Regulator to launch climate "stress tests" for Aussie banks
The Australian Prudential Regulation Authority (APRA) outlined plans to develop and impose "vulnerability assessments", or stress tests, to evaluate the resilience of Australian banks to the effects of climate change.
“The effects of a changing climate extend to all sectors of the economy,” wrote Geoff Summerhayes, APRA executive board member, in the letter. “They pose financial risks, as well as provide new business opportunities, to all APRA-regulated entities.”The watchdog will consult with the market to draw ...
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