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Relationships with other domestic and international banking and financial system regulators

The Reserve Bank maintains relationships with other banking and financial-system regulators both in New Zealand and overseas, reflecting shared interests and the potential benefits of cooperation for promoting effective and efficient financial sector regulation. Other New Zealand Government agencies and departments also provide input to the “Recent developments in financial regulation” chapter in our Financial Stability Report.

Financial Regulators' Co-ordination Group

Domestically, the Reserve Bank is a member of the Financial Regulators’ Co-ordination Group which is a forum amongst various New Zealand government agencies for sharing information and views about regulatory issues, financial system developments, other matters of mutual interest, policy issues of common interest, areas of overlapping responsibility and members’ relationships with Australian authorities. The following documents provide some background to the Financial Regulators’ Co-ordination Group:

For links to the websites of other members of the Financial Regulators’ Co-ordination Group, see Links to related websites.

Trans-Tasman Council on Banking Supervision

In February 2005, New Zealand's Minister of Finance and the Australian Treasurer announced the formation of a Trans-Tasman Council on Banking Supervision to consist of the respective Reserve Banks and Treasuries, and APRA. This council is represented at the highest level within the member institutions. Its main role is to monitor and coordinate trans-Tasman home-host regulatory issues. A key goal for the Council is to promote the maximum coordination, cooperation and harmonisation of trans-Tasman bank regulation where sensible, so as to best minimise compliance costs.

Australian Prudential Regulation Authority

Memorandum of Understanding with the Australian Prudential Regulatory Authority (APRA) July 2003
Also available as a PDF file (16KB)
In order to facilitate the supervision of banks with operations in both Australia and New Zealand, the Australian Prudential Regulation Authority and the Reserve Bank of New Zealand have entered into a memorandum of understanding, regarding the sharing of supervisory information.

Financial Services Authority (UK)

Memorandum of Understanding with the United Kingdom's Financial Services Authority (FSA)
Also available as a PDF file (17KB)
The Reserve Bank of New Zealand and the UK's Financial Services Authority have entered into a memorandum of understanding that establishes an arrangement for sharing supervisory information, so as to assist with the supervision of banks that operate both in New Zealand and the UK.

EMEAP

The Reserve Bank of New Zealand is a member of EMEAP, the Executives' Meeting of East Asia-Pacific Central Banks, a cooperative organization of central banks and monetary authorities in the East Asia and Pacific region. EMEAP’s primary objective is to strengthen the cooperative relationship among its members. EMEAP Governors meet annually and Deputy Governors meet twice a year. In addition there are a number of specialist EMEAP working groups which the Reserve Bank participates in, including the Working Group on Banking Supervision. (See the EMEAP website for more information on EMEAP.)

SEANZA

The Reserve Bank of New Zealand is a member of the SEANZA Forum of Banking Supervisors, an offshoot of the main SEANZA Group. The SEANZA Forum of Banking Supervisors provides a means for banking supervisors from the region to establish contact with each other, in order to exchange information on issues and problems of common interest.