RB prepares to regulate non-bank sector
The Reserve Bank has restructured its Financial Stability Department in advance of taking on its expanded role which will include overseeing finance companies.
Friday, 2 November 2007
Legislation enabling the bank's expanded role is to be introduced over the next year.
Spencer says there is a lot for the bank to work on and the new structure and teams will enable it to handle this effectively.
The Financial Stability Department has been replaced by two new departments - the Prudential Supervision Department (PSD) and the Financial Markets Department (FMD).
PSD is in charge of bank supervision and will regulate non-bank deposit-takers and insurance companies. FMD is responsible for the bank's domestic and foreign exchange markets activity, and for research and analysis on macro-financial stability.
Toby Fiennes has been appointed Head of Prudential Supervision, and Simon Tyler the Head of Financial Markets. Over the next three years around 25 people will join PSD as its regulatory role expands. Fiennes has been a Special Adviser with the Bank since 2005, engaged in banking supervision, and the reviews of the regulatory arrangements for non-bank deposit-takers, insurers and New Zealand's Anti-Money Laundering framework. He has worked at Barclays Bank, the Bank of England, and the UK's Financial Services Authority.
Tyler joined the bank in 2004 as Manager of Market Operations. Prior to that he was Head of Treasury at the National Bank.
Commenting is closed
Weekly Updates including news and commentary
Today's Best Bank Rates
Today's Top 5 Deposit Rates
Find a Rate
Cash PIE Rates
6 June 2017
4 May 2017
10 April 2017
12 January 2017
Disclaimer - Every possible effort has been made to keep the information in the tables and on this site as accurate as possible, however, neither the publisher, Tarawera Publishing, nor anyone engaged to compile the rates and this site accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details with providers. The full terms and conditions of this site can be found here.
© Copyright 1997-2017. Tarawera Publishing Ltd. All Rights Reserved.