Banks forced to plan for a crisisMatthew Drummond
The Australian Financial Review
July 20, 2011 Wednesday
http://afr.com/p/business/financial_services/banks_forced_to_plan_for_crisis_G2a3v2XI9jNrl7uwnwAImKABIX NEWS SUMMARIES; Pg. 1/48
179 words
ABSTRACT
The Australian Prudential Regulation Authority has asked the big four banks to develop plans for reorganisation and divestiture in case of another financial crisis. The authority is concerned that the big banks may take unacceptable risks if they believe that they can always count on assistance from the Australian Government due to being perceived as "too big to fail". Colleen Cassidy, MD of risk management at Promontory Australasia, says that living wills, also called "recovery and resolution plans", are difficult to prepare. The following companies were referenced in the original article...
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED - ASX ANZ
COMMONWEALTH BANK OF AUSTRALIA - ASX CBA
NATIONAL AUSTRALIA BANK LIMITED - ASX NAB
WESTPAC BANKING CORPORATION - ASX WBC
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
PROMONTORY AUSTRALASIA (SYDNEY) PTY LTD
KPMG AUSTRALIA PTY LTD;FINANCIAL STABILITY BOARD
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
RESERVE BANK OF AUSTRALIABARCLAYS BANK PLC
