Reserve Bank of Australia injection of funds, A$ 5.9bn
There were comments from the RBA earlier but I prioritised the Fed, catching up with these from earlier:
- says regulators and government working closely together
- says Australia's financial system is resilient and it is well placed to deal with the effects of covid-19
- says banking system is well capitalised and is in a strong liquidity position
Also a statement from Australia's Council of Financial Regulators (CFR)
- says substantial financial buffers are available to be drawn down if required to support the economy
- says trading liquidity has deteriorated in some markets and financial institutions are having to adjust to a more volatile environment
- says RBA will be conducting one-month and three-month repurchase (repo) operations until further notice
- says RBA will conduct repo operations of six-months maturity or longer at least weekly
- says APRA ensuring banks pre-position themselves to take advantage of the rba's supportive measures
- says APRA and ASIC will take account of the circumstances in which lenders, acting reasonably, are currently operating
- says emphasising the importance of a continuing supply of credit, particularly to small businesses
- says meeting with major lenders later this week
