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Trans-Tasman Bank Distress Management

A memorandum of cooperation to help the participants to achieve a coordinated response to financial distress in any bank or banking group that has significant operations in Australia and New Zealand.

The purpose of this memorandum of cooperation is to help the participants to achieve a coordinated response to financial distress in any bank or banking group that has significant operations in Australia and New Zealand (referred to as a 'trans-Tasman bank') in a manner that avoids, where practicable, instability in the financial systems of Australia and New Zealand and promotes an effective resolution of the bank's financial distress. The MoU does not pre-commit to, or rule out, any particular resolution option.