Company: WEBNF
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001104659-25-062718
Chunk: 18

Company: WESTPAC BANKING CORP
Filing Date: 2025-06-26
Form: 424B5
Chunk 18
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 transfer includes liabilities of Westpac in respect of protected accounts) under the Financial Sector (Transfer and Restructure) Act 1999, costs of APRA in exercising its powers and performing its functions relating to Westpac in connection with the Australia Financial Claims Scheme, liabilities in Australia in relation to protected accounts kept with Westpac, debts due to the Reserve Bank of Australia, which we refer to as the RBA, and liabilities under certified industry support contracts. Section 13A(3) applies in a winding-up of Westpac and other circumstances if Westpac is unable to meet its obligations or suspends payment. A “protected account” is either (a) an account, or covered financial product, that is kept under an agreement between the account-holder and the ADI requiring the ADI to pay the account-holder, on demand or at an agreed time, the net credit balance of the account or covered financial product at the time of the demand or the agreed time (as appropriate), or (b) another account or financial product prescribed by regulation.

Further, certain assets, such as the assets of Westpac in a cover pool for covered bonds issued by Westpac, are excluded from constituting assets in Australia for the purposes of Section 13A of the Australian Banking Act, and these assets are subject to the prior claims of the covered bond holders and certain other secured creditors in respect of the covered bonds. The assets which are subject to such prior claims may also be substantial. In addition, future changes to applicable law may extend the debts required to be preferred by law or the assets to be excluded.

In addition, under Section 16(2) of the Australian Banking Act, certain other debts of Westpac due to APRA shall in a winding-up of Westpac have, subject to Section 13A(3) of the Australian Banking Act, priority over all other unsecured debts of Westpac, and Section 86 of the Reserve Bank Act 1959 of Australia, which we refer to as the Reserve Bank Act, provides that in a winding-up of Westpac, debts due by Westpac to the RBA shall, subject to Section 13A(3) of the Australian Banking Act, have priority over all other debts of Westpac.

Therefore, in the event of Westpac’s insolvency, there is no assurance that Westpac will have sufficient assets to repay the notes in full or at all. See “Description of the Notes—Ranking” in this prospectus supplement.

The exercise of administrative powers by AP