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RBNZ’s prudential role not under threat - Cullen

10 June 2005 Media Statement

RBNZ’s prudential role not under threat - Cullen

Finance Minister Michael Cullen said today that the Reserve Bank’s prudential function was not under threat in the Trans-Tasman review of banking regulation.

Dr Cullen was responding to a report in the New Zealand Herald that the bank might be stripped of its banking supervisory role.

“In Australia the two central bank roles have been separated with the Australian Reserve Bank responsible for monetary policy and the Australian Prudential Regulation Authority responsible for regulating the financial sector.

“While a similar split is obviously an option for New Zealand, that has never been my preference. There are strong arguments for retaining the prudential function within the Reserve Bank which has accumulated significant experience and intellectual capacity in this area,” Dr Cullen said.

ENDS

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