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Macquarie Bank Ltd receives advanced Basel II accreditation from APRA |
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10 December 2007 Macquarie Group Limited (Macquarie) advises that Macquarie Bank Limited (MBL) has today received accreditation from the Australian Prudential Regulation Authority (APRA) to adopt the advanced approaches under Basel II for credit risk and operational risk. Macquarie’s Chief Financial Officer Greg Ward said: “This is the culmination of several years' work and we are delighted with the outcome.” “The Basel II project is an important plank in Macquarie’s strategy of continual improvement of our risk management and measurement systems. Meeting the requirements for the advanced approaches under Basel II has been a challenging and substantial task. Basel II accreditation from APRA provides a validation of the strength of Macquarie's risk processes and controls,” Mr Ward said. MBL applied for Foundation IRB rather than Advanced IRB as it is more suitable for our business at this stage. Macquarie does not expect any material reduction in MBL’s regulatory capital requirement as a result of the implementation of Basel II. Contacts:
Paula Hannaford
Richard Nelson |
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Where we provide any advice on this website, it has been prepared without considering your objectives, financial situation or needs. Before acting on any advice on this website, you should consider its appropriateness to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. Past performance of any product described on this site is not a reliable indication of future performance. Other than Macquarie Bank Limited ABN 46 008 583 542 (MBL), any Macquarie Group entity noted on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity's obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise. |
