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September 3, 2008

RBNZ to have greater financial sector role

by Richard Kilner

Story link: RBNZ to have greater financial sector role

The Reserve Bank of New Zealand (RBNZ) has today seen its future powers enhanced with the passing of the Reserve Bank Amendment Bill (No 3).

The Bank’s governor, Alan Bollard, described it as a significant step forward to bolster the country’s non-bank financial sector in the future.

Under the new law, the Reserve Bank becomes the regulator for non-bank deposit takers which Dr Bollard believes will strengthen confidence amongst the finance companies, building societies and credit unions that comprise the deposit-taking sector.

The Bank will formulate and enforce prudential and governance standards, administer credit rating requirements and require information from deposit taker trustees.

Dr Bollard has stated that credit ratings from established ratings agencies will play a substantial part in the new system.

Once the legislation comes into force the Reserve Bank intends to engage with stakeholders to create the new regulatory system, and will collaborate with the Securities Commission with a view to simplifying public disclosure requirements for deposit takers.

The new rules are expected to be enacted in 2010.

 

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