Improved coordination of banking regulation

Release date
25 August 2014

A new Banking Forum will better coordinate the work of several Government agencies that regulate banks.

"The Banking Forum will discuss upcoming regulatory initiatives and identify possible areas for cooperation and coordination," Reserve Bank Head of Prudential Supervision Toby Fiennes said.

"Meetings of the forum allow each agency to be aware of regulatory initiatives from other agencies, and potentially move or reorder work that may not be time-dependent."

As a sub-committee of the Council of Financial Regulators, permanent members of the forum are the Reserve Bank, The Treasury, the Financial Markets Authority and the Ministry of Business, Innovation and Employment; with the Ministry of Justice and the Inland Revenue Department currently sitting as associate members.

The forum will also monitor and discuss developments in financial intermediation more broadly as it may affect the banking sector.

The forum will meet quarterly. Other regulatory agencies, public authorities, interest groups or private entities will be invited to participate from time to time.

More Information:
Banking Forum Terms of reference

Media Contact:
Angus Barclay, Communications Adviser
Phone (04) 471 3698 or 027 337 1102, [email protected]