Form 6-K Westpac Banking Corp

6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Published: 2018-02-14 06:03:20
Submitted: 2018-02-14
Period Ending In: 2018-02-14
a18-6127_16k.htm 6-K


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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

 

February 14, 2018

 

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 Announcement: Westpac acknowledges APRA discussion papers on future revisions to the capital framework and leverage ratio for ADIs

 



 

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:  February 14, 2018

By:

/s/ Sean Crellin

 

 

 

Sean Crellin

 

 

 

Director – Corporate, Legal and  Secretariat

 

 


a18-6127_1ex1.htm EX-1


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Exhibit 1

 

 

 

 

 

ASX ANNOUNCEMENT

 

14 February 2018

 

 

Westpac acknowledges APRA discussion papers on future revisions to the capital framework and leverage ratio for ADIs

 

The Australian Prudential Regulation Authority (APRA) has today released an extensive discussion paper on proposed changes to its framework for determining the capital requirements for authorised deposit-taking institutions (ADIs), including Westpac.

 

The paper outlines proposed future changes to a wide range of factors impacting the calculation of risk weighted assets (RWA) across the majority of our asset classes. Given the breadth of these future changes, and that a number of proposals require additional clarification/ consultation, the impact on Westpac’s RWA, capital ratios and other financial ratios cannot yet be accurately assessed. Moreover, APRA has indicated that the proposed changes may be recalibrated following further analysis and the completion of its Quantitative Impact Study later this year.

 

Importantly APRA indicated that:

 

“… if ADIs meet the benchmarks set out in July 2017 for unquestionably strong capital ratios, any changes to the capital framework that eventuate from the finalisation of the proposals in this paper will be able to be accommodated by existing capital holdings and not necessitate additional capital raisings.”

 

At September 2017 Westpac’s common equity tier 1 (CET1) capital ratio was above APRA’s unquestionably strong benchmark of 10.5%. At 31 December 2017, Westpac’s CET1 capital ratio was 10.1% following payment of the full year 2017 dividend (70bps).

 

APRA also released a discussion paper today on the application of the leverage ratio for Australian ADIs which proposes a minimum leverage ratio for advanced ADIs of 4%. At 31 December 2017 Westpac’s leverage ratio was 5.5%.

 

Peter King, Westpac Group Chief Financial Officer said “We welcome these releases as it is a further step in finalising capital rules for Australian banks. While further detail is required, Westpac believes it is well positioned to meet the new requirements given our strong capital position and the implementation dates of 1 July 2019 for the revised leverage ratio methodology, and 1 January 2021 for the revised capital framework.”

 

Ends

 

 

Media enquiries, please contact:

 

Lucy Wilson

Media Relations

M. 0428 777 704

 

Investor Relations, please contact:

 

Andrew Bowden

Head of Investor Relations

T. 02 8253 4008

M. 0438 284 863

 

 

 

 


Additional Files
FileSequenceDescriptionTypeSize
0001104659-18-009211.txt   Complete submission text file   44334

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