Banking Act 1959
Part II
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Provisions relating to the carrying on of banking business
Division 2
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Protection of depositors
Subdivision A
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General provisions relating to depositor protection
SECTION 12
APRA to protect depositors
(1)
It is the duty of APRA to exercise its powers and functions under this Division for the protection of the depositors of the several ADIs and for the promotion of financial system stability in Australia.
(2)
To avoid doubt, section 8A of the Australian Prudential Regulation Authority Act 1998 (which deals with trans-Tasman cooperation) applies to the performance of functions and the exercise of powers by APRA under this Division.
It is the duty of APRA to exercise its powers and functions under this Division for the protection of the depositors of the several ADIs and for the promotion of financial system stability in Australia.
View history note
Hide history note(2)
To avoid doubt, section 8A of the Australian Prudential Regulation Authority Act 1998 (which deals with trans-Tasman cooperation) applies to the performance of functions and the exercise of powers by APRA under this Division.
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