The Australian Prudential Regulation Authority (APRA) has granted Avenue Bank Limited an extension of its licence to operate for a limited time as a restricted authorised deposit-taking institution (Restricted ADI) under the Banking Act 1959.
Recognising the unique circumstances of Avenue Bank's application, APRA judged that a short extension was warranted. APRA does not view this decision as setting a precedent for other Restricted ADIs.
APRA will consider any possible extension of another Restricted ADI's licence on its own merits as the need arises. An updated list of all APRA-authorised ADIs can be found on the APRA website at: Register of authorised deposit-taking institutions.
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