Document ID: chunk:federal_register_of_legislation:C2025C00045:section:12g
Version: federal_register_of_legislation:C2025C00045
Segment Type: section
Provision Reference: s 12G
Character Range: 97267–99131

12G  Meaning of critical banking asset
 (1) An asset is a critical banking asset if it is any of the following assets:
 (a) an asset where the following conditions are satisfied:
 (i) the asset is owned or operated by an authorised deposit‑taking institution;
 (ii) the authorised deposit‑taking institution is an authorised deposit‑taking institution that, in accordance with subsection (2), is critical to the security and reliability of the financial services and markets sector;
 (iii) the asset is used in connection with the carrying on of banking business;
 (b) an asset where the following conditions are satisfied:
 (i) the asset is owned or operated by a body corporate that is a related body corporate of an authorised deposit‑taking institution;
 (ii) the body corporate is a body corporate that, in accordance with subsection (3), is critical to the security and reliability of the financial services and markets sector;
 (iii) the asset is used in connection with the carrying on of banking business.
Note: The rules may prescribe that a specified critical banking asset is not a critical infrastructure asset (see section 9).
 (2) For the purposes of subparagraph (1)(a)(ii), the rules may prescribe:
 (a) specified authorised deposit‑taking institutions that are critical to the security and reliability of the financial services and markets sector; or
 (b) requirements for an authorised deposit‑taking institution to be critical to the security and reliability of the financial services and markets sector.
 (3) For the purposes of subparagraph (1)(b)(ii), the rules may prescribe:
 (a) specified bodies corporate that are critical to the security and reliability of the financial services and markets sector; or
 (b) requirements for a body corporate to be critical to the security and reliability of the financial services and markets sector.