SYDNEY, July 19 (Reuters) - Australian Treasurer Josh Frydenberg has promised funding for a major expansion of the powers of the country's banking watchdog, including a veto on the appointment of directors, the Australian Financial Review reported on Friday.
Frydenberg told the AFR he had "secured a guarantee" from the Australian Prudential Regulatory Authority (APRA) that it would accept all recommendations of an independent review into the regulator released earlier this week.
APRA Chairman Wayne Byres had expressed reservations with some of the more contentious recommendations from the capability review, including a veto on directors.
"We have agreed to act on all five recommendations relevant to government, including providing APRA with sufficient powers regarding the appointment and reappointment of directors and senior executives, and APRA has stated it also supports implementation of all 19 recommendations directed at it," Frydenberg told the AFR.
Byres had also argu
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