The Minister for Financial Services & Regulation, Joe Hockey, today applauded the decision of the Asia Pacific Loan Market Association to set up a regional financial operation in Sydney.
"APLMA is an association of 105 international financial institutions which aim to develop local loan syndication markets and ensure more loans are arranged through Australia," the Minister said.
"APLMA's move to Sydney shows that the Government's commitment to making Australia a centre for global financial services is being acted on by the international financial community.
"It shows the Government is getting results, despite the Opposition's obstruction of our policy initiatives.
"The APLMA decision recognises the potential growth of the local loan syndication market, and the key role it expects Australia to play as a partner in the regional Asian financial market. "
"This is outstanding news for all Australians. Moves such as APLMA's, mean more growth for Australia and more jobs for Australians."
APLMA has been established to promote the development of the market, principles of good governance, trading and settlement standards and a more common global view.
"The syndicated loan market is one of the largest providers of capital in the world, raising $1,886 billion funding in 1998 nearly four times the size of Australia's 1997 GDP and four times the size of the Australian Stock Exchange's market capitalisation.
"Most of the funds raised in the syndicated loan markets are used for corporate purposes. In the US the worlds largest market - $A597 billion was raised in the corporate bond market in 1998, compared with $A1,342 billion in syndicated loans.