The Australian Prudential Regulation Authority (APRA) has decided to delay the implementation of its proposed new liquidity rules for local banks by one year.
The delay was announced after the global banking supervisory committee said it would implement its new rules by the end of 2012.
In a letter sent to banks and building societies, APRA said it would “generally follow the agreed international timetable when implementing new capital standards in Australia.”
APRA appears to be relaxing its controversial and tough regulations, after confirming last week that semi-government securities would satisfy its tougher liquidity regime.
“APRA appears to be recognising current local market nuances by relaxing the firm focus on commonwealth government securities,” Citigroup bank analyst Craig Williams said.
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