Westpac Banking Corp 6-K, filed Dec 3, 2021
Westpac Banking Corp (WEBNF)
About this 6-K
Westpac Banking Corp filed this 6-K on December 3, 2021.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
December 3, 2021
Commission File Number 1-10167
WESTPAC BANKING CORPORATION
(Translation of registrant’s name into English)
275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F x | Form 40-F ¨ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Index to Exhibits
| Exhibit No. |
Description | |
| 1 | ASX Release – Westpac notes APRA announcement on loss absorbing capacity |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| WESTPAC BANKING CORPORATION | |||
| (Registrant) | |||
| Date: | December 3, 2021 | By: | /s/ Yvette Adiguzel |
| Yvette Adiguzel | |||
| Tier One Attorney | |||
Exhibit 1
| ASX | Level 18, 275 Kent Street |
| Release | Sydney, NSW, 2000 |
3 DECEMBER 2021
Westpac notes APRA’s announcement on loss absorbing capacity
Westpac Banking Corporation (“Westpac”) notes APRA’s release in relation to loss absorbing capacity of Authorised Deposit taking Institutions (ADIs).
In 2019 APRA announced its framework for loss absorbing capacity for ADIs and required an increase in the total capital requirement of Domestic Systemically Important Banks (D-SIBs) of 3% of risk weighted assets (RWAs), to be met by 1 January 2024.
APRA has now announced this requirement will rise to 4.5% of RWAs, a 1.5% increase on the prior announcement, to be met by D-SIBs by 1 January 2026. We expect to meet this requirement through the issuance of Tier 2 Capital primarily, with a corresponding decrease in senior debt issuance.
Based on Westpac’s 30 September 2021 RWA position, the additional 1.5% requirement increases total capital by $6.5 billion. The final requirement will depend on Westpac’s RWAs at 1 January 2026. Westpac is well placed to meet the additional requirements by 1 January 2026.
For further information:
| David Lording | Andrew Bowden |
| Group Head of Media Relations | Head of Investor Relations |
| M. 0419 683 411 | M. 0438 284 863 |
This document has been authorised for release by Tim Hartin, General Manager & Company Secretary.
