Australia's financial watchdog on Thursday said local banks would not have to raise yet more capital to meet global rules, a relief to institutions already facing some of the strictest standards in the rich world.
The Australian Prudential Regulation Authority (APRA) had the option under Basel III rules of requiring banks to build a "countercyclical capital buffer" of up to 2.5% of risk-weighted assets.
The buffer forces banks to build up capital during boom periods as one way of making the global financial system safer following the crisis of 2008.
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The Australian Prudential Regulation Authority (APRA) had the option under Basel III rules of requiring banks to build a "countercyclical capital buffer" of up to 2.5% of risk-weighted assets.
The buffer forces banks to build up capital during boom periods as one way of making the global financial system safer following the crisis of 2008.
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