March 22, 2020 / 10:39 PM / 8 days ago

Australia's banks must disclose terms, volume of loans subject to COVID-19 support - regulator

SYDNEY, March 23 (Reuters) - Australia’s prudential regulator said on Monday banks are required to report and publicly disclose the nature of any repayment deferrals as well as the volume of loans impacted by coronavirus support packages.

Australian banks recently announced COVID-19 support packages that provide affected borrowers, mainly small businesses and home loan customers, with an option to defer their repayment for up to six months.

The Australian Prudential Regulation Authority (APRA) said it will write to all banks to advise them of the specific reporting treatment for loans that are subject to these support arrangements. (Reporting by Swati Pandey; Editing by Daniel Wallis)

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