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Reserve Bank releases Annual Report


4 October 2006, 2.30pm

Reserve Bank releases Annual Report

The Reserve Bank today released its 2005-2006 Annual Report. This covers the year to 30 June 2006, and includes the Board of Directors' Report on the Bank's performance.

Reserve Bank Governor Alan Bollard said the last year had been particularly challenging. Monetary policy had had to contend with more persistent oil price increases and stronger economic activity than anticipated. Domestic inflation pressures had remained strong during the year.

"Monetary policy has been clearly focused on ensuring inflation will return to within the 1 to 3 percent target band in the medium term," Dr Bollard said.

In banking supervision, the Bank continued to implement policies on key regulatory issues: outsourcing, the Basel II capital adequacy regime for banks, local incorporation and bank failure management. It participated in government reviews of regulation of non-bank financial institutions.

"We also addressed liquidity pressures in the settlement system by successfully introducing a new liquidity management regime," Dr Bollard said.

The Bank finalised preparations for the introduction of smaller, lighter 10, 20, and 50 cent coins on 31 July 2006.

A heritage museum was recently opened to the public, explaining the Bank's role in the New Zealand economy through an array of static and audio-visual media, as well as displaying unique and valuable banking artefacts.

"An Annual Report is inevitably about how an organisation has spent its resources," Dr Bollard added. The Bank spent a net $35.9 million on activities covered by the Bank's Funding Agreement, which was 8 percent below the $39 million in the Agreement. The Bank generated a surplus of $253.9 million. A dividend of $410.0 million will be paid to the Crown.

The Annual Report can be viewed on the Reserve Bank's website: www.rbnz.govt.nz/about/Whatwedo/0094054.html.

Ends

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