Commonwealth Consolidated Acts

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY ACT 1998 - SECT 54

             (1)  This section sets out the purposes of the APRA Special Account.

             (2)  Amounts standing to the credit of the APRA Special Account may be debited for the following purposes:

                     (a)  in payment or discharge of the costs, expenses and other obligations incurred by APRA in the performance of its functions or the exercise of its powers;

                     (b)  in payment of any remuneration or allowances payable to persons appointed or engaged under this Act;

                     (c)  in making any other payments which APRA is authorised or required to make under this Act or any other law of the Commonwealth.

Note:          See section 21 of the Financial Management and Accountability Act 1997 .

             (3)  However, amounts standing to the credit of the APRA Special Account must not be debited for a purpose described in section 54C (Purposes of the Financial Claims Scheme Special Account).

Note:          APRA's administrative costs associated with its functions and powers under Subdivision C of Division 2AA of Part II of the Banking Act 1959 or Division 3 of Part VC of the Insurance Act 1973 can be paid from the APRA Special Account, but the entitlements under those provisions can be paid only from the Financial Claims Scheme Special Account.

             (4)  If a declaration under section 16AD of the Banking Act 1959 or section 62ZZC of the Insurance Act 1973 specifying an amount to be credited to the APRA Special Account is amended so as to reduce the amount, an amount equal to the reduction must be debited from the Account.