Australian regulator extends Avenue Financial institution’s licence to function as Restricted ADI

The Australian Prudential Regulation Authority (APRA) has granted Avenue Financial institution Restricted an extension of its licence to function for a restricted time as a restricted authorised deposit-taking establishment (Restricted ADI) beneath the Banking Act 1959.

Recognising the distinctive circumstances of Avenue Financial institution’s utility, APRA judged {that a} quick extension was warranted. The regulator doesn’t view this resolution as setting a precedent for different Restricted ADIs.

APRA says it’ll think about any attainable extension of one other Restricted ADI’s licence by itself deserves as the necessity arises.