Has Uniting Financial Services had to increase its reserved capital amount under the new Government regulations? If so, what was the amount and percentage of the increase?
There are a number of changes happening both globally and locally with respect to reserved capital as a result of the global financial crisis. The 2010 G20 meeting recommended that international banks increase their required capital however the Australian Government’s Deputy Leader Wayne Swan has said that he believes that Australian Banks are well capitalised. A review by the Australian Prudential Regulation Authority will commence mid-2010 and is expected to be finalised by late 2010, and Uniting Financial Services will comply with any requirements that result from the review.
