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Public Consultation - second round (Reserve Bank Act Review)

On 24 June 2019, the Minister announced  the second round of consultation for Phase 2 of the Review of the Reserve Bank Act. Read the related media release Safer banks and strengthened bank accountability

The second round of public consultation closed on 16 August 2019.

The second round of consultations has two parts:

  1. Follow-up consultation on in-principle decisions and additional details of the topics covered in the first round of consultation. These topics were:
    1. Objectives: What high-level financial policy objectives should the Reserve Bank have?
    2. Regulatory perimeter: Which financial firms should the Reserve Bank regulate and how should the regulatory perimeter be set?
    3. Depositor protection: Should there be depositor protection in New Zealand?
    4. Separation: Should the regulation of financial firms remain with the Reserve Bank?
    5. Governance: How should the Reserve Bank be governed, including who should make the Reserve Bank’s decisions?
  1. Consultation on the Reserve Bank’s role in financial policy, including its tools, powers, and approach, covering:
    1. Prudential tools and powers: What prudential regulatory tools and powers should the Reserve Bank have?
    2. Macro-prudential policy: What role should the Reserve Bank play in macro-prudential policy?
    3. Supervision and enforcement: how should the Reserve Bank supervise and enforce prudential regulation?
    4. Balance sheet functions: How should the Reserve Bank’s balance sheet functions be formulated?
    5. Crisis management: What features should New Zealand’s bank crisis management regime have?
    6. Coordination: How should the Reserve Bank coordinate with other government agencies?
    7. Funding: How should the Reserve Bank be funded and resourced?

Key documents for the second round of consultation

A number of documents support this round of consultation. The two main consultation documents, background paper, and supporting papers are contained in the table below. The table also contains the Executive Summaries of the two main consultation documents as well as a glossary of technical terms.

Consultation material

Supporting material

Summary of Submissions from Consultation 2

Last updated: 
Wednesday, 18 December 2019