Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 (10 of 2018)

Schedule 1   Amendment of the Banking Act 1959

Part 1   Main amendments

Banking Act 1959

59   At the end of section 11E

Add:

(3) In this section:

asset has the same meaning as in the Financial Sector (Transfer and Restructure) Act 1999.

Australian business assets and liabilities , of a foreign ADI, means the following:

(a) the assets and liabilities of the foreign ADI in Australia;

(b) any other assets and liabilities of the foreign ADI that:

(i) are related to its operations in Australia; and

(ii) if regulations are made for the purposes of this subparagraph - are of a kind specified in those regulations.

liability has the same meaning as in the Financial Sector (Transfer and Restructure) Act 1999.