09 December 2024 – The Reserve Bank of New Zealand welcomes the new Financial Policy Remit issued today as it continues its work to facilitate a financial sector where competition drives innovation and inclusion.
RBNZ’s Board has engaged with the Minister over the new Financial Policy Remit and Letter of Expectations and welcomes an updated remit that is relevant to RBNZ’s current and future work programme, Board Chair Professor Neil Quigley says.
“The remit is an important tool for the Minister to specify matters the Government considers the Reserve Bank should have regard to in achieving its financial stability objective and performing its functions as a prudential regulator and supervisor,” Professor Quigley says.
“A long-term strategic focus for RBNZ is strengthening efficiency and competition. We already have a detailed work programme in place relating to increasing efficiency and competition which includes actioning recommendations made in the Commerce Commission’s market study. This is further detailed in our submission to Parliament’s Finance and Expenditure Committee Inquiry into Banking Competition. We look forward to further engagement with the select committee early next year.”
The Reserve Bank is also working with other agencies – including across the Council of Financial Regulators – to address competition issues.
More information
Our Financial Policy Remit: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=e435520985&e=f3c68946f8
Letter of Expectations: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=fe8bd6163e&e=f3c68946f8
RBNZ releases banking competition select committee submission https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=be17a05342&e=f3c68946f8
The Financial Policy Remit and the Reserve Bank (article from previous Financial Stability Report): https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=fd3dafbebc&e=f3c68946f8
