Australia Sets Higher Capital Buffer for Four Biggest Banks
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Australia’s four largest banks will need to carry an extra 1 percent of core tier 1 capital from Jan. 1, 2016, due to their systemically important status, according to the country’s banking regulator.
Australia & New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd. and Westpac Banking Corp. need to have a greater capacity to absorb losses, the Australian Prudential Regulation Authority said in a statement today.