRA-authorised ADIs and all non-operating holding companies are available on the APRA website at: Register of authorised deposit-taking institutions and Register of non-operating holding companies.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.
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Read the article: https://www.apra.gov.au/news-and-publications/apra-grants-new-restricted-authorised-deposit-taking-institution-licence-to-2
What's a
Restricted ADI?
International Bank of Australia is authorised by the Australian Prudential Regulation Authority (APRA) to operate under a Restricted Authorised Deposit-taking Institution licence until 2nd November 2024. Under this authority International Bank of Australia has restrictions on the amount of deposits it can take. Under this restricted licence International Bank of Australia is not required to meet the full ADI prudential framework and will not be offering banking products to the general public.
International Bank of Australia has put in place arrangements to protect customers in the event it is required by APRA to discontinue banking business and exits the banking industry. This includes:
- International Bank of Australia being required by APRA to contact customers to advise how they are impacted, e.g. deposits may be returned or transferred to another bank;
- the Banking Act 1959 provisions for the protection of depositors apply to International Bank of Australia; and
- International Bank of Australia is covered by the Australian Government Financial Claims Scheme (FCS). The FCS applies only to protected accounts. It is important customers check the terms and conditions of their specific product to determine if it is protected under the FCS.
Licensing guidelines for authorised deposit-taking institutions | APRA
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