Australia's largest 35 banks have projected that they will need to tap A$344 billion in "committed liquidity" from the Reserve Bank of Australia to meet new standards that come into force next year.The Australian Prudential Regulation Authority released findings yesterday on a research exercise into the operation of the committed liquidity facility.The liquidity coverage ratio requires banks to hold sufficient high-quality liquid assets (HQLA) to withstand a minimum of 30 days of severe liquidity stress.Given the limited supply of Australian dollar HQLA (Commonwealth and state government bonds), APRA and the Reserve Bank of Australia agreed two years ago that the RBA would allow those banks subject to the LCR requirement to establish a secured committed liquidity facility sufficient in size to cover any shortfall between the bank's holdings of HQLA and the requirement to hold those assets.Following a study late last year, APRA said the 35 banks involved had requested $344 billion under the CLF.The banks would need the liquidity to meet a projected cash outflow over one month of $418 billion.This compares with $276 billion in "cash and liquid assets" on the combined balance sheets of all banks as at September 2013.Following a review by APRA on the merit of each bank's request, APRA considered the RBA would only need to provide $249 million under the facility, less than three-quarters of what banks had estimated they required.APRA also said the RBA "determined that the amount of Australian dollar HQLA that could reasonably be held by banks was equivalent to around 30 per cent of the outstanding stock of Commonwealth Government Securities and securities issued by state and territory governments."Banks must submit their applications for CLF access by the end of May.