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June 11, 2008

RBNZ supports bolstering settlement systems

by Richard Kilner

Story link: RBNZ supports bolstering settlement systems

The Reserve Bank of New Zealand has today stated it supports bolstering the law that governs settlement systems designations.

The proposed enhancement of the legislation was announced on Tuesday by the commerce minister, Lianne Dalziel.

Deputy Governor, Grant Spencer, has also dispelled views, attributed to the NZX, that the current system is fragmented.

Spencer has said that over the last two years the central bank has spent $4.8m upgrading the Austraclear system (one of two main settlement systems in New Zealand).

He went on to say the Reserve Bank welcomes competition, and the chance of engagement in the government’s settlement system review.

 

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