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Brief
On 30 October 2024, the Trans-Tasman Council on Banking Supervision (TTBC) met in Sydney, Australia to discuss matters related to Trans-Tasman bank supervision and regulation. The meeting included updates on recent policy changes, economic conditions, and lessons learned from a recent crisis simulation.
The TTBC members discussed the resilience of key economic indicators and similarities/differences in respective economic cycles between New Zealand and Australia. APRA led a discussion on the Crisis Simulation, which aimed to prepare TTBC agencies for managing bank failures. The Heads noted outcomes and lessons learned from the simulation.
The TTBC agencies have been working on updating their Terms of Reference and Memorandum of Cooperation to reflect the needs of the present banking sector in both jurisdictions. The updated documents were approved by the Heads and published along with this annual statement.
The Heads discussed changing risks affecting financial sector stability, including operational, cyber, and geopolitical risks. They agreed to a work plan for 2025, which includes strengthening cyber security and improving cyber incident preparedness.
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