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

 

RBNZ consults on changes to banks’ reporting of breaches

Date: 23 October 2018

Reserve Bank consults on changes to banks’ reporting of breaches

The Reserve Bank today published a consultation paper proposing changes to the reporting and publishing of breaches by banks.

Currently banks are expected to notify the Reserve Bank promptly of breaches of their conditions of registration and are required to publish them in their disclosure statements.

The introduction of the Bank Financial Strength Dashboard, updated quarterly, and subsequent move from quarterly to six-monthly disclosures from individual banks means it can take longer for the market to become aware of a breach.

To ensure this information is available in a timely manner, it is proposed that banks will be required to notify the Reserve Bank of all breaches, and that the Reserve Bank will maintain a list of non-minor breaches on its website. In a change to current practice, it is proposed that minor breaches will no longer be disclosed.

The consultation closes at 5.00 pm on 14 December 2018.

More information:

Public disclosure of breaches by banks


ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Wainui: Major Infrastructure Partnership For North Auckland

Minister of Housing and Urban Development Phil Twyford and Auckland Mayor Phil Goff today announced a partnership that will fund $91 million of roading and wastewater infrastructure to support the building of 9000 homes... More>>

ALSO:

NZ's Space Programme: Rocket Lab Reaches Orbit Again

Rocket Lab has continued the success of its 2018 orbital launch program with the launch of seven payloads to orbit. The mission marks Rocket Lab’s second successful orbital launch and deployment of customer satellites. More>>

ALSO:

Supreme Court: Labelling Swamp Kauri Slab A Tabletop Doesn't Make It One

New Zealand's highest court has ruled that exporting slabs of swamp kauri as "tabletops" or swamp kauri logs as "totem or temple poles" is illegal under the Forests Act. More>>

ALSO:

Starting Ending Offshore Drilling: Green Party Celebrate Passing Of Oil And Gas Bill

“This Bill is an essential first step in winding down offshore exploration for new sources of fossil fuels. We are in Government together to do this work, to create the change our people and our planet need to flourish." More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged

The Official Cash Rate (OCR) remains at 1.75 percent. We expect to keep the OCR at this level through 2019 and into 2020. More>>