But there are still a number of details yet to be worked out. APRA has indicated that it will require banks to make all reasonable use of their own ability to maximise liquidity before relying on the RBA facility. And they’ve indicated that they will be consulting with banks as to how compliance with that principle will be monitored.
The terms of the RBA liquidity commitments haven’t yet been determined. That includes the fee. What we have made clear is that, to meet the objectives of the international standard, the fee will need to be market based, and it will be designed to leave banks with broadly the same incentives as exist in other jurisdictions where the alternative treatment is not needed.