Federal Register of Legislation
Banking Amendment (Covered Bonds) Act 2011
No. 125, 2011
An Act to amend the Banking Act 1959, and for related purposes
Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendments Banking Act 1959
Banking Amendment (Covered Bonds) Act 2011 No. 125, 2011
An Act to amend the Banking Act 1959, and for related purposes
[Assented to 17 October 2011]
The Parliament of Australia enacts:
1 Short title This Act may be cited as the Banking Amendment (Covered Bonds) Act 2011.
2 Commencement This Act commences on the day this Act receives the Royal Assent.
3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendments
Banking Act 1959
1 Subsection 5(1) Insert: covered bond has the meaning given by subsection 26(1).
2 Subsection 5(1) Insert: covered bond liabilities has the meaning given by subsections 26(4) and (5).
3 Subsection 5(1) Insert: covered bond special purpose vehicle has the meaning given by subsection 26(1).
4 Subsection 5(1) Insert: cover pool has the meaning given by subsection 26(3).
5 Subsection 5(1) Insert: issuing ADI has the meaning given by subsection 26(6).
6 Subparagraph 9A(2)(a)(ii) After "1BA", insert "or section 29".
7 Paragraph 11CA(2)(n) After "amount", insert "or asset".
8 Subsection 11CA(2) Before "does not apply", insert "or asset".
9 After subsection 11CA(2) Insert: (2AA) However, APRA must not direct, or give a direction that would cause or require, a covered bond special purpose vehicle to: (a) deal, or not deal, with an asset to the extent that the asset secures covered bond liabilities of an ADI; or (b) make a payment, or not make a payment, in relation to a covered bond liability of an ADI. Note: Covered bond special purpose vehicles hold assets that secure liabilities in relation to covered bonds: see Division 3A of Part II.
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