APRA says 11 entities are in intensive care
The new chairman of the Australian Prudential Regulation Authority (APRA), Wayne Byres, has revealed that 11 of the entities APRA regulates are in “the intensive care ward”.
In an opening statement to a Parliamentary Committee hearing, Byres described the 11 entities as being in APRA’s two highest categories for regulatory intervention “the intensive care ward, so to speak”.
Without naming the entities involved, Byres said they were either “being restored to health”, or in some cases “making an orderly exit from the industry”.
The new APRA chairman sought to put the number of entities which are in trouble in context by saying they were just 11 of the 481 distinct entities regulated by APRA and represented only around one-tenth of one per cent of industry assets.
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