Westpac completes Basel II disclosure obligations
14 November, 2008
Westpac Banking Corporation has today completed its initial disclosure obligations under the new Basel Capital Accord (Basel II) with the release of its first Prudential Market Disclosure document, our 'Pillar 3 Report'.
The Pillar 3 Report provides additional information on Westpac's regulatory capital, risk exposures and risk management practices. All information relates to September 30, 2008.
In December 2007, Westpac satisfied the Pillar 1 requirements of Basel II when it was accredited by APRA and RBNZ to use advanced models for the measurement of regulatory capital requirements for credit, market and operational risk.
The Pillar 2 requirements were satisfied in October 2008 when Westpac's Board approved the Group's Internal Capital Adequacy Assessment Process and established target capital ranges for its Basel II capital ratios.
The release today of this additional material, now satisfies the obligations under Pillar 3 and completes Westpac's adoption of all elements of the Basel II framework. In accordance with APRA's requirements, Westpac will be updating some of its Pillar 3 disclosure on a quarterly basis. This detailed Pillar 3 report will be prepared each half year.
