9 April 2009

Media release – Finance and Expenditure Committee

Examination of the financial stability reports of the Reserve Bank of New Zealand

The upcoming financial stability reports of the Reserve Bank of New Zealand will be examined by the Finance and Expenditure Committee, the committee announced today [9 April].

Financial stability reports are issued by the bank every six months, with the next report due out on 13 May 2009. The reports provide comment on the soundness and efficiency of the financial system and other matters associated with the bank’s statutory prudential process. The reports have not been scrutinised by Parliament previously, but changes to the Reserve Bank of New Zealand Act 1989 in 2008, which require the reports to be presented to Parliament, have helped form the committee’s decision to examine the reports.

The Finance and Expenditure Committee already examines the monetary policy statements issued by the bank quarterly, and has recently completed its examination of the 2007/08 financial review of the bank. A copy of the committee’s report on the financial review and its report on the march monetary policy statement can be accessed on the parliamentary website at http://www.parliament.nz/en-NZ/SC/Reports/.

ENDS

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