Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Next steps for a modern Reserve Bank and financial framework


Hon Grant Robertson

Minister of Finance

1 November 2018

PĀNUI PĀPĀHO

MEDIA STATEMENT


The Coalition Government’s work to ensure New Zealand’s financial system is well regulated within a modern framework progressed today, Finance Minister Grant Robertson says.

“The Reserve Bank Act has been in place for nearly 30 years. Over that time, the scope, focus and intensity of regulation and supervision has evolved. Alongside this, changes to the Reserve Bank’s statutory framework have occurred through a series of separate, targeted amendments rather than through a comprehensive work programme,” Grant Robertson said.

“Now is the right time to do that work to ensure we have a fit for purpose financial stability and regulatory framework for the coming decades.

“Phase 2 of the Review of the Reserve Bank Act opened today. This work will ensure the Act aligns with what the Government considers will provide a strong, flexible and enduring regulatory framework that enjoys broad public and industry support,” Grant Robertson said.

The work is being led by a joint Treasury-Reserve Bank team. The Government is being advised by an independent expert panel. More details are available on the Treasury’s website here. The scope and terms of reference for Phase 2 can be found here.

The Phase 2 work is separate from the FMA-Reserve Bank review of the conduct and culture of New Zealand financial services entities, which is due to be released next week.

The legislation implementing Phase 1 of the Review – improving New Zealand’s monetary policy framework – is currently progressing through Parliament.

ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On How America’s Middle East Allies Are Poisoning The Ground Joe Biden Will Inherit

As even the US mainstream media has been reporting, the prime motive for the murder of Iran’s top nuclear scientist Dr. Mohsen Fakhrizadeh (by Israeli or Saudi operatives, or both) has been to poison the situation that the next US president will inherit. At best, there was only an outside chance that the incoming Biden administration and the outgoing liberal regime of Iranian PM Hassan Rouhani could have revived the Iran anti-nuclear deal that Rouhani had negotiated in 2015 with Barack Obama. Deliberately though, America’s allies have now made it impossible for Biden to pursue that option... More>>

 

WorkSafe: 13 Parties Charged Over Whakaari/White Island Tragedy

WorkSafe New Zealand today filed charges against 13 parties in relation to the Whakaari/White Island eruption in December last year. “22 people have lost their lives in this tragic event. WorkSafe is tasked with investigating workplace incidents to determine ... More>>

ALSO:

Pay Gap: Progress On Pay Equity For DHB Staff

Today’s initial agreement between DHBs and the PSA on pay equity for clerical and administration staff is an important step toward better, fairer pay for this crucial and largely female workforce, Health Minister Andrew Little says. More>>

ALSO:

New Zealand Government: Speech From The Throne

It is my privilege to exercise the prerogative of Her Majesty the Queen and open the 53rd Parliament.
In the October election, New Zealanders elected a majority Government for the first time under our Mixed Member Proportional electoral system... More>>

Media: Stuff Holds Itself Accountable For Wrongs To Māori

Stuff has today published the results of an investigation into itself, and issued a public apology, for the way the media organisation has portrayed Māori, the indigenous people of Aotearoa New Zealand, from its first editions to now. Tā Mātou Pono | More>>

ALSO:

New Zealand Government: To Declare A Climate Emergency

The Government will declare a climate emergency next week, Climate Change Minister James Shaw said today. “We are in the midst of a climate crisis that will impact on nearly every aspect of our lives and the type of planet our children will inherit ... More>>

ALSO:

Economy: Crown Accounts Reflect Govt’s Careful Economic Management

The better-than-expected Crown accounts released today show the Government’s careful management of the COVID-19 health crisis was the right approach to support the economy. As expected, the Crown accounts for the year to June 2020 show the operating balance ... More>>

ALSO:


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels