NBDTs face new Government legislation
Finance Minister Bill English said the Bill, which introduces licensing requirements and strengthens the Reserve Bank's powers, will complete a new regulatory regime for NBDTs and is another step in lifting investor confidence.
"From 2006, deposits of about $8.6 billion were put at risk by finance industry failures," English said.
"A key focus on this Government has been supporting measures to ensure the right protections are in place to lift investor confidence.
"Last year we implemented the first stage of prudential regulation for non-bank deposit takers - bringing in rules around credit ratings, risk management, governance, capital, related party exposures and liquidity.
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