Document ID: chunk:federal_register_of_legislation:C2024C00079:section:54e
Version: federal_register_of_legislation:C2024C00079
Segment Type: section
Provision Reference: s 54E
Character Range: 56307–57828

54E  Borrowing
 (1) With the Finance Minister's written approval, APRA may, on behalf of the Commonwealth, borrow money on terms and conditions specified in, or consistent with, the approval.
 (2) However, the borrowing must not:
 (a) be of an amount greater than the sum of the amounts specified in declarations under either section 16AD of the Banking Act 1959 or section 62ZZC of the Insurance Act 1973 as amounts that are to be credited to the Financial Claims Scheme Special Account; or
 (b) be for a period longer than 12 months.
 (3) If an amount is borrowed under this section in connection with a declaration described in paragraph (2)(a), the declaration has effect for future applications of this section as if the amount specified in the declaration were reduced by the amount previously borrowed in connection with the declaration.
 (4) APRA must not borrow money except under this section.
 (5) The Finance Minister may delegate, in writing, to an SES employee or acting SES employee in the Department that is administered by the Finance Minister, the Finance Minister's power of approval for the purposes of subsection (1).
 (6) In this section:
borrow includes raise money or obtain credit, whether by dealing in securities or otherwise, but does not include obtain credit in a transaction forming part of the day‑to‑day operations of APRA.
Finance Minister means the Minister who administers the Public Governance, Performance and Accountability Act 2013.

Division 2A—Collapsed insurer special account