APRA flags end of debt benefit

The regulatory risk to the nation’s banking sector exposed again by rule change.

The regulatory risk to the nation’s banking sector has again been exposed, with the prudential regulator advising the major banks that the capital benefit from debt issued by their wealth management subsidiaries will be phased out by the end of 2017.

Westpac will not be affected, but almost $5 billion of debt held in the wealth businesses of Commonwealth Bank, National Australia Bank and ANZ Bank will come under the new treatment.

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