March 23, 2020 / 1:04 AM / 13 days ago

Australian financial watchdog to reduce regulatory burdens on banks

SYDNEY (Reuters) - Australia’s prudential regulator will announce plans shortly to reduce the regulatory burden facing financial institutions already battling the hit from the coronavirus pandemic, the Council Of Financial Regulators (CFR) said on Monday.

The CFR, which tends to meet on a quarterly basis, said it has been meeting frequently in recent weeks and will continue to do so in the forseeable future.

The main issue on its agenda at its March 20 meeting was the coordinated response to the coronavirus, which poses a major challenge to the Australian economy, it said.

Reporting by Swati Pandey; Editing by Kim Coghill

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