Form 6-K WESTPAC BANKING CORP For: Dec 03

December 3, 2021 7:20 AM EST

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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 APRAs 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.

 

 

 

 



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