Revocation of Authority to carry on banking business

Banking Act 1959

SINCE

A.                on 16 February 2017 Bankstown City Credit Union Ltd ABN 40 087 649 769 (the ADI) applied in writing to APRA under subsection 9A(1) of the Banking Act 1959 (the Act), to revoke its authority to carry on banking business in Australia (the Authority); and

B.                 I am satisfied that revocation of the Authority:

(i)                 would not be contrary to the national interest; and

(ii)               would not be contrary to the interests of the depositors of the ADI,

I, Louis Serret, a delegate of APRA, under subsection 9A(1) of the Act, REVOKE the Authority.

Dated: 16 June 2017

[Signed]

Louis Serret

Acting Executive General Manager Specialised Institutions Division

Interpretation                                                                                        Document ID: 226854

In this Notice

APRA means the Australian Prudential Regulation Authority.

ADI is short for authorised deposit-taking institution and has the meaning given in subsection 5(1) of the Act.

banking business has the meaning given in subsection 5(1) of the Act.

 Note 1

 Under subsection 9A(6) of the Act, APRA must publish a copy of this Notice in the Gazette and may cause notice of the revocation to be published in any other way it considers appropriate.

Note 2

Under subsection 8(1) of the Act, a body corporate is guilty of an offence if the body corporate carries on banking business in Australia and the body corporate is not the Reserve Bank and the body corporate is not an ADI and there is no order in force under section 11 of the Act determining that subsection 8 (1) does not apply to the body corporate. A maximum penalty of 200 penalty units apples or by virtue of subsection 4B(3) of the Crimes Act 1914 in the case of a body corporate, a maximum penalty not exceeding 1,000 penalty units. By virtue of subsection 8(2) of the Act, an offence against subsection 8(1) is an indictable offence. Under subsection 8(3) of the Act, if a body corporate commits an offence against subsection 8(1), the body corporate is guilty of an offence against that subsection in respire of the first day on which the offence is committed and each subsequent day (if any) on which the circumstances that gave rise to the body corporate committing the offence continue (including the day of conviction for any such offence or any later day).