On 12 December the Treasurer, the Hon Wayne Swan, announced a package of measures relating to banking system. One of these measures was to allow Australian banks, credit unions and building societies to issue covered bonds.
A Regulation Impact Statement (RIS) was required for this measure, but the Prime Minister granted an exemption on the basis of exceptional circumstances. A post implementation review will be required within 1 to 2 years of its implementation.
Granting the exemption on the RIS hardly seems like “best practice”. Please let me know what the exception circumstances are.