The dashboard approach to quarterly disclosure
Status: Work to implement the Dashboard has now been completed, and the first Dashboard was published on 29 May 2018 with data from Q1 2018. Corresponding changes to bank disclosure requirements take effect for the same reporting date, namely 31 March 2018.
Consultation period: 2016-2018
5 June 2018
The Bank Financial Strength Dashboard has now gone live, with data from Q1 2018. The Reserve Bank has made a number of other minor updates to its website and to the Handbook document BS7A, to update references to the Dashboard.
Go to the Bank Financial Strength Dashboard
29 March 2018
The Reserve Bank has updated the working copies of the disclosure Orders in Council on its main Banking Supervision Handbook contents page, to reflect the changes in disclosure requirements that take effect on 31 March. The Reserve Bank has also updated the related Handbook documents BS7 and BS7A, and revised a number of pages on its website to remove references to quarterly disclosure statements.
Go to the Banking Supervision Handbook page
23 February 2018
Amending Orders in Council were published in the New Zealand Gazette on 22 February 2018, to implement the changes in disclosure needed to coincide with the first Dashboard publication. Subject to the 28 day notice period, these amendments will take effect on 31 March 2018. The Reserve Bank will update its working copies of the principal Orders on the Banking Supervision Handbook page in late March. The main impact of these changes will be that no bank will be required to publish an off-quarter disclosure statement for a period ending on 31 March 2018.
- Amending Order for New Zealand incorporated banks
- Amending Order for overseas incorporated banks
- Disclosure Order in Council for New Zealand incorporated banks: Reserve Bank working copy red-lined with confirmed changes taking effect on 31 March 2018 (PDF 1.3MB)
- Disclosure Order in Council for branches of overseas incorporated banks: Reserve Bank working copy red-lined with confirmed changes taking effect on 31 March 2018 (PDF 837KB)
The Reserve Bank has prepared a Regulatory Impact Statement assessing the combined impact of implementing the Dashboard and removing off-quarter disclosure statements:
- Regulatory Impact Statement for Dashboard and corresponding disclosure statement changes (PDF 363KB)
In light of feedback received on the November 2017 consultation, the disclosure changes that are now being made incorporate some updates compared to the version proposed in that consultation. The following paper summarises the consultation feedback, provides Reserve Bank responses to key issues raised by submitters, and notes the policy decisions made as a result:
Submissions for publication
The Reserve Bank is publishing the individual submissions received on the consultation on changes to existing bank disclosure requirements, where consent to do so has been provided by submitters.
- ASB submission for publication (PDF 546KB)
- NZBA submission for publication (PDF 558KB)
- PwC submission for publication (PDF 216KB)
14 November 2017
Alongside the implementation work on the Dashboard, the Reserve Bank needs to make changes to the existing registered bank disclosure requirements, to take effect at the same time as the Dashboard. These changes include the removal of the requirement for off-quarter disclosure statements. The Reserve Bank is therefore consulting on changes to the disclosure Orders in Council, which would be made by Amending Orders to take effect from 31 March 2018. The proposed changes also include a number of other improvements confirmed during the Regulatory Stocktake. The deadline for comments is 12 January 2018.
- Follow-up Consultation: Updates to registered bank disclosure statements arising from Stocktake (PDF 139KB)
- Disclosure Order in Council for New Zealand incorporated banks: Reserve Bank working copy red-lined with proposed changes (PDF 606KB)
- Disclosure Order in Council for branches of overseas incorporated banks: Reserve Bank working copy red-lined with proposed changes (PDF 362KB)
21 September 2017
The Dashboard approach for quarterly disclosures was formally consulted on at the end of 2016. It aims to enhance market discipline by making quarterly disclosures available in a timelier manner and in a format that is more accessible to facilitate comparisons across banks. Industry workshops were held in May and August 2017 to further discuss key design issues raised by banks during the formal consultation. The Reserve Bank previously indicated its preference to introduce a Dashboard in its summary of the submission feedback and has confirmed this decision today. The paper published today outlines the finalised Dashboard approach to quarterly disclosures for locally incorporated banks and takes on board issues raised by stakeholders by making refinements around the timing of publication, measures to ensure data quality and the metrics that will be included in the Dashboard.
7 February 2017
In late 2016 the Reserve Bank ran a public consultation on the Dashboard approach to quarterly disclosure by locally incorporated banks, which aims to enhance market discipline by making these quarterly disclosures available in a timelier manner and in a format that is more accessible and facilitates comparisons across banks. The summary of submissions document, released today, summarises the consultation feedback, provides Reserve Bank responses to some key issues raised by submitters and outlines next steps for the Dashboard initiative.
- Summary of Submissions on the Dashboard Consultation document (PDF 163KB)
- Consultation document: The Dashboard approach to quarterly disclosure (PDF 1MB)
Submissions for publication
The Reserve Bank is publishing the individual submissions received as part of the Dashboard consultation where consent to do so has been provided by submitters.
- Aaron Taitoko submission for publication (PDF 308KB)
- ANZ submission for publication (PDF 198KB)
- ASB submission for publication (PDF 600KB)
- Banking Ombudsman Scheme submission for publication (PDF 79KB)
- Bank of Baroda submission for publication (PDF 93KB)
- Co-op Bank submission for publication (PDF 197KB)
- David Tripe submission for publication (PDF 40KB)
- Earl Cleveland submission for publication (PDF 2.1MB)
- HSBC submission for publication (PDF 499KB)
- Keith Muir submission for publication (PDF 39KB)
- Kiwibank submission for publication (PDF 419KB)
- Martien Lubberink and David Tripe joint submission for publication (PDF 67KB)
- Murray Jackson submission for publication (PDF 139KB)
- NZBA submission for publication (PDF 395KB)
- Paul Kelway submission for publication (PDF 1MB)
- SBS Bank submission for publication (PDF 49KB)
- Westpac submission for publication (PDF 1.4MB)
23 September 2016
In September 2016 the Bank published a consultation document on the proposed Dashboard approach to quarterly disclosure by locally incorporated banks. The consultation closed on 15 December 2016. The Dashboard is an outgrowth of the Regulatory Stocktake, and would involve publication on the Reserve Bank’s website of key information on locally incorporated banks. By presenting this information in one place and in a standardised format, the Dashboard aims to enhance market discipline by making this information more accessible and facilitating comparisons across banks. The consultation document also seeks feedback on various other related matters.
Consultation document: The Dashboard approach to quarterly disclosure (PDF 1MB)
