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The Australian financial system is more resilient to shocks than it was in the past, Reserve Bank of Australia's Assistant Governor Michele Bullock said Friday.
Higher capital and liquidity standards and greater supervision improved the strength of banks, she said in Melbourne. "But there is still a need to consider what might happen in the event of a bank failure," Bullock added.
Global initiatives in this area have focused on developing appropriate resolution frameworks and on addressing too big to fail.
Concluding her speech, Bullock said concentration of the banking system in four major banks in Australia does not necessarily provide financial stability benefits. Nor is it necessarily detrimental to financial stability.
