Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Reserve Bank seeks deep-pocketed new owner for NZClear

Reserve Bank seeks deep-pocketed new owner for NZClear settlement system

By Jonathan Underhill

June 2 (BusinessDesk) - The Reserve Bank has called for expressions of interest to buy its NZClear security settlement and depository business, after a strategic review deemed it was not a core business for the bank and required significant investment.

The central bank said it has also investigated replacement systems in the event it is unable to find a suitable alternative provider. A sale would be the end of a 25-year era for the Reserve Bank in operating NZClear, having migrated to an electronic system from the old manual system.

"The Reserve Bank is keen to see if another specialist operator can provide securities settlement and depository services that meet both the bank’s requirements and those that the market has become accustomed to,” said deputy governor and head of operations Geoff Bascand said in a statement. "The NZClear system, the technology behind a key piece of New Zealand’s financial infrastructure, requires significant investment or replacement."

While the bank had a preference to see a new provider of NZClear services, there were a range of systems available that would potentially meet the bank’s requirements, if a new operator wasn't forthcoming, he said.

“NZClear members are important stakeholders, so we intend to provide regular briefings as this process evolves," he said.

Expressions of interest must be filed by June 23, using documentation available on through the Government Electronic Tenders Service.

(BusinessDesk)

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.