Debt investors

Unsecured funding

Macquarie Bank Limited and Banking Group

Macquarie Bank Limited (MBL) is an APRA regulated Authorised Deposit Taking Institution (ADI) comprising Australian and international financial services businesses.

MBL provides funding to the Bank Group.

View information on our businesses and organisation structure

Macquarie Bank Limited (MBL) is an Authorised Deposit taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). MBL is accredited by APRA to apply the Foundation Internal Ratings-Based Approach for wholesale exposures and the Advanced Internal Ratings-Based Approach for retail exposures in determining credit risk capital requirements, together with the Internal Model Approach for market risk and interest rate risk in the banking book (IRRBB). These advanced approaches place a higher reliance on a bank’s internal capital measures and therefore require a more sophisticated level of risk management and risk measurement practices. Operational risk is subject to the Standardised Measurement Approach.

Basel III

The minimum requirement for the Common Equity Tier 1 (CET1) capital ratio in accordance with Prudential Standard APS 110 Capital Adequacy is 9%. This includes the industry minimum CET1 requirement of 4.5%, capital conservation buffer (CCB) of 3.75% and a countercyclical capital buffer (CCyB)1. The corresponding requirement for Tier 1 capital is 10.5%, inclusive of the CCB and CCyB1. In addition, APRA may impose ADI-specific minimum ratios which may be higher than these levels.

Macquarie Bank Group’s capital position is above the regulatory minimum required by APRA.

The Macquarie Bank Group ratios as at 30 June 2026 are:

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RatioHarmonised Basel III2APRA Basel III
Macquarie Bank Group CET 1 capital ratio318.9%13.8%
Macquarie Bank Group Tier 1 capital ratio20.8%15.3%
  1. The CCyB of the Bank Group as at 30 June 2026 is 0.78%, which is rounded to 0.75% for presentation purposes. The individual CCyB varies by jurisdiction and the Bank Group CCyB is calculated as a weighted average based on exposures in different jurisdictions at period end.
  2. Basel III applies only to the Bank Group. ‘Harmonised’ Basel III estimates are calculated in accordance with the updated BCBS Basel III framework, noting that MBL is not regulated by the BCBS and so impacts shown are indicative only.
  3. CET1 capital represents Tier 1 capital excluding hybrid Tier 1 instruments.

Further information

For more information on APRA's ADI Prudential Framework read the ADI section of the APRA website. 

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Ratings agencyShort-term ratingLong-term ratingLatest report
Fitch RatingsF-1A+/StableReport
Ratings upgrade May 2024
Moody’s RatingP-1Aa2/StableReport
Ratings upgrade June 2023
Criteria upgrade March 2024
Standard & Poor'sA-1A+/StableReport
Ratings upgrade

MBL has five debt programs:

Two short-term funding programs:

  • $US25 billion US Commercial Paper Program
  • $US10 billion European Commercial Paper and Certificate of Deposit Program

Three long-term funding programs:

  • $US25 billion Rule 144A/Regulation S Medium Term Note Program
  • $US25 billion multi-instrument Regulation S Debt Instrument Program (DIP)
  • $A10 billion Regulation S Subordinated Tier 2 Debt Instrument Program (Tier 2 DIP)

Securities that may be issued under the DIP include:

  • Euro medium-term notes
  • Senior and subordinated fixed or floating rate notes
  • Transferable deposits

Download the most recent offering documents for the DIP programme:

Securities that may be issued under the Tier 2 DIP include subordinated fixed or floating rate notes.

Download the most recent documents for the Tier 2 DIP programme:

Documents incorporated by reference:

Financial statements

    MBL DIP previous terms and conditions set out on:

    MBL constitution

    Funding

    MBL is mainly funded by capital, term liabilities and deposits.

    The key tools used for accessing wholesale debt funding markets for MBL are outlined in the MBL Debt programs section above, and include information on MBL's wholesale funding programs and program documentation.

    MBL also accesses the Australian capital markets through the issuance of negotiable certificates of deposits.

    Liquidity

    The MBL liquidity policy outlines the liquidity requirements for the Banking Group.

    The key requirement of the policy is that MBL is able to meet all of its liquidity obligations on a daily basis and during a period of liquidity stress: a 12 month period of constrained access to funding markets and with only a limited impact on franchise businesses.

    Further information

    For MBL's latest funding profile and more information on MBL's fundng and liquidity requirements, view the latest Management Discussion and Analysis, produced in conjunction with the Macquarie Group result announcement.

    Macquarie Group Limited and Non-Banking Group

    MGL is an ASX-listed diversified financial services holding company with its head office in Sydney, Australia. It is regulated by APRA as the Non-Operating Holding Company (NOHC) of a licensed bank.

    MGL provides funding predominately to the Non-Bank Group.

    View information on our businesses and organisation structure

    As an Australian Prudential Regulation Authority (APRA) authorised and regulated Non-Operating Holding Company, MGL is required to hold adequate regulatory capital to cover the risks for Macquarie, including the Non-Bank Group. MGL and APRA have agreed a capital adequacy framework based on APRA’s capital standards for Authorised Deposit-taking Institutions (ADIs) and Macquarie’s Board-approved Economic Capital Adequacy Model (ECAM).

    Macquarie’s capital adequacy framework requires it to maintain minimum regulatory capital requirements calculated as the sum of:

    • The Bank Group’s minimum Tier 1 capital requirement, based on a percentage of risk-weighted assets plus Tier 1 deductions using prevailing APRA ADI Prudential Standards; and
    • The Non-Bank Group capital requirement calculated using Macquarie’s ECAM.

    Transactions internal to Macquarie are eliminated.

    As at 30 June 2026, Macquarie has $A10 billion1,2 in excess of its minimum regulatory capital requirement.

    Basel III

    The minimum requirement for the Tier 1 capital ratio in accordance with Prudential Standard APS 110 Capital Adequacy is 10.5%. This includes the industry minimum Tier 1 requirement of 6%, capital conservation buffer (CCB) of 3.75% and a countercyclical capital buffer (CCyB)2. In addition, APRA may impose ADI-specific minimum ratios which may be higher than these levels.

    Macquarie Bank Group’s capital position is above the regulatory minimum required by APRA.

    1. The capital surplus shown is above regulatory minimums, calculated at 10.5% of the Bank Group RWA. This includes the industry minimum Tier 1 requirement of 6%, CCB of 3.75% and a CCyB.
    2. The CCyB of the Bank Group as at 30 June 2026 is 0.78%, which is rounded to 0.75% for presentation purposes. The individual CCyB varies by jurisdiction and the Bank Group CCyB is calculated as a weighted average based on exposures in different jurisdictions at period end.

       

     

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    Ratings agencyShort-term ratingLong-term ratingLatest report
    Fitch RatingsF-1A/StableReport
    Ratings upgrade
    Moody’s RatingP-1A1/StableReport
    Ratings upgrade June 2023
    Criteria upgrade March 2024
    Standard & Poor'sA-2BBB+/StableReport
    Ratings upgrade

    MGL has three debt programs:

    One short-term funding program

    • $US10 billion US Commercial Paper Program

    Two long-term funding programs

    • $US25 billion Rule 144A/Regulation S medium Term Note Program
    • $US20 billion multi-instrument Regulation S Debt Instrument Program (DIP)

    Securities that may be issued under the DIP include:

    • Euro Commercial Paper
    • Euro Commercial Deposits
    • Euro-Medium Term Notes
    • Senior and subordinated fixed/floating rate notes
    • Transferable Deposits

    Download the most recent offering documents for the DIP programme:

      Documents incorporated by reference:

      Financial Statements

      MGL DIP previous terms and conditions set out on:

      MGL constitution

      Funding

      Reflecting the longer-term nature of the Non-Banking Group asset profile, MGL is funded predominantly with a mixture of capital and long term wholesale funding.

      For more information on MGL's wholesale funding programs and program documentation, view MGL Debt programs above.

      Liquidity

      The MGL liquidity policy outlines the liquidity requirements for the Non-Banking Group.

      The key requirement of the policy is that MGL is able to meet all of its liquidity obligations on a daily basis and during a period of liquidity stress - defined as a 12 month period with no access to funding markets - and with only a limited impact on franchise businesses.

      Further information

      For MGL's latest funding profile and more information on MGL's funding and liquidity requirements view the latest Management Discussion and Analysis, produced in conjunction with the Macquarie Group result announcement.

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      Investors

      Unsecured funding

       

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