House of Representatives
Banking Amendment (Covered Bonds) Bill 2011
Explanatory Memorandum
(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)General outline and financial impact
Outline
Schedule 1 of the Banking Amendment (Covered Bonds) Bill 2011 makes amendments to the Banking Act 1959 to enable Authorised Deposit-taking Institutions (ADIs), which includes banks, credit unions and building societies, to issue covered bonds.
Date of effect : Date of Royal Assent
Proposal announced : The measure was announced by the Deputy Prime Minister and Treasurer in Press Release No. 091 dated 12 December 2010. The measure is one of a number of measures announced as part of the Government's Competitive and Sustainable Banking System reforms.
Financial impact : Nil