12G  Meaning of critical banking asset

• (1)

  An asset is a critical banking asset if it is any of the following assets:

  • (a)

    an asset where the following conditions are satisfied:

    • (i)

      the asset is owned or operated by an authorised deposit‑taking institution;

    • (ii)

      the authorised deposit‑taking institution is an authorised deposit‑taking institution that, in accordance with subsection (2), is critical to the security and reliability of the financial services and markets sector;

    • (iii)

      the asset is used in connection with the carrying on of banking business;

  • (b)

    an asset where the following conditions are satisfied:

    • (i)

      the asset is owned or operated by a body corporate that is a related body corporate of an authorised deposit‑taking institution;

    • (ii)

      the body corporate is a body corporate that, in accordance with subsection (3), is critical to the security and reliability of the financial services and markets sector;

    • (iii)

      the asset is used in connection with the carrying on of banking business.

  Note: The rules may prescribe that a specified critical banking asset is not a critical infrastructure asset (see section 9).

• (2)

  For the purposes of subparagraph (1)(a)(ii), the rules may prescribe:

  • (a)

    specified authorised deposit‑taking institutions that are critical to the security and reliability of the financial services and markets sector; or

  • (b)

    requirements for an authorised deposit‑taking institution to be critical to the security and reliability of the financial services and markets sector.

• (3)

  For the purposes of subparagraph (1)(b)(ii), the rules may prescribe:

  • (a)

    specified bodies corporate that are critical to the security and reliability of the financial services and markets sector; or

  • (b)

    requirements for a body corporate to be critical to the security and reliability of the financial services and markets sector.