Biobank agreements are registered on the ground and are binding on landowners, their rights holders and mortgages held. Therefore, a biobank declaration is an alternative to assessing the possibility of an evolution of an endangered species, etc., under the Environmental Planning and Assessment Act of 1979. The future of biobanking will depend on the oeH`s revision of the regime. It will be interesting to see what the results of the review of the OEH applications will be and, if so, what changes will be made. Forms and royalties related to existing agreements are available under royalties and forms of the compensation system. Developers can choose whether or not to enter the biobanking system. When a developer enters the system and receives a declaration on biobanking, the development to which the biobank declaration applies is considered a development that is unlikely to significantly affect threatened species, populations or ecological communities or their habitat. Applications for biobanking agreements submitted before February 25, 2018 will be processed by the Ministry of Planning, Industry and Environment in accordance with the repealed TSC Act before being forwarded to the BCT for routine management. New requests for agreements or declarations of biobanking cannot be accepted. The biobank assessment method is important to the system because it is the instrument used to determine: the Biobank`s Register of Expressions of Interest (a register of landowners interested in creating biobank sites but not having entered into a biobank agreement) indicates that there is a potential supply of biobank sites and, therefore, biodiversity credits that could be available. However, from the limited number of biobank statements made since the beginning of the scheme, it is clear that their acquisition, at least by developers, has been slow.
A developer receives a statement on the biobank by applying to the Director General of the Department of Environment, Climate Change and Water. A biobank declaration may be made if the Director-General finds, based on an assessment of the evolution carried out in accordance with the biobanking method (including the number and class of credits to compensate for the negative effects of development on biodiversity values), that development will improve or maintain biodiversity values. Commercially acceptable biobank agreements are essential to make biobanking feasible for landowners, facilitating a market for credits available to developers.