Outcomes of the 2016 New Zealand Financial Sector Assessment Programme
The results of the IMF’s assessment were released in early May 2017. There were well over 100 recommendations, most of them directed at the Reserve Bank given its broad range of financial system responsibilities. The Reserve Bank is considering all the relevant findings and recommendations, and the extent to which implementation would further support the Reserve Bank’s statutory purpose of promoting and maintaining a sound and efficient financial system. Several specific FSAP recommendations dovetail with ongoing policy and supervisory initiatives such as the bank director attestation review, the review of bank capital requirements, the review of the statutory framework for the insurance sector and consultation on a debt-to-income instrument for the macro-prudential toolkit.