Consultation opens on non-core standards for deposit takers
The consultation paper covers proposals for the nine non-core standards including governance, risk management and lending. It follows the RBNZ’s recent consultation on the four core standards – capital, liquidity, disclosure and the Depositor
Compensation Scheme – which are the standards existing deposit takers will be licensed against.
Alongside the proposed policy for the non-core standards, the RBNZ is seeking feedback on its initial policy direction on the new crisis management regime in the Deposit Takers Act (DTA).
If a deposit taker gets into distress or fails, an effective crisis management regime is essential for minimising the serious economic damage and costs that can result, as we saw in the Global Financial Crisis, says Christian Hawkesby, Reserve Bank deputy governor.
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