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Information release

Trans-Tasman Council on Banking Supervision 2021 Statement Release

Issue date: 
Tuesday, 14 December 2021
Status: 
Current
Corporate author: 
Document Date: 
Wednesday, 8 Dec 2021
Publication category: 

Annual statement by the Trans-Tasman Council on Banking Supervision

The Trans-Tasman Council on Banking Supervision (TTBC) met on 8 December 2021 to discuss matters related to trans-Tasman bank supervision and regulation, and other topics of mutual interest in the financial sector.

TTBC members provided updates on recent policy announcements, regulatory interventions and significant work to be undertaken. The meeting included discussion on economic conditions in New Zealand and Australia, noting the expectations of a strong period of growth following the lockdowns and associated impacts of COVID-19. TTBC members also discussed developments in the respective housing markets, and shared experiences on the use of macroprudential policy. Updates were provided on the ongoing collaborative work between the TTBC agencies on crisis preparedness and responding to cyber risks.

The Reserve Bank of New Zealand provided an update on the proposed deposit takers legislation. A draft version of the Deposit Takers Bill was released in early December 2021 for public consultation. The Bill is expected to be introduced into the House mid-2022.

The TTBC agreed its work plan for 2022, which includes continued information sharing on key issues such as the housing market and climate risks to the financial system. The TTBC will also continue to collaborate on responding to cyber risks and enhancing crisis preparedness. This work program will complement the ongoing bilateral engagements between TTBC member agencies.

The New Zealand Treasury chaired the TTBC in 2021 and will be handing over to the Australian Treasury to chair for 2022.

 

Attendees

Australian Treasury: Steven Kennedy, James Kelly

Reserve Bank of Australia: Philip Lowe, Michele Bullock

Australian Prudential Regulation Authority: Wayne Byres, Chris Gower

Australian Securities and Investments Commission: Joseph Longo, Sean Hughes

New Zealand Treasury: Caralee McLeish (Chair), Bryan Chapple

Reserve Bank of New Zealand: Adrian Orr, Geoff Bascand, Christian Hawkesby

Financial Markets Authority: Liam Mason

 

About the Trans-Tasman Council on Banking Supervision

The Trans-Tasman Council on Banking Supervision (TTBC) is a working group that aims to promote the coordination of trans-Tasman bank regulation and supervision. It is jointly chaired by the Secretaries of the Australian and New Zealand Treasuries. The TTBC’s membership also includes senior officials from the Reserve Bank of Australia (RBA), the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Reserve Bank of New Zealand (RBNZ), and the New Zealand Financial Markets Authority (FMA).

Last updated: 
Tuesday, 14 December 2021