Reserve Bank releases position paper following macro-prudential consultation
The Reserve Bank today released its response to submissions (PDF 207KB) and a paper summarising its final policy position (PDF 305KB) following the public consultation on its macro-prudential policy framework that took place in March and April.
Today's release comes after yesterday's Budget announcement that the Minister of Finance and the Governor have signed a Memorandum of Understanding defining the operating guidelines and governance arrangements for macro-prudential policy.
Deputy Governor Grant Spencer said: "The consultation process has provided useful insights into the four macro-prudential instruments that we described in the consultation papers and on the implementation framework that we proposed.
"This feedback is assisting us in the design of the instruments and in refining the policy framework. However, it has not resulted in major changes to the framework.
"We will now be looking to incorporate operational details of the macro-prudential policy instruments into the Banking Supervision Handbook and we will consult further with the banks on this in the coming weeks. This will then enable the macro-prudential framework to be put in place, for potential future use," he said.
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