Banking (prudential standard) determination No. 11 of 2022
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Notifications
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An issuing ADI must provide to APRA, as soon as practicable after the issue of a covered bond, a written declaration signed by a responsible person of the ADI certifying that at the time of issue of the covered bond, the combined value of assets in cover pools securing covered bonds issued by the ADI, including the issue undertaken, do not exceed 8 per cent of the value of the ADI’s assets in Australia (or such other percentage as may be prescribed in regulations pursuant to section 28 of the Banking Act).
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An issuing ADI must provide APRA with a copy of all documentation relating to the issue of covered bonds on request.
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An issuing ADI must notify APRA in writing, as soon as practicable after it becomes aware that the value of assets in cover pools securing covered bonds issued by the ADI exceeds, or will exceed, 8 per cent of the value of the ADI’s assets in Australia (or such other percentage as may be prescribed in regulations pursuant to section 28 of the Banking Act). Such notification must include the value of the assets in the cover pool, the amount in excess of the specified percentage, reasons for the excess and an indication of the ADI’s plans and a proposed time frame in which assets held in the cover pool may fall below the specified percentage.