Regulatory Alerts2022-05-17
Added · Updated
New Zealand: Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision
The International Monetary Fund assessed the Reserve Bank of New Zealand's compliance with the Basel Core Principles for Effective Banking Supervision, identifying significant gaps between its low-intensity supervisory approach and international standards. The report highlights that the RBNZ's reliance on market and self-discipline, combined with a lack of independent on-site verification and insufficient resources, undermines the effectiveness of its regulatory discipline. Key recommendations include amending legislation to strengthen enforcement powers, issuing detailed supervisory guidance, and increasing staffing to implement a robust on-site inspection program.
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