Australian Prudential Regulation Authority's (APRA) sweeping reforms to capital and liquidity settings are likely to have a modest impact at this stage, with results varying across banks, Jefferies said in a note on Monday.

APRA announced the capital and liquidity reforms at a conference held by the Australian Financial Review on Monday, expecting the package to be cost neutral, with lower standardized risk weights offset by higher liquidity requirements.

The investment firm said the regulator's proposed liquidity changes appear "more material," although smaller banks are expected to be less affected.

The brokerage said the reforms should at least ease the pressure on major banks such as ANZ Group (ASX:ANZ) and National Australia Bank (ASX:NAB), which are constrained by the standardized floor.

Jefferies added that more detail is required to gauge the full effect of the reforms on funding, margins and capital flexibility.