The Reserve Bank of New Zealand’s (RBNZ) financial strength dashboard has been named Initiative of the Year at the Central Banking Publications Awards 2019.
During the awards, financial publisher Central Banking highlighted that very few banks have opened up their financial system to public scrutiny to quite the same level as RBNZ. It noted that by revealing key metrics on the banking sector, RBNZ has hit on a simple method of boosting discipline among banks.
“We aspire to be a ‘Great Team, Best Central Bank’ and the award recognises a significant step towards that goal,” RBNZ Governor Adrian Orr said. “Awareness among consumers and investors is an important aspect of ensuring a sound financial system.”
Launched in May 2018, the dashboard is an interactive disclosure tool for sharing bank data that allows the public to better understand and compare banks’ businesses and risks. It was proving a hit, with more than 10,000 visits per quarter since it went live.
“It is the result of huge effort and dedication from many people in our organisation and the sector at large,” Orr added. “I congratulate them all and encourage people to use the dashboard when making banking decisions.”