Australia
On 12 December 2010, the Treasurer of Australia, Wayne Swan, announced that Australia would change its financial regulations to allow covered bonds. The Australian Securitisation Forum has attempted to get APRA to allow ADI's to issue these bonds for several years - without success. More recently the major Banks have been lobbying for this, stating that Australian Banks would be at a disadvantage to their international counterparts.
Legislation authorizing issuance of covered bonds by Australian financial institutions won support from the minority Labor government and the opposition in the house of representatives on the 12th of October 2011. The bill then passed to the senate where it was passed the next day, 13 October.
In November 2011 ANZ Banking Group released Australia's first Covered Bond issue.
Read more about this topic: Covered Bond
Famous quotes containing the word australia:
“I like Australia less and less. The hateful newness, the democratic conceit, every man a little pope of perfection.”
—D.H. (David Herbert)
“It is very considerably smaller than Australia and British Somaliland put together. As things stand at present there is nothing much the Texans can do about this, and ... they are inclined to shy away from the subject in ordinary conversation, muttering defensively about the size of oranges.”
—Alex Atkinson, British humor writer. repr. In Present Laughter, ed. Alan Coren (1982)