Review update - 3rd consultation extended
In light of the extraordinary challenges presented by COVID-19 to New Zealand’s financial system, the Government extended the third round of consultation for Phase 2 of the Review of the Reserve Bank of New Zealand Act by six months from the original deadline for submissions. The Government recognised that the attention of regulatory agencies, as well as industry and other stakeholders, is best placed on addressing the immediate challenges created by COVID-19.
Submissions closed on 23 October 2020.
The Review team will continue to engage with those stakeholders that may wish to discuss any of the policy issues outlined in the third consultation document, and have the capacity to do so.
The Government has released the third round of consultation for Phase 2 of the Review of the Reserve Bank Act on the regulation of deposit takers and the introduction of a deposit insurance scheme.
Everyone benefits from a stable financial system. This stage of the Review will ensure that the framework within which the banking sector is regulated and supervised enables the Reserve Bank to perform its role effectively.
The third round of public consultation is now closed. Submissions closed on 23 October 2020.
The figure below outlines the topics covered in the consultation document, alongside relevant in-principle decisions on the regulatory and supervisory framework that have already been announced by the Government.
Decisions taken and key issues in this consultation
Text description of Decisions taken and key remaining issues in this consultation
Key documents for the third round of consultation
A number of documents supported this round of consultation.
- Consultation Document 3: Further consultation on the prudential framework for deposit takers and depositor protection (PDF 2.5 MB)
- Questions and answers
- Glossary Document for Consultation 3 (PDF 443 KB)
- Cabinet Paper - Release of the Third Consultation Document
- Cabinet Minute - Release of the Third Consultation Document
- Summary consultation document for retail investors (PDF 398 KB)
Summary of Submissions from Consultation 3
Enquiries? Get in touch
For general enquiries about Phase 2 of the Reserve Bank Act Review, please email [email protected].
The Review team will respond to enquiries made through this channel as part of its role leading Phase 2 of the Review.
All media enquiries should be directed to [email protected].