Regulatory Alerts2022-02-27
How we regulate and supervise banks
The regulator issues this guidance to outline its powers under the Banking (Prudential Supervision) Act 1989 to register and supervise banks for maintaining financial system stability. The document details requirements for bank registration, the prohibition on unauthorized use of the term 'bank', and the authority to impose conditions, direct changes in ownership, or place distressed banks into statutory management. It further explains that while the Depositor Compensation Scheme protects depositors up to $100,000, neither the regulator nor the government guarantees against bank failure.
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