Source: New Zealand Treasury:
A Cabinet decision to adopt the final measures resulting from the Reserve Bank Act Review will see drafting commence for new legislation to be known as the Deposit Takers Act.
The measures announced by Minister of Finance Hon Grant Robertson will promote financial stability and protect deposits held in both bank and non-bank institutions. They conclude a comprehensive review of the Reserve Bank of New Zealand Act, and build on reforms already confirmed to update the objectives and decision-making processes of the Reserve Bank.
The new Deposit Takers Act will create a single regulatory regime for all bank and non-bank deposit takers (such as building societies and finance companies). It will also introduce a new deposit insurance scheme that will protect up to $100,000 per depositor, per institution in the event of a failure.
Business Scoop » New Deposit Takers Act A Step Closer
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Business Scoop » New Deposit Takers Act A Step Closer
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Press Release – Reserve Bank The Reserve Bank – Te Ptea Matua has established a new standalone Enforcement Department to promote confidence in compliance across regulated sectors. The Enforcement Department is operationally separate from the Banks Supervision team, but the …
The Reserve Bank – Te Pūtea Matua has established a new standalone Enforcement Department to promote confidence in compliance across regulated sectors.
The Enforcement Department is operationally separate from the Bank’s Supervision team, but the two will work closely together to achieve the Bank’s compliance goals of incentivising and managing prudent behaviour, and holding institutions to account for non-compliance. The two departments operate within the Bank’s Financial Stability Group, which is led by Deputy Governor and General Manager of Financial Stability Geoff Bascand.