Trans-Tasman Banking Regulation
12 January 2005
In January 2004, New Zealand's Minister of Finance and the Australian Treasurer announced a proposal for closer integration of the prudential regulation of the New Zealand and Australian banking systems. To this end, a joint working party was formed comprising officials from the New Zealand Treasury, Reserve Bank of New Zealand (RBNZ), Australian Treasury, Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA). In July 2004, this working party submitted a joint report to their respective ministers entitled Development of a framework for closer integration of trans-Tasman banking regulation.
The Reserve Bank made public the above paper and three other related papers completed in July and August 2004 on trans-Tasman banking regulation, which were requested under the Official Information Act.
The second paper is a joint New Zealand Treasury and RBNZ paper to the Minister of Finance on New Zealand officials' advice and recommendations on the trans-Tasman working party report.
The third paper is a Cabinet paper from the Minister of Finance on the trans-Tasman working party report.
The fourth paper is a RBNZ paper to the Minister of Finance that provided background information to the Minister on banking supervision, regulation, crisis management, and the frequency and costs of a banking crisis.