The Australian Prudential Regulation Authority (APRA) has granted Avenue Bank Limited an extension of its licence to operate for a limited time as a restricted authorised deposit-taking institution (Restricted ADI) under the Banking Act 1959.

Recognising the unique circumstances of Avenue Bank’s application, APRA judged that a short extension was warranted. The regulator does not view this decision as setting a precedent for other Restricted ADIs.

APRA says it will consider any possible extension of another Restricted ADI’s licence on its own merits as the need arises.