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
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