Banking (Prudential Standards) adjustment or exclusion No. A9 of 2019

 

Prudential Standard APS 111 Capital Adequacy: Measurement of Capital

To:    86400 Ltd ABN 13 621 804 813 (86400)

 

I, Chris Gower, a delegate of APRA, under paragraph 43 of Prudential Standard APS 111 Capital Adequacy: Measurement of Capital (APS 111) ADJUST the prudential requirements in APS 111 in relation to 86400 in the manner specified in the attached Schedule. 

This instrument comes into force on the day it is signed and continues in force until 17 July 2020.

Dated  18 July 2019

 

[Signed]

 

 

………………………………

Chris Gower

Acting Executive General Manager

Policy and Advice Division

 

Interpretation

In this Notice

APRA means the Australian Prudential Regulation Authority.

 

 

 


Schedule

 

  1. Paragraph 1(k) of Attachment B to APS 111 is adjusted by replacing it with the following:

 

“(k) the instrument is directly issued by the issuer, and:

(i)            except where otherwise permitted in this Prudential Standard, the issuer, any other member of a group to which the issuer belongs, or any related entity, cannot have purchased or directly or indirectly funded the purchase of the instrument; or

(ii)          the purchase of the instrument has been directly or indirectly funded by deposits from 86400 Ltd ABN 13 621 804 813 (86400) with Cuscal Limited ABN 95 087 822 455 (Cuscal) in the following circumstances:

(A) the deposited funds do not exceed any limit, and the deposit does not fail to satisfy any condition, notified by APRA to 86400 in writing from time to time; and

(B)    Cuscal has deducted any direct or indirect holding of the instrument from its Common Equity Tier 1 Capital;”