ASX Announcement - The National Reviewing APRA's Discussion Paper on International Financial Reporting Standards - 24 February 2005

Today, the Australian Prudential Regulation Authority (APRA) released a discussion paper outlining their proposed approach to fair value and other issues arising from the adoption of Australian equivalents to International Financial Reporting Standards.

APRA's proposals have potential impacts for the regulatory capital positions of all Australian Financial institutions.  The National will be progressively adopting the new financial reporting standards from 1 October 2005.  Once finalised APRA's intention is that any new regulatory capital treatments will take effect from 1 January 2006, subject to any transitional arrangements.

The proposals outlined in the APRA discussion paper are subject to a consultation process.

The National is currently assessing the potential impacts as a result of APRA's proposed treatment of these standards.  It intends to provide further information on the impact of the proposed changes when it has had an opportunity to review the proposals in detail, discuss the framework further with APRA and quantify potential impacts.

For further information:

Brandon Phillips
Group Manager Group Corporate Relations
03 8641 3857 work
0419 369 058 mobile 

Hany Messieh
Manager, Investor Relations
03 8641 2312 work
0414 446 876 mobile

Callum Davidson Head of Group Investor Relations
03 8641 4964 work
0411 117 984 mobile