Loans and amounts due (including debentuLoans and amounts due (including debentures)

Loans and amounts due (including debentures)

9. An amount representing an asset is excluded from being an asset in Australia if:

Debt assets, not being debt assets held through a depository

(a) the asset is a debt owed by another person (including, but not limited to, a debenture or a bond), not being an asset that is held through a depository, and:

(i) the debt is payable outside Australia;

(ii) the debt is not recoverable in an Australian court;

(iii) the debtor is a body corporate and does not have a registered office in Australia within the meaning of the Corporations Act;

(iv) the debtor is a foreign government or foreign government authority;

(v) the debtor is a natural person who resides outside Australia; or

(vi) the debt is not readily transferable in Australia; or

Interests held on Australian depositories

(b) the asset is an interest held on an Australian depository, being an interest that derives from, or relates to, an underlying asset that is in the nature of a debt owed by another person, and:

(i) the underlying asset would be excluded from being an asset in Australia under subparagraph (a) if held directly by the locally incorporated insurer (rather than through a depository); and

(ii) APRA has not determined in writing to waive the exclusion of the asset or a class of assets of which the asset is a member; or

Interests held on foreign depositories

(c) the asset is an interest held on a foreign depository, being an interest that derives from or relates to an asset in the nature of a debt owed by another person.