If we are to meet the global standards, we either have to have a facility like this, or have the government issue a few hundred billion dollars in extra gross debt so  1  As part of international monitoring implementation of Basel III, Australia will undergo a so-called Level 2 assessment conducted by the BCBS later this year, which will assess the regulatory consistency of Australia’s implementation of the Basel III minimum requirements.
2  BIS central bankers’ speeches  the banks can hold it. The relevant ADIs will pay a fee of 15 basis points per annum for the facility whether they use it or not. If they do use it, any funding will be at an interest rate that is 25 basis points above the market rate.