Commonwealth Numbered Regulations - Explanatory Statements

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BANKING (STATISTICS) REGULATIONS (AMENDMENT) 1997 NO. 24

STATUTORY RULES 1997 NO. 24

Issued by the Authority of the Assistant Treasurer

Banking Act 1959

Banking (Statistics) Regulations (Amendment)

Section 71 of the Banking Act 1959 (the Act) provides that the Governor-General may make regulations for the purpose of the Act.

Paragraph 5 1 (1)(a) of the Act and regulations 4 and 5 of the Banking (Statistics) Regulations (the Regulations) require banks to prepare financial statements which must be provided to the Reserve Bank of Australia (RBA). Regulations 4 and 5 requires these accounts to be prepared as at the bank's accounting day (or balance day) for that year. Regulation 3 provides that the RBA may fix the day that is to be the accounting day for a bank.

In 1990, an undertaking was provided to the Senate Standing Committee on Regulations and Ordinances to amend regulation 3(b) to require the RBA to provide written notification of a bank's accounting day (presently, regulation 3(b) only requires the RBA to "tell the bank") To this date, this undertaking has not been acted upon. The proposed amendment gives effect to this original undertaking.

As it is the RBA's current practice to provide written notification, the proposed amendment will simply formalise current practice.

The proposed Regulation would commence on Gazettal.

The Minute recommends that the Regulation be made in the form proposed.