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Attached is our attempt in respect of the Deposit Takers Act 2023.
But of course, the devil is definitely in the detail in respect of the DTA. The challenge of meeting the technical requirements to effectively implement a Depositor Compensation Scheme (DCS) by late 2024 should not be underestimated, and there will be various public consultations through to 2027 concerning the new prudential standards that will apply to Banks and Non-Bank Deposit Takers (NBDTs) under the DTA.
In fact, the Reserve Bank has just commenced consultations on the Proportionality Framework that will set out how the Reserve Bank will take a proportionate approach to developing new prudential standards under the DTA and the Levy Framework that will apply in respect of the DCS. Both are significant consultations, the outcome of which will impact the Banks and NBDTs for many years to come.
Download the Deposit Takers Act 2023 diagram. – PDF (90kb)
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