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Capital Review dual reporting and other changes to bank disclosure statements

We have made changes to New Zealand-incorporated banks' disclosure statements, including adding 'dual reporting'. The changes will take effect on 30 June 2024.

Consultation outcome

Any changes to bank disclosure requirements need an Order in Council to be made in Executive Council. The amendment Order to implement dual reporting and other minor disclosure changes was made on 7 May and published in the New Zealand Gazette on 8 May.

Read the Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014 Amendment Order 2024

For convenience, we maintain on our website a ‘working copy’ of the principal Order in Council for New Zealand-incorporated banks. This incorporates all the changes made by amendment Orders since the principal Order was made. We will publish an updated version of the working copy in late June 2024, to incorporate the changes from this latest amendment Order just before they come into effect. Meanwhile we are publishing a marked-up copy of the current working copy, to show where the amendments apply.

Read the marked-up ‘working copy’ of the Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014 (PDF, 914KB)

Feedback from first consultation

From February to May 2022 we consulted on changes to the information that New Zealand-incorporated registered banks must publish in their six-monthly disclosure statements.

The main changes were to introduce ‘dual reporting’, which was one element of the Capital Review final policy decisions published in December 2019.

See Review of the capital adequacy framework registered banks

In October 2023 we published a summary of the submissions we received on the consultation paper and our final decisions on the policy proposals in light of those submissions.

Submission documents

Feedback from second consultation

During October 2023 we consulted on an exposure draft of the amendment Order in Council needed to implement the disclosure changes, as confirmed after the first consultation. We asked for feedback on the drafting details to ensure that the text achieved the intended outcomes in the feedback statement.

The exposure draft also covered some other disclosure changes, relating to recently announced policy changes on connected exposures, mutual capital instruments, and new risk-weight categories for credit risk.

We received one submission suggesting some minor drafting changes, and we have given consideration to these in the final version of the Amending Order that has been made. 

Submission document

Consultation documents

Requirements currently in force

The current version of the required disclosure of information on capital adequacy can be seen in our ‘working copy’ of the disclosure Order in Council for New Zealand-incorporated registered banks. The document is available on our Disclosure Requirements page.

Disclosure Requirements