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New Zealand banks

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There are currently 18 banks registered in New Zealand. All banks operating here must be registered with the Reserve Bank of New Zealand and are required by law to disclose their financial condition each quarter.

Registered banks in New Zealand

See Explaining Credit Ratings for an explanation of how credit ratings work, and what they can and cannot do.

For information on the quarterly disclosure statements which registered banks are required to publish see Your bank's disclosure statement - what's in it for you?.

Banking System Oversight

Information on the Reserve Bank's banking registration and supervision framework is contained in the Banking System Oversight section.

Warning: "New Zealand offshore finance companies"

The Reserve Bank advises that caution should be exercised by anyone considering doing any form of business with entities that promote themselves as "New Zealand offshore finance companies", or use similar descriptions, and that offer financial services either on-line or from locations outside of New Zealand.

No such category of entity is recognised under New Zealand law. The entities involved are usually just registered in New Zealand as companies or limited partnerships, and they have no special status. These entities are not licensed or supervised as financial service providers by any New Zealand authority. They are required to register a New Zealand address, but this is usually that of a compliance agent, with the entities having no real physical presence in New Zealand. These entities are often directed or owned by persons who are not resident in New Zealand. Details about the directors and ownership of these entities can be obtained by searching the on-line database of the New Zealand Companies Office.

Notice: Miami International Bank and Bansur International Bank

Entities with these names were previously registered by the New Zealand Registrar of Companies on the New Zealand companies register. The names of these companies have been subsequently changed to Miami International Limited and 2197787 Limited respectively. Details about the directors and ownership of these companies can be obtained by searching the on-line database of the New Zealand Companies Office.

These companies are not, and never have been, licensed or supervised as financial service providers by the Reserve Bank of New Zealand or any other New Zealand authority. In terms of the law, they have never been entitled to use the word "bank" in their names and hence give the appearance of being New Zealand registered banks.

The Reserve Bank has posted a warning about "New Zealand offshore finance companies".

Features

The Financial Stability Report contains general information on current issues and recent developments in the New Zealand banking system. Note: before 2004 these matters were reported on in each June issue of the Reserve Bank Bulletin.

New Zealand's financial sector regulation (PDF 245KB) by Geof Mortlock. This article provides a summary of the regulatory framework in the New Zealand financial sector (published in the Reserve Bank Bulletin - December 2003.

The case for deposit insurance in New Zealand (September 2008) This statement discusses the Reserve Bank's stance on the case for deposit insurance. This discussion evaluates the extent to which deposit insurance could help the Reserve Bank meet the statutory objectives set out in Section 68 of the Reserve Bank Act 1989. In turn, this evaluation helps explain why we do not have deposit insurance in New Zealand.