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The global framework for banking regulation and supervision, prepared by the Basel Committee on Banking Supervision, makes a distinction between three "pillars", namely regulation (Pillar 1), supervisory discretion (Pillar 2), and market discipline enabled by appropriate disclosure requirements (Pillar 3). [2] Bank licensing, which sets certain ...
For example, in 2000, the Commonwealth Bank acquired the Colonial Group, which had emerged as a major bank–insurance combine in the 1990s, after the Colonial Mutual insurance group took over State Bank of New South Wales in 1994. The Commonwealth Bank also acquired the State Bank of Victoria in 1990 and Bankwest in 2008.
The Commonwealth Bank of Australia was established by the Commonwealth Bank Act 1911, introduced by the Andrew Fisher Labor government, which favoured bank nationalisation, with effect on 22 December 1911. [10] [11] In a rare move for the time, the bank was to have both savings and general bank business. The bank was also the first bank in ...
Disclosure requirements; The third pillar requires the bank activities to be transparent to the general public. For this, the bank is supposed to release relevant financial data (financial statements etc.) in a timely fashion to the public, for example, through its webpage.
Institutions are also required to create a formal policy on what will be disclosed and controls around them along with the validation and frequency of these disclosures. In general, the disclosures under Pillar 3 apply to the top consolidated level of the banking group to which the Basel II framework applies.
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank.There are several smaller banks with a presence throughout the country which includes Bendigo and Adelaide Bank, Suncorp Bank, [1] and a large number of other financial institutions, such as credit unions, building societies and mutual banks ...
Basel III: Finalising post-crisis reforms, sometimes called the Basel III Endgame in the United States, [1] [2] Basel 3.1 in the United Kingdom, [3] or CRR3 in the European Union, [4] are additional changes to international standards for bank capital requirements that were agreed by the Basel Committee on Banking Supervision (BCBS) in 2017 as part of Basel III, first published in 2010.
ISBN 978-3-8443-8363-8. Eubanks, Walter W.; Division, Government and Finance (2006). The Basel Accords: The Implementation of II and the Modification of I. Congressional Research Service, the Library of Congress. Han, Yicheng (2020). Historical Capital Regulation of Banks. Standards and Influence of Basel Accords. GRIN Verlag. ISBN 978-3-346 ...