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Phase 2 of the Reserve Bank Act review

First consultation paper released for phase 2 of the Reserve Bank Act review

The joint Treasury and Reserve Bank team undertaking Phase 2 of the Government’s Review of the Reserve Bank Act has released its first consultation paper.

Phase 2 of the Review focuses on the Reserve Bank’s financial policy framework. The first phase of the Review (which is largely complete) focused on improving the Reserve Bank’s monetary policy framework, and led to Cabinet announcing agreed policy changes in March 2018.

The consultation paper seeks views on a range of topics set out in the Review’s terms of reference for Phase 2, released by Minister of Finance Grant Robertson on 7 June 2018, including:

• the overarching objectives of the Reserve Bank set out in legislation;

• the Reserve Bank’s governance and decision making arrangements;

• the case for and against separation of prudential supervision from the Reserve Bank;

• the case for and against depositor protection (including the option of deposit insurance); and

• the perimeter for prudential regulation.

A non-technical booklet summarising the main issues for consultation and giving the public an opportunity to submit their views on them is also available.

The closing date for submissions to the consultation is 25 January 2019.

Review Team Director, Bernard Hodgetts said: “We would strongly encourage submissions on each of the topics covered in the consultation paper as these will help inform recommendations to the Government on any changes to the role of the Reserve Bank and how it should be governed.”

Two further consultations are planned for 2019, the next covering preliminary options developed in light of the first consultation and the remaining topics in the terms of reference. The last consultation will present final recommendations.

An Independent Expert Advisory Panel chaired by Suzanne Snively has provided input into the topics covered in the consultation paper.

More information

Phase 2 - Reviewing the Reserve Bank of New Zealand (RBNZ) Act

For general enquiries about the Reserve Bank of New Zealand Act Review, please email


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