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Public Standards and Private Monitoring: New Zealand's New Banking Supervision Regime

Grimes, Arthur (1996): Public Standards and Private Monitoring: New Zealand's New Banking Supervision Regime. Published in: Agenda , Vol. 3, No. 3 (1996): pp. 277-286.

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Abstract

The Reserve Bank of New Zealand (RBNZ), which is well-known for its independence and anti-inflation stance under the Reserve Bank of New Zealand Act 1989, has embarked on another policy innovation. In January 1996, it implemented a new approach to banking supervision. Defying international trends, the RBNZ reforms envisage returning ‘supervision’ largely to the private sector, although the RBNZ retains a role in specifying minimum standards for banks to meet. This article outlines and analyses these proposals, in the context both of the broader reform process in New Zealand since 1984 and of international and academic developments. It also considers whether certain aspects of the proposals could be altered so as to better meet the Reserve Bank’s objectives.

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