Hon Grant Robertson
Minister of Finance
1 November 2018
PĀNUI PĀPĀHO
MEDIA STATEMENT
The Coalition Government’s work to ensure New Zealand’s financial system is well regulated within a modern framework
progressed today, Finance Minister Grant Robertson says.
“The Reserve Bank Act has been in place for nearly 30 years. Over that time, the scope, focus and intensity of
regulation and supervision has evolved. Alongside this, changes to the Reserve Bank’s statutory framework have occurred
through a series of separate, targeted amendments rather than through a comprehensive work programme,” Grant Robertson
said.
“Now is the right time to do that work to ensure we have a fit for purpose financial stability and regulatory framework
for the coming decades.
“Phase 2 of the Review of the Reserve Bank Act opened today. This work will ensure the Act aligns with what the
Government considers will provide a strong, flexible and enduring regulatory framework that enjoys broad public and
industry support,” Grant Robertson said.
The work is being led by a joint Treasury-Reserve Bank team. The Government is being advised by an independent expert
panel. More details are available on the Treasury’s website here. The scope and terms of reference for Phase 2 can be
found here.
The Phase 2 work is separate from the FMA-Reserve Bank review of the conduct and culture of New Zealand financial
services entities, which is due to be released next week.
The legislation implementing Phase 1 of the Review – improving New Zealand’s monetary policy framework – is currently
progressing through Parliament.
ends