Which of the following institutions are supervised by APRA? I. Building societiesII. Commercial banksIII. Credit unions
Question
Which of the following institutions are supervised by APRA? I. Building societiesII. Commercial banksIII. Credit unions
Solution
The Australian Prudential Regulation Authority (APRA) supervises the following institutions:
I. Building societies: Yes, APRA supervises building societies. These are financial institutions owned by its members, similar to a credit union. They offer banking and related financial services, especially savings and mortgage lending.
II. Commercial banks: Yes, APRA also supervises commercial banks. These are profit-seeking businesses that take deposits, make loans, and provide related services.
III. Credit unions: Yes, APRA supervises credit unions as well. These are member-owned financial cooperatives that provide credit and other financial services to their members.
So, all three types of institutions - building societies, commercial banks, and credit unions - are supervised by APRA.
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