fbpx
Skip to main content
New Financial Assistance Hub

Statement from the Australian Banking Association (ABA) regarding Silicon Valley Bank (SVB) issue.

Statement from the Australian Banking Association (ABA) regarding Silicon Valley Bank (SVB) issue.

13 March 2023

Attributable to a spokesperson for the ABA:

“The Treasurer has indicated that the federal government is closely monitoring the situation.

The SVB case in the US has been brought about by a particular set of factors, including a high exposure to the tech industry.

Australia’s banks in contrast are strong and subject to a different set of regulatory frameworks.

ABA members are well diversified and therefore well positioned in the event that one sector experiences challenging financial circumstances.

They are well capitalised and already meet Australian Prudential Regulation Authority’s (APRA) “unquestionably strong” benchmarks. Further to this, Australian banks have this year implemented revised capital requirements, further strengthening financial resilience.”


Latest news

1 / 3
Transcript
Anna Bligh interviewed by ABC RN’s Hamish McDonald on branches and changing customer trends
21 September 2023

Hamish MacDonald: A Senate inquiry is examining a wave of bank closures that have hit regional Australia particularly hard. More than 1600 bank branches have closed nationally in the past six years, including 309 in the last financial year. Like post offices and milk bars, bank branches form part of the architecture of regional communities… Read more »

Read more
ABA News
Online gambling credit card ban one step closer 
14 September 2023

New laws banning the use of credit cards for online gambling are one step closer with the introduction of the Federal Government’s Interactive Gambling Act 2001 Bill to Parliament.  The Australian Banking Association (ABA) has welcomed this milestone saying the new laws will make it illegal for an online gambling company to accept a credit… Read more »

Read more
ABA News
New identity verification safeguards a step in the right direction  
14 September 2023

The Australian Banking Association (ABA) has welcomed the introduction of new legislation to boost the security of identity verification services.

Read more