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Working Together To Support Economic Recovery, Strengthen Resilience, And Develop Culture

Collaboration and understanding between regulators and the financial institutions they oversee is increasingly critical as our economy responds and recovers from the COVID-19 pandemic, Reserve Bank Assistant Governor and General Manager for Governance, Strategy, and Corporate Relations Simone Robbers said in a speech today.

Speaking at the 16th Financial Markets Law Conference in Auckland, Ms Robbers stressed the importance of working together, as she outlined the priorities and programmes that the Reserve Bank of New Zealand Te Pūtea Matua is committed in delivering to promote the long-term prosperity and wellbeing of all New Zealanders.

“Since the onset of COVID-19, we have played our part, acting quickly and early in tandem with the Government and the industry to cushion the economic blow to households and businesses.”

“It is important that we continue to deliver on our core mandate by promoting a sound and dynamic monetary and financial system, which best supports a sustainable and productive economy.

This means, that as kaitiaki – or guardians – we remain vigilant to the broad range of risks that could impact our effectiveness in fulfilling this role and be prepared to work together to overcome challenges,” Ms Robbers said.

The Reserve Bank is focused on updating the legislative frameworks that govern how the Bank prudentially regulates and supervises; strengthening climate resilience of the financial system; modernising and making the organisation fit for the future through updated institutional and governance arrangements and a new 5-year funding agreement; and working with our regulatory partners to consider financial inclusion and social cohesion.

She called on financial institutions to continue to work constructively with regulators and stakeholders in responding to the challenges that the financial system is facing.

“Financial institutions have a role to play here – and should be reassessing how they are supporting the recovery and best serving their customers. They also have a role in keeping us on track, holding us to account, and contributing to consultations to ensure the environment serves and works for all.”

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