Search: agency banking
RBA Glossary definition for agency banking
agency banking – Since 1 July 1999 all Australian Government departments and agencies have been responsible for their own individual banking arrangements. Under devolved banking arrangements, agencies are required to test the services previously provided by the Reserve Bank of Australia (RBA) against what is available from other financial institutions. However, the Australian Government's core account, the Official Public Account, remained with the RBA. A system sweeps balances of Australian Government departments and agencies from their transactional banker to the Official Public Account at the RBA each night.
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References
25 Oct 2022
RDP
2022-05
Jensen MC and WH Meckling (1976), ‘Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure’, Journal of Financial Economics, 3(4), pp 305–360. ... Stein JC (2003), ‘Agency, Information and Corporate Investment’, in GM
https://www.rba.gov.au/publications/rdp/2022/2022-05/references.html
The Real Effects of Debt Covenants: Evidence from Australia
25 Oct 2022
RDP
2022-05
Figure 2 shows an example of a firm that breached its banking covenants for the financial year. ... For the year ended 30 June 2017, the Consolidated Entity made a loss of $7,337,000 (2016: profit of $5,317,000) and was in breach of its banking covenants
https://www.rba.gov.au/publications/rdp/2022/2022-05/full.html