Interpretation - classifications of ADIs

15. In this reporting standard:

Accounting Standard AASB 127 means the accounting standard so made by the Australian Accounting Standards Board.

ADI means an authorised deposit-taking institution within the meaning of the Banking Act 1959.

ADI list means the attached list.

bank means, for the purposes of this standard, an ADI whose name appears under the heading ‘Australian-owned Banks’ or ‘Foreign Subsidiary Banks’ in the ADI list.

building society means an ADI whose name appears under the heading ‘Building Societies’ in the ADI list.

consolidated ADI group means a group comprising:

(a) an ADI that is a highest parent entity; and

(b) each subsidiary under the control (within the meaning of Accounting Standard AASB 127) of that ADI, whether the subsidiary is locally-incorporated or not.

credit union means an ADI whose name appears under the heading ‘Credit Unions’ in the ADI list.

highest parent entity means an ADI that satisfies all of the following conditions:

(a) it is locally-incorporated;

(b) it has at least one subsidiary under its control (within the meaning of Accounting Standard AASB 127); and

(c) it is not itself a subsidiary (within the meaning of Accounting Standard AASB 127) of an ADI that is locally-incorporated.

locally-incorporated means incorporated in Australia.

special service provider means an ADI whose name appears under the heading ‘Other ADIs’ in the ADI list (other than the Cairns Penny Savings & Loans Limited).

specialist credit card institution means an ADI whose name appears under the heading ‘Specialist Credit Card Institutions (SCCIs)’ in the ADI list.

16. If an ADI is not listed in the ADI list, then:

(a) if the ADI assumes or uses the word ‘bank’ in relation to its financial business, it is taken to be a bank for the purposes of this reporting standard;

(b) if the ADI assumes or uses the expression ‘building society’ in relation to its financial business, it is taken to be a building society for the purposes of this reporting standard;

(c) if the ADI assumes or uses the expression ‘credit union’, ‘credit society’ or ‘credit co-operative’ in relation to its financial business, it is taken to be a credit union for the purposes of this reporting standard; and

(d) if the ADI engages in credit card issuing or credit card acquiring, or both, and does not otherwise carry on banking business within the meaning of section 5 of the Banking Act 1959, it is taken to be taken to be a specialist credit card institution for the purposes of this reporting standard.