APRA letter re capital management
8 April 2020
Westpac Banking Corporation (WBC) acknowledges the letter from the Australian Prudential Regulation Authority (APRA) to all authorised deposit-taking institutions (ADIs) and insurers setting out APRA’s guidance on capital management during the period of significant disruption caused by COVID-19.
In the letter APRA outlined its expectations that discretionary capital distributions of ADIs and insurers should be limited in the months ahead. APRA noted that where dividends are approved, this should only be on the basis of robust stress testing results that have been discussed with APRA and should nevertheless be at a materially reduced level.
No decision has yet been made by the Westpac Board in relation to the 1H20 dividend. The Westpac Board expects to announce its decision on the 1H20 dividend with the Group’s 1H20 results, scheduled for release on 4 May 2020.
APRA’s letter can be found here.
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