Australia's banking regulator said on Wednesday it has ordered Macquarie Gr...
) to tighten their local funding arrangements, saying the banks had breached liquidity reporting requirements.
The regulator said the banks had provisions in their funding agreements that would potentially allow the group funding to be withdrawn in a stress scenario, undermining the stability of the Australian units. APRA gave no further details of the required strengthening, but did say it would require the lenders to re-state past funding and liquidity ratios.
“It is likely that recalculated liquidity coverage ratios will show a historical non-compliance,” the firm said. It said if the unit had been “aware of APRA’s interpretation of the MAC clause, they would have removed the clause earlier”.
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