APRA extends Avenue Bank's restricted ADI operating license
APRA has extended Avenue Bank's license to operate as a Restricted Authorized Depository Institution (ADI)。
The Australian Prudential Regulation Authority (APRA) has granted Avenue Bank Limited an extension of its licence to operate as a Restricted Authorised Depository Institution (Restricted ADI) under the Banking Act 1959 for a limited period of time.。
Taking into account the unique circumstances of the Avenue Bank application, APRA believes that a short-term extension is necessary and believes that this decision does not set a precedent for other restrictive ADIs.。
APRA said it would consider extending another restricted ADI license on a case-by-case basis if needed.。
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