RBNZ consults on proposed breach notification changes

by Krizzel Canlas24 Oct 2018

The Reserve Bank of New Zealand is seeking feedback on proposed changes to the reporting and publishing of breaches by banks.

Currently, banks are expected to notify RBNZ promptly of breaches of their conditions of registrations and required to publish them in their disclosure statements.

RBNZ said the introduction of the Bank Financial Strength Dashboard and subsequent move from quarterly to six-monthly disclosures from individual banks means it can take longer for the market to become aware of the breach.

RBNZ is now proposing that banks be required to notify the regulator of all breaches, and RBNZ is looking to maintain a list of non-minor breaches on its website. Minor breaches will no longer be disclosed.

Consultation closes on December 14.

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