Mentions of Reserve Bank of New Zealand in New Zealand Parliament debates

IAIN LEES-GALLOWAY ... I think it is a question that any New Zealander would ask about this legislation. Clause 7 states: “Part 5D of the Reserve Bank of New Zealand Act 1989 does not apply to the Funding Agency.” Part 5D of the Reserve Bank of New Zealand Act has a number of sections ...
... I think it is a question that any New Zealander would ask about this legislation. Clause 7 states: “Part 5D of the Reserve Bank of New Zealand Act 1989 does not apply to the Funding Agency.” Part 5D of the Reserve Bank of New Zealand Act has a ...

Hon RODNEY HIDE ... have some considerable confidence. But one would not get away with not having a credit rating. The issue with the Reserve Bank exemption relates to the level of capital it needs to hold compared with a bank. Obviously, because it has that ...

STUART NASH ... a short call. I have some ever so slight concerns with regard to the funding agency being exempt from Part 5D of the Reserve Bank of New Zealand Act. My concerns are based on this: Part 5D of the Act sets out a whole lot of requirements that financial institutions ...
... a short call. I have some ever so slight concerns with regard to the funding agency being exempt from Part 5D of the Reserve Bank of New Zealand Act. My concerns are based on this: Part 5D of the Act sets out a whole lot of requirements that ...

Hon RODNEY HIDE ... I want him to appreciate the underlying principle here of the exemption of the funding agency to Part 5D of the Reserve Bank of New Zealand Act 1989, which is that local councils are exempt from Part 5D. So if they are exempt from Part 5D, it would be odd to ...
... I want him to appreciate the underlying principle here of the exemption of the funding agency to Part 5D of the Reserve Bank of New Zealand Act 1989, which is that local councils are exempt from Part 5D. So if they are exempt from Part 5D, it ...

PHIL TWYFORD ... Stuart Nash, Iain Lees-Galloway, and the Minister around clause 7 in Part 1 and the implications of Part 5D of the Reserve Bank of New Zealand Act not applying to the funding agency. I appreciated the Minister’s explanation of that. I suppose the underlying ...
... Stuart Nash, Iain Lees-Galloway, and the Minister around clause 7 in Part 1 and the implications of Part 5D of the Reserve Bank of New Zealand Act not applying to the funding agency. I appreciated the Minister’s explanation of that. I suppose the ...

BRENDON BURNS ... Council? If it is the case that it is able to borrow in foreign currency, is Treasury advising the Minister and the Reserve Bank that that is where the Auckland Council is likely to be taking most of its borrowing from? If that is the case, ipso ...

Dr RUSSEL NORMAN ...$2 billion in taxes, but nobody gets punished and nobody goes to court. If someone illegally stole $2 billion from the Reserve Bank, would it be the case that no one would be prosecuted or get caught? Instead, the banks’ executives and their advisers—a...

JONATHAN YOUNG ... still have flexibility in our economy, which a lot of other countries do not have. In theory, there is room for the Reserve Bank to cut interest rates if necessary. Our exchange rate is still relatively high, so again there is the opportunity for ...

Hon TONY RYALL ... regime in two stages. The first stage was in effect by 1 December 2010, following the passage of Part 5D of the Reserve Bank of New Zealand Act, which covers credit ratings, governance, risk management, capital, related party exposures, liquidity, and the ...
... regime in two stages. The first stage was in effect by 1 December 2010, following the passage of Part 5D of the Reserve Bank of New Zealand Act, which covers credit ratings, governance, risk management, capital, related party exposures, ...

Hon LIANNE DALZIEL ... lost a lot of money. This Labour Opposition will very much support this legislation. It strengthens the arm of the Reserve Bank, and I congratulate the Government on the quality of the regulatory impact statement that accompanies this particular ...

DAVID BENNETT ... and especially towards non-bank deposit takers. First of all, it completes that regulation process and it gives the Reserve Bank the power to remove directors and issue directions in certain circumstances. It can require non-bank deposit taker ...

STUART NASH ...nown—about the risk of incompetence and negligence. I will give the House a quote. In the first reading debate on the Reserve Bank of New Zealand Amendment Bill (No 3), Dr Michael Cullen noted: “The amendments in this bill implement the first phase of the new non-bank...
...nown—about the risk of incompetence and negligence. I will give the House a quote. In the first reading debate on the Reserve Bank of New Zealand Amendment Bill (No 3), Dr Michael Cullen noted: “The amendments in this bill implement the first phase ...

DAVID CLENDON ... it. Sadly, some of them will no doubt escape legal process, but nevertheless this new legislation will empower the Reserve Bank to accredit directors, and, if necessary, to remove them to get people out of the sector who really ought not to be ...

RAHUI KATENE ... public in New Zealand will be classed as non-bank deposit takers. Under Part 5D of the previous legislation, the Reserve Bank of New Zealand Act 1989, credit unions and building societies were classed as deposit takers, even if they had never issued debt ...
... public in New Zealand will be classed as non-bank deposit takers. Under Part 5D of the previous legislation, the Reserve Bank of New Zealand Act 1989, credit unions and building societies were classed as deposit takers, even if they had never ...

AARON GILMORE ... One of the measures that I quite potentially like relates to increasing the information disclosure powers that the Reserve Bank has in respect of non-bank deposit takers, particularly on the directors and officers of those entities. There is a ...

BRENDON BURNS ... is about: licensing those non-bank deposit takers, requiring their directors and senior officers to be vetted by the Reserve Bank, empowering the Reserve Bank to delicense the non-bank deposit takers in prescribed situations, requiring the consent ...

CLARE CURRAN ... regime for non-bank deposit takers. The then finance Minister, Michael Cullen, oversaw the introduction of the Reserve Bank of New Zealand Amendment Act in 2008, which introduced requirements in relation to credit ratings, governance, risk management, capital-re...
... regime for non-bank deposit takers. The then finance Minister, Michael Cullen, oversaw the introduction of the Reserve Bank of New Zealand Amendment Act in 2008, which introduced requirements in relation to credit ratings, governance, risk ...

Hon DAVID PARKER ... on the wrong side of this debate. Mr English should just accept that his Treasury officials are right and that his Reserve Bank officials are right. One of the reasons that they like it is that over time it leads to lower interest rates, to the ...

GRANT ROBERTSON ... there is a Fellow of the Royal Society named Alan Bollard, but it is not the Alan Bollard who is the Governor of the Reserve Bank, lest anyone be concerned about that. Clause 9 is about the fellows, and it brings the humanities within that. In ...

Hon BILL ENGLISH ... on the basis that that will assist with the recovery of the economy, and that it will mean less pressure on the Reserve Bank to raise interest rates, with an indirect flow through to an even higher exchange rate. The second positive factor ...

Hon DAVID CUNLIFFE ... policies that support and supplement the official cash rate, why will the Minister’s Government not review the Reserve Bank of New Zealand Act, which is the purest, one would say most conservative, construction in the entire Western World? The Minister said ...
... Minister, almost in isolation, pretend that we have the best monetary policy in the world? When everybody, from the Reserve Bank to the Bank for International Settlements to the IMF to the OECD, is moving on things like macro-prudential regulation ...

AMY ADAMS ... that that devastation is an ongoing saga for us all; it is not a fixed amount. I know that when we last talked to the Reserve Bank in the Finance and Expenditure Committee about the estimates, and certainly in relation to the estimates in this Budget,...

STUART NASH ... a second. It has $42 billion worth of debt—$42 billion worth of debt. This is of such concern to the Governor of the Reserve Bank that he has increased the liquidity provisions around rural debt. I do not think there are going to be many jobs ...

CRAIG FOSS ... previous administration. Under the previous administration, inflation was running at 5-plus percent, in spite of the Reserve Bank of New Zealand Act, which Labour members now seem so keen to want to change. Yet for at least 3 or 4 years of Labour’s last period in ...
... previous administration. Under the previous administration, inflation was running at 5-plus percent, in spite of the Reserve Bank of New Zealand Act, which Labour members now seem so keen to want to change. Yet for at least 3 or 4 years of Labour’s ...

PESETA SAM LOTU-IIGA ... some of the highest interest rates that our businesses and our consumers have faced. Inflation rates were well above Reserve Bank requirements. Those are the conditions we inherited. Where have we been in the last 2½ years? This Government has ...

Hon RODNEY HIDE ... provisions designed to assist that. Clause 7 extends the exemption local authorities have from Part 5D of the Reserve Bank of New Zealand Act 1989 to the funding agency. Part 5D deals with the regulation of deposit takers. Similarly, clause 8 applies the ...
... provisions designed to assist that. Clause 7 extends the exemption local authorities have from Part 5D of the Reserve Bank of New Zealand Act 1989 to the funding agency. Part 5D deals with the regulation of deposit takers. Similarly, clause ...

Hon Dr NICK SMITH ... governance system. The parallel in the economic and financial sphere is having Treasury as the policy adviser, the Reserve Bank as the regulator, and the Auditor-General. The next stage in our work programme is to beef up the role of the Office ...

BRENDON BURNS ... it makes absolute sense. I have a final point in support of this legislation. Today we saw the Governor of the Reserve Bank, Dr Alan Bollard, appear before the Finance and Expenditure Committee in an open session. He talked about how we are ...

JOHN BOSCAWEN ... Pasifika, and young people. Dr Brash’s economic credentials are unparalleled. He spent 14 years as Governor of the Reserve Bank of New Zealand, and 5 years working for the World Bank in Washington, DC, and has served on many policy advisory committees for the ...
... Pasifika, and young people. Dr Brash’s economic credentials are unparalleled. He spent 14 years as Governor of the Reserve Bank of New Zealand, and 5 years working for the World Bank in Washington, DC, and has served on many policy advisory ...

TE URUROA FLAVELL ... earthquakes last September and in February of this year. It is an unusual situation, and from the viewpoint of the Reserve Bank it does not appear to have impacted on the bulk of the mainstream insurance sector, only AMI Insurance. The ...

CHARLES CHAUVEL ... finance companies that had misled investors to be funded from the Securities Commission’s litigation fund; making the Reserve Bank the prudential regulator for non-bank deposit takers, and finance companies are the classic example of those sorts of ...

Hon DAVID PARKER ... the bubble in a number of ways. We tried to take the heat out of it a little by increasing interest rates through the Reserve Bank, which does that independently. We also took the heat out of it by running Government surpluses, so that the ...

Hon DAVID CUNLIFFE ... because of National’s mismanagement. It is not because of rebalancing, because the bad news, which was proved by the Reserve Bank last week, is that rebalancing has not actually started yet. Households and businesses in New Zealand owe more debt ...

Rt Hon JOHN KEY ... pretty simple: we are going to spend less, we are going to borrow less, and we are going to take the pressure off the Reserve Bank and off New Zealand interest rates. Any political party that has not even got out of January before promising $5 ...

CHRIS TREMAIN ... branch, and a locally incorporated subsidiary, which is called Westpac New Zealand Ltd. Having regard to the Reserve Bank of New Zealand’s local incorporation policy, Westpac Banking Corporation and Westpac New Zealand Ltd have agreed with the Reserve Bank ...
... branch, and a locally incorporated subsidiary, which is called Westpac New Zealand Ltd. Having regard to the Reserve Bank of New Zealand’s local incorporation policy, Westpac Banking Corporation and Westpac New Zealand Ltd have agreed with ...

Hon DAVID CUNLIFFE ... of sufficient scale to provide good risk management within our system, pursuant to the regulations of the New Zealand Reserve Bank. I will firstly draw on the submission by Westpac, in taking the House through the reasons why this bill is necessary,...

AMY ADAMS ... that they continue to support Cantabrians as we carry on through our own regional crisis. The bill is driven by the Reserve Bank’s local incorporation policy, which in this sense is really about ensuring that the systemically important banks, the ...

Hon DAVID PARKER ... have effects for depositors that are positive. The background to this bill is that under the last Government the Reserve Bank came to the Government and said it was concerned that the dependence of New Zealand on overseas-based banking ...

Dr RUSSEL NORMAN ... so that one of our major banks is incorporated in New Zealand and is able to be controlled, to some degree, by the Reserve Bank, our regulator. This bill has a number of ironies about it. One of the ironies is that the bill is structured in ...

RAHUI KATENE ... Corporation into Westpac New Zealand rather than their remaining incorporated in Australia. It is consistent with the Reserve Bank’s local incorporation policy, and it complies with the overall direction to bring such banks home. We understand ...

DAVID BENNETT ... House. Basically, it is to enable Westpac to meet its obligations with regard to its capital requirements under the Reserve Bank of New Zealand Act. The changes proposed in the bill enable Westpac to meet its obligations and are in the best interests of Westpac ...
... House. Basically, it is to enable Westpac to meet its obligations with regard to its capital requirements under the Reserve Bank of New Zealand Act. The changes proposed in the bill enable Westpac to meet its obligations and are in the best ...

STUART NASH ... which is incorporated in Australia, in Westpac New Zealand. This is to enable Westpac New Zealand to comply with the Reserve Bank of New Zealand’s local incorporation policy for systemically important banks, and to conduct its business efficiently. Legislation is, ...
... which is incorporated in Australia, in Westpac New Zealand. This is to enable Westpac New Zealand to comply with the Reserve Bank of New Zealand’s local incorporation policy for systemically important banks, and to conduct its business efficiently. ...

DAVID SHEARER ... at the moment have gone. I come back to this bill, which, as I said, is uncontroversial. The background is that the Reserve Bank’s local incorporation policy assists the regulator by providing it with greater control over the assets of a bank in ...

CRAIG FOSS ... what the bill is actually facilitating, and members have been very reassured, I believe, by the assurances from the Reserve Bank, from the Inland Revenue Department, from Treasury, and from the Ministry of Justice, under the New Zealand Bill of ...

Hon DAVID CUNLIFFE ... to comply more fully with the local incorporation policy for systemically important banks, which has been set by the Reserve Bank of New Zealand in consultation with its partners across the Ditch. This is special legislation that has been brought to the House ...
... to comply more fully with the local incorporation policy for systemically important banks, which has been set by the Reserve Bank of New Zealand in consultation with its partners across the Ditch. This is special legislation that has been brought ...

STUART NASH ... We should remember that we are moving assets to Westpac New Zealand to allow Westpac to meet the requirements of the Reserve Bank. A further category of assets is “(f) goodwill and any business undertaking”. That is what it says in clause 4(1) of ...

Hon DAVID PARKER ... in order to be repaid the deposits they had lent to the bank. Of course, this has arisen in part because the Reserve Bank back in 2003 noted that New Zealand was too exposed to risk, as a consequence of our major banks being in part ...

BRENDON BURNS ... guaranteed. I acknowledge that this bill does not deal with those issues. We leave the prudential management to the Reserve Bank, but it is still worth noting those points. This bill is about having regard to the Reserve Bank’s policy of local ...

Hon SHANE JONES ... to 5, to make a contribution on this private bill, the Westpac New Zealand Bill. I go back to the year 2000, when the Reserve Bank originally announced its intention in respect of a requirement of our banks, especially those that—well, we do not ...

Hon LIANNE DALZIEL ... so I have been with it, really, for all my adult life. I know that my colleague has traversed the approach of the Reserve Bank to the local incorporation policy, but what I found particularly interesting was that when the Reserve Bank was ...

Hon DAVID CUNLIFFE ... expectation of stability and certainty in the market place. The policy is intended to help the New Zealand Reserve Bank manage a crisis affecting a systemically important bank. There are both good and not-so-good things to recount about ...

CRAIG FOSS ... took comfort at the Finance and Expenditure Committee from letters from the Inland Revenue Department, as well as the Reserve Bank, etc. Another point to note is that the Reserve Bank is very satisfied with where this bill is at regarding these ...

Hon LIANNE DALZIEL ... But if this bill then subsequently shows itself to be insufficient to meet the ongoing obligations of the Reserve Bank, will indeed further legislation be required? Or does this bill allow for an additional Order in Council to be made? ...

Hon SHANE JONES ... or Westpac New Zealand from the provisions …”, I am presuming that those provisions are enabling the Governor of the Reserve Bank to introduce changes that ensure our major banks, especially those of systemic importance, are able and will be ...

Hon LIANNE DALZIEL ... was important to have local incorporation. I think the reason for that can be brought back to the provisions of the Reserve Bank of New Zealand Act. In Part 5 of the Act the Reserve Bank is given powers to register banks and perform prudential supervision. Section ...
... that lies behind the legislation we have before us tonight. The first thing I will do is remind the Committee why the Reserve Bank came to the view that it was important to have local incorporation. I think the reason for that can be brought back to ...

CHRIS TREMAIN ... Ltd. Westpac New Zealand Ltd was incorporated and became a registered bank in 2006 in order to comply with the Reserve Bank of New Zealand’s local incorporation policy. The policy provides that systemically important banks should be incorporated in New ....
... Ltd. Westpac New Zealand Ltd was incorporated and became a registered bank in 2006 in order to comply with the Reserve Bank of New Zealand’s local incorporation policy. The policy provides that systemically important banks should be ...

AMY ADAMS ... it is important to start off at the outset by making it very clear that this bill is about meeting the needs of the Reserve Bank’s regulatory oversight. It is more about ensuring that the Westpac Banking Corporation, which is obviously one of our ...

TE URUROA FLAVELL ... and to enrich themselves at the bank’s expense.” It is scandals such as these that make Alan Bollard, Governor of the Reserve Bank, reach only the lowly spot of 64 in last year’s list of most trusted people in New Zealand, trailing behind a cast of ...

DAVID BENNETT ... which has some limits around the amount of funds—funds in excess of $15 billion trigger certain requirements. The Reserve Bank’s local incorporation rules are an important part of the triggers that can help to stop bank failure in New Zealand. ...

RAYMOND HUO ... Corporation was registered in New Zealand as an overseas company under the Companies Act 1993 and as a bank under the Reserve Bank of New Zealand Act 1989. In 2003 the Reserve Bank instituted a policy requiring systemically significant banks to be incorporated in New ...
... assets and liabilities from Westpac’s Australian parent to its New Zealand subsidiary to bring it in line with Reserve Bank requirements that significant banks be incorporated in New Zealand. To that end, we note the success of the Reserve ...

BRENDON BURNS ... condition of registration, which includes the limitation of the bank’s liability to below $15 billion, as set by the Reserve Bank. Obviously, the chief executive runs Westpac here in New Zealand, and one would expect that gentleman to be a well-paid...

PESETA SAM LOTU-IIGA ... country. Just to finalise my contribution, I tell the House that the Inland Revenue Department, Treasury, and the Reserve Bank were all consulted during the select committee deliberations, and no concerns were raised in terms of the financial ...

CRAIG FOSS ... Zealand. Westpac New Zealand Ltd was incorporated and became a registered bank in 2006 in order to comply with the Reserve Bank of New Zealand’s local incorporation policy. That incorporation policy provides that systemically important banks should be incorporated ...
... Zealand. Westpac New Zealand Ltd was incorporated and became a registered bank in 2006 in order to comply with the Reserve Bank of New Zealand’s local incorporation policy. That incorporation policy provides that systemically important banks ...

AMY ADAMS ... of financial markets in this country than for that to be the case. A big part of that system, of course, is the Reserve Bank and the role it plays as both the central bank and the prudential supervisor of the banks. I know that the Reserve ...

STUART NASH ...ill” did that, eroding sovereign rights of New Zealand, this bill is quite the opposite. We support the bill, and the Reserve Bank supports it. We also understand that it is very important that Westpac New Zealand has very sound and stable New ...

CRAIG FOSS ... doing to try to address the global financial crisis. Labour is trying to weaken, essentially, the parameters that the Reserve Bank must operate under. Labour has a voodoo accounting policy now. I bring members a quote from the person who would ...

Hon Dr NICK SMITH ... the Environment. Just as there are clear separations of responsibility in the economic sphere between Treasury, the Reserve Bank, and Audit New Zealand, in the environment sphere there are different roles. The thinking behind this bill is that the ...

Hon TREVOR MALLARD ... on the one example, the one precedent example that is given there, and my understanding is that that goes to the Reserve Bank of New Zealand Amendment Bill back in 1939. So the precedents are not new for this sort of change, and the advice I have received is ...
... on the one example, the one precedent example that is given there, and my understanding is that that goes to the Reserve Bank of New Zealand Amendment Bill back in 1939. So the precedents are not new for this sort of change, and the advice I ...

Hon DAVID CUNLIFFE ... and only today we learnt that the latest GDP growth figures were only one-quarter of those forecast by the Reserve Bank. Growth is collapsing. Our economy is in trouble and our families are in trouble, so no New Zealander would demur from ...

Hon DAVID PARKER ... We had one arm of the Government apparatus—I forget whether it was Mr Whitehead at Treasury or Dr Bollard at the Reserve Bank—say that on the basis of the recession there was a need to have decreased profit expectations on the part of the big ...

Hon DAVID PARKER ... it had a lower expectation about the rate of return on those assets. That would accord with what the Governor of the Reserve Bank was calling for about a year or a year and a half ago, when he said that the expectations of infrastructure companies ...

Hon NATHAN GUY ... (Regulators and KiwiSaver) Bill establishes a new Financial Markets Authority, or FMA, which, in conjunction with the Reserve Bank, will have responsibility for the regulation of the financial sector. The authority will assume the current ...

Hon SHANE JONES ... of being too socialist. Let it not go unnoticed that there was an opportunity for the Minister of Finance, the Reserve Bank, and indeed the Prime Minister, during his secret meeting with “Mother Hubbard”, to have alerted the regulators and ...

Hon DAVID CUNLIFFE ... uncertainties about South Canterbury Finance’s financial position? Was South Canterbury Finance in breach of the Reserve Bank’s prudential requirements for inclusion in the guarantee scheme when it was accepted for the extended scheme on April ...

Hon SHANE JONES ... the gaping hole in the Government’s thinking. The Government has now outsourced to the Assistant Governor of the Reserve Bank, Dr McDermott, and a host of other identities from the commercial world, the responsibility to find the answers that ...

KEITH LOCKE ... various levels of integration, and we have to be careful that we do not just slip into a common currency or a common Reserve Bank, which in some ways is a logical consequence of a single economic market. When we get down to that level we are ...

RAYMOND HUO ...ealand’s monetary management closer to Australian practices. Another important change would be the idea of amending the Reserve Bank of New Zealand Act in order to broaden the Reserve Bank’s objectives. The objectives of the Reserve Bank of Australia are not only to ...
...ealand’s monetary management closer to Australian practices. Another important change would be the idea of amending the Reserve Bank of New Zealand Act in order to broaden the Reserve Bank’s objectives. The objectives of the Reserve Bank of Australia ...

RAYMOND HUO ...ealand’s monetary management closer to Australian practices. Another important change would be the idea of amending the Reserve Bank of New Zealand Act in order to broaden the Reserve Bank’s objectives. The objectives of the Reserve Bank of Australia are not only to ...
...ealand’s monetary management closer to Australian practices. Another important change would be the idea of amending the Reserve Bank of New Zealand Act in order to broaden the Reserve Bank’s objectives. The objectives of the Reserve Bank of Australia ...

BRENDON BURNS ... be growing aggressively out of the recession, but in fact the economy recovery has flattened off. In the words of the Reserve Bank, it is now a “tepid” if not “fragile” recovery. So the tax cuts introduced by the Budget are not making any particular ...

CRAIG FOSS I move, That the House take note of the report of the Finance and Expenditure Committee on the Reserve Bank of New Zealand Financial Stability Report, May 2010. First of all, I would like to thank members of the Finance and Expenditure ....
I move, That the House take note of the report of the Finance and Expenditure Committee on the Reserve Bank of New Zealand Financial Stability Report, May 2010. First of all, I would like to thank members of the Finance and ...

Hon DAVID CUNLIFFE ... his seat, Craig Foss, in welcoming this opportunity—quite a rare opportunity—to take the House’s time to note the Reserve Bank of New Zealand’s financial stability report, and indeed the report of the Finance and Expenditure Committee. There are several reasons ...
... his seat, Craig Foss, in welcoming this opportunity—quite a rare opportunity—to take the House’s time to note the Reserve Bank of New Zealand’s financial stability report, and indeed the report of the Finance and Expenditure Committee. There are ...

JOHN BOSCAWEN It is a pleasure to take a call to debate the report of the Finance and Expenditure Committee on the Reserve Bank’s financial stability statement of May this year. In drafting the comments that I intended to make this evening, I ...

Hon DAVID PARKER ... deal with the issue of gross public debt. In the Financial Stability Report, the Governor of the Reserve Bank sets out a graph showing OECD averages for Government debt. It shows that by the end of next year, the average gross ...

Dr RUSSEL NORMAN ... We know that one of the key drivers of inflation has been inflation coming through the value of land, and that the Reserve Bank tries to deal with the inflationary pressures coming out of the housing market, which is linked very closely to the ...

Hon DAVID CUNLIFFE ... it wanted to catch up with Australia. It appointed none less than former National leader and former Governor of the Reserve Bank, Don Brash, to attempt to draw together the best threads of National Party thinking. It was so good that Prime ...

Hon LIANNE DALZIEL ... whether anyone else thought it was strange that one would appoint to that role the person who was the Governor of the Reserve Bank at the time that the gap was created. Why one would put him in charge of the 2025 Taskforce to reduce the gap between ...

Hon JIM ANDERTON ... give another report next year, yet he has run out of money already. That is some trick for the former Governor of the Reserve Bank, who is in charge of New Zealand’s monetary policy. He runs out of his budget in the first year of the task force. ...

PESETA SAM LOTU-IIGA ... clause does not remedy that. The bill also seeks to regulate interest rates and it requires the Governor of the Reserve Bank to provide them. In Canada, section 347 of the Federal Crimes Act criminalised interest rates charged in excess of 60 ...

Hon BILL ENGLISH I move, That pursuant to section 161(2) of the Reserve Bank of New Zealand Act 1989, the House ratify the funding agreement entered into by the Minister of Finance and the Governor of the Reserve ...
I move, That pursuant to section 161(2) of the Reserve Bank of New Zealand Act 1989, the House ratify the funding agreement entered into by the Minister of Finance and the ...

Hon DAVID CUNLIFFE Labour supports this motion and recognises the valuable role that the Reserve Bank of New Zealand plays in conducting monetary policy and prudential policy, and, as the Minister has correctly pointed out, being the ...
Labour supports this motion and recognises the valuable role that the Reserve Bank of New Zealand plays in conducting monetary policy and prudential policy, and, as the Minister has correctly pointed ...

Dr RUSSEL NORMAN ... inflation low, to maximise employment, and also to have a stable currency. These objectives are not all part of the Reserve Bank of New Zealand Act currently. One of the changes that needs to be made is that some other objectives need to be incorporated within the ...
I rise to speak to Government motion No. 3 about the Reserve Bank’s funding arrangements and agreements. The Green Party will be supporting this motion. This motion raises much broader ...

Hon DAVID PARKER I rise on behalf of Labour to speak in respect of the 5-year funding agreement of the Reserve Bank, which is being discussed at the moment. Labour supports the motion, but makes the point that a lot more reform is ...

BRENDON BURNS ... Party will support the Government notice of motion from the Minister of Finance on the latest agreement with the Reserve Bank. However, we do so with a heavy heart because it is a missed opportunity, as my colleague David Parker so eloquently ...

RAYMOND HUO Section 159 of the Reserve Bank of New Zealand Act 1989 requires the Governor of the Reserve Bank and the Minister of Finance to enter into agreements that provide ...
Section 159 of the Reserve Bank of New Zealand Act 1989 requires the Governor of the Reserve Bank and the Minister of Finance to enter into agreements ...

BRENDON BURNS ... in the official cash rate, which the following speaker at the Finance and Expenditure Committee, the Governor of the Reserve Bank, Dr Bollard, confirmed. That feeds into higher interest rates, so the dollar rises with it. Therefore, our productive ...

JONATHAN YOUNG ... to stay close to previously agreed limits, otherwise the Government would risk an interest rate response from the Reserve Bank, an exchange rate staying higher for longer, and a more pronounced economic slow down. And that is exactly what ...

CRAIG FOSS ... economic confidence for New Zealanders are coming back, and that will be evidenced in the Budget tomorrow. As the Reserve Bank noted this morning in its Financial Stability Report, New Zealand’s economy is so much less ...

PESETA SAM LOTU-IIGA ... numbers and the primary agricultural numbers in the latest Financial Stability Report from the Reserve Bank, which was released this morning, do not lie. The economy is expanding under this Government. We inherited a recession ...

JOHN BOSCAWEN I raise a point of order, Mr Speaker. Can I speak to the report on the Reserve Bank’s Monetary Policy Statement?

JOHN BOSCAWEN ... costs of everything—food, housing, and clothing—everything. Just a fortnight ago Alan Bollard, the Governor of the Reserve Bank, confirmed to the Finance and Expenditure Committee that his latest estimates for inflation take into account a 5 ...

Dr KENNEDY GRAHAM ... enterprises, 70 Crown entities, and 23 other organisations, including the New Zealand Superannuation Fund and the Reserve Bank of New Zealand. We are talking of some $55 billion of revenue and $64 billion of expenses, a net operating deficit of $11 billion, a ...
... enterprises, 70 Crown entities, and 23 other organisations, including the New Zealand Superannuation Fund and the Reserve Bank of New Zealand. We are talking of some $55 billion of revenue and $64 billion of expenses, a net operating deficit of $1...

RAYMOND HUO ... cost of living is already an issue, and having a higher rate of GST will just make it worse. The Governor of the Reserve Bank, Dr Alan Bollard, indicated to Parliament’s Finance and Expenditure Committee recently that he agreed that an increase ...

SHANE ARDERN ... seen in this country’s economy, saw negative or very slow growth. It has been stated recently by the Governor of the Reserve Bank and others that it will be enormously challenging for New Zealand to catch up to Australia. I do not agree with that, ...

Hon LIANNE DALZIEL ... of the industry in the international environment, because here it was very well prudentially supervised by the Reserve Bank, with very strict rules around it. Of course, those prudential rules now apply to the non-bank deposit sector. No, we ...

Hon SIMON POWER ... Advisers Act and the Financial Service Providers (Registration and Dispute Resolution) Act 2008, together with the Reserve Bank of New Zealand Amendment Act 2008, were part of a suite of reforms, introduced by the previous Government and agreed with by this ...
... Advisers Act and the Financial Service Providers (Registration and Dispute Resolution) Act 2008, together with the Reserve Bank of New Zealand Amendment Act 2008, were part of a suite of reforms, introduced by the previous Government and agreed ...

PESETA SAM LOTU-IIGA ... the Financial Advisers Act, the Financial Service Providers (Registration and Dispute Resolution) Act, as well as the Reserve Bank of New Zealand Amendment Act 2008. Some of that legislation was passed by the previous Government, and the chair of our committee was ...
... the Financial Advisers Act, the Financial Service Providers (Registration and Dispute Resolution) Act, as well as the Reserve Bank of New Zealand Amendment Act 2008. Some of that legislation was passed by the previous Government, and the chair of ...

CHARLES CHAUVEL ... There were three laws of particular note. All of them had major-party bipartisan support. The first was the Reserve Bank of New Zealand Amendment Act 2008, which provided for Reserve Bank prudential supervision of non-bank deposit takers, rather than simply ...
... There were three laws of particular note. All of them had major-party bipartisan support. The first was the Reserve Bank of New Zealand Amendment Act 2008, which provided for Reserve Bank prudential supervision of non-bank deposit takers, ...

Hon MARYAN STREET ... or young people in the way that Australia has. Another long-time commentator has asked John Key to prove the Reserve Bank governor wrong. He has challenged him to say that Alan Bollard is wrong in his assessment of our ability to catch up ...

Hon PANSY WONG ... strikes” policy would have applied to the Hon Phil Goff. The first strike was when he agreed with the Governor of the Reserve Bank, Dr Alan Bollard, who apparently does not believe that New Zealanders can close the gap with Australia. He has no ...

Dr PAUL HUTCHISON ... true Judas-like fashion, deny that he had voted GST in. This afternoon Phil Goff went on to say the Governor of the Reserve Bank was right. In my view, Governor Alan Bollard’s remarks about the possibility of New Zealand catching up with Australia ...

Dr RUSSEL NORMAN I move, That the House take note of the report of the Finance and Expenditure Committee on the Reserve Bank of New Zealand’s financial stability report, November 2009. It is great to have an opportunity to talk on this report, because it ...
I move, That the House take note of the report of the Finance and Expenditure Committee on the Reserve Bank of New Zealand’s financial stability report, November 2009. It is great to have an opportunity to talk on this report, ...

Hon DAVID CUNLIFFE ... is ‘a zone in between prudential policy and monetary policy’.” It talks about the authority of section 68 of the Reserve Bank of New Zealand Act, which allows it to “[lean] against” the housing boom and develop a “monetary policy objective that supports both ...
... and so there is. It is a revolution that has lined up an intriguing cast of characters. We have the Governor of the Reserve Bank and his staff, who are straining at the leash of convention to do what they know to be right in the midst of a world ...

Hon NATHAN GUY ... regulation of insurers, and it requires insurers to be licensed and subject to prudential requirements. It makes the Reserve Bank responsible for supervising insurer compliance with the bill, and it provides certain powers to the Reserve Bank to ...

Hon MARYAN STREET ... not go unanswered. There was misrepresentation of the Labour Party’s position on the inflation target under the Reserve Bank, and that needs to be dismissed. Labour has never said that the inflation target should go wider. We know that ...

AMY ADAMS ... of money. We recognise that the insurance sector needs to be appropriately regulated, and I think that giving the Reserve Bank the power to ensure that all insurance companies that carry on business in New Zealand need to be licensed and subject ...

STUART NASH ... released by the Ministry of Economic Development in September 2006. A further consultation paper was released by the Reserve Bank in May 2008. The second reason why I support this bill is that it provides a much higher level of security to New ...

AARON GILMORE ... the issues around the need for other forms of prudential security outside the insurance sector. Well, actually the Reserve Bank is doing that, and doing a very good job of putting in place those prudential rules, particularly around liquidity ...

Hon NATHAN GUY ... with international regulatory benchmarks and expectations. It is a stand-alone measure, rather than an adjunct of the Reserve Bank of New Zealand Act. The bill’s primary purpose is the promotion of a sound and efficient insurance sector and the promotion of public ...
... for all insurers carrying on insurance business in New Zealand. All insurers are to be licensed and supervised by the Reserve Bank. They must comply with prudential requirements, and the Reserve Bank will be both the regulator and the supervisor. ...

Hon SHANE JONES ... problem that I have alluded to earlier in relation to this bill is that we are applying another responsibility to the Reserve Bank of New Zealand Act, but we are not dealing with the underlying writ of the Reserve Bank of New Zealand Act, which a number of my ...
... and the safeguards around the broader elements that comprise the commercial sector. For those reasons, the Reserve Bank is viewed by us as being a very suitable location from which the prudential powers should be located and exercised. ...

STUART NASH As my colleague Mr Jones alluded to, the Insurance (Prudential Supervision) Bill amends the Reserve Bank of New Zealand Act and gives the Reserve Bank prudential supervision over the insurance industry. I suppose we can have no discussion at ...
As my colleague Mr Jones alluded to, the Insurance (Prudential Supervision) Bill amends the Reserve Bank of New Zealand Act and gives the Reserve Bank prudential supervision over the insurance industry. I suppose we can ...

Hon MARYAN STREET ... even more substantial. Here in this bill, a portion of our economic structures are being given into the hands of the Reserve Bank in order for that monitoring and supervisory function to be performed. That is a good thing. But what the Government ...

Hon BILL ENGLISH ... including the licensing of insurers; imposing prudential requirements on them; providing for the supervision by the Reserve Bank of insurers’ compliance; and conferring certain powers on the Reserve Bank to act in respect of insurers in financial ...

Hon DAVID CUNLIFFE ... and that its execution and implementation have been carried on with thoroughness and efficiency by officials of the Reserve Bank of New Zealand, under the stewardship of the current Government. I commend the Finance and Expenditure Committee, its chairman Mr Craig ...
... and that its execution and implementation have been carried on with thoroughness and efficiency by officials of the Reserve Bank of New Zealand, under the stewardship of the current Government. I commend the Finance and Expenditure Committee, its ...

CRAIG FOSS ... of officials, to get to some of the points and changes that we have made. I acknowledge the officials and the Reserve Bank of New Zealand, which sponsored and worked on this bill. It is not very often that we get a bill—“driven” is not quite the right word—mana...
... of officials, to get to some of the points and changes that we have made. I acknowledge the officials and the Reserve Bank of New Zealand, which sponsored and worked on this bill. It is not very often that we get a bill—“driven” is not quite ...

STUART NASH ...) Bill 2009. The aim of this bill is to reform and extend the present law relating to the prudential supervision by the Reserve Bank of New Zealand of the insurance industry in New Zealand. This bill establishes a licensing regime for insurers, and prudential ...
...) Bill 2009. The aim of this bill is to reform and extend the present law relating to the prudential supervision by the Reserve Bank of New Zealand of the insurance industry in New Zealand. This bill establishes a licensing regime for insurers, and ...

PESETA SAM LOTU-IIGA ... as many speakers have already alluded to. It provides for all insurers to be licensed and supervised by the Reserve Bank and to comply with its prudential regulations. The Reserve Bank will act as both the regulator and the supervisor. ...

Hon BILL ENGLISH ... industry. The proposed legislation exists as a stand-alone bill in its own right rather than as an amendment to the Reserve Bank of New Zealand Act. The powers conferred on the Governor-General, the Minister, and the Reserve Bank under this bill must be exercised ...
... was presented by the Labour member. The Insurance (Prudential Supervision) Bill will be administered by the Reserve Bank as part of its Government-appointed role of prudential regulator of our financial services sector. The bill will ...

Hon DAVID CUNLIFFE ... enough. Although we support the broad aim of broadening and improving the prudential supervision capabilities of the Reserve Bank and welcome in principle the extension of that role to the insurance industry, we note that the Government has had ...

CRAIG FOSS ... of Finance, the Hon Michael Cullen. We examined all sorts of options in respect of tools in the tool box for the Reserve Bank, etc. I think that committee review went on for 5 or 6 months, and I think it was virtually unanimous. There was total ...

RAYMOND HUO ... risks of its parent corporation only. The association president said this morning that this bill drafted by the Reserve Bank of New Zealand would regulate domestically owned captives but would not provide for the licensing and, therefore, regulation of foreign-ow...
... insurers and prudential regulations, with compliance largely self-administrated, while supervision is provided by the Reserve Bank. The Reserve Bank had earlier released a draft bill for stakeholder consultation. The paper provides an overview of ...

DAVID CLENDON ... the Reserve Bank will adopt a practice similar to its oversight of the banking sector: following section 165A of the Reserve Bank of New Zealand Act and providing twice-yearly financial stability reports. But again, this is absent from the bill as it stands, and we ...
... bill is a formal mandate for reporting to the public, which limits or even prevents public oversight of how well the Reserve Bank, which will have primary responsibility for overseeing these matters, is doing in relation to the purpose of the bill. ...

RAHUI KATENE ... the Financial Advisers Bill, the Financial Service Providers (Registration and Dispute Resolution) Bill, and the Reserve Bank of New Zealand Amendment Bill. We are, of course, aware that the fact that this bill is even on the books indicates the failure of the ...
... line with the regulatory focus of its international peers, a desire that was given shape some 6 months ago when the Reserve Bank released the draft Insurance (Prudential Supervision) Bill for stakeholder consultation. The bill will establish a ...

AMY ADAMS ... that we would want them to have in all aspects of the financial markets. This bill will set up a system whereby the Reserve Bank is both the regulator and the supervisor of all insurers in New Zealand. It will cover all types of insurance such as ...

BRENDON BURNS ... forward to looking at the bill in more detail. It is a sensible bill, establishing the need for monetary policy and Reserve Bank powers, and we will look at its needs in terms of a prudential regulatory framework for the insurance industry. In ...

PESETA SAM LOTU-IIGA ... which I think most in this House would agree with. It imposes prudential requirements on insurers and allows for the Reserve Bank of New Zealand, which has overseen monetary policy in this country in an independent way, to provide for compliance with certain ...
... which I think most in this House would agree with. It imposes prudential requirements on insurers and allows for the Reserve Bank of New Zealand, which has overseen monetary policy in this country in an independent way, to provide for compliance ...

Hon LIANNE DALZIEL ... was Cabinet’s decision in June 2007 that the prudential regulatory authority for the insurance sector would be the Reserve Bank of New Zealand, and that is what this bill does today. Responsibility shifted from the Ministry of Economic Development to the Reserve ...
... exempt from those failures here because the out clauses that those banks in the US had were not out clauses that our Reserve Bank allowed here in New Zealand. Those out clauses gave the ability to insure against the risk of the almost impossible ...

DAVID BENNETT ... of support and regulation, so that people can have confidence in insurers. The supervision to be provided by the Reserve Bank of New Zealand will be important in providing a mechanism to give that discipline to the industry. This bill is important, as we look ...
... of support and regulation, so that people can have confidence in insurers. The supervision to be provided by the Reserve Bank of New Zealand will be important in providing a mechanism to give that discipline to the industry. This bill is ...

Hon SIMON POWER I move, That the Reserve Bank of New Zealand Amendment Bill, the Securities Markets Amendment Bill, the Personal Property Securities Amendment Bill, and the ...
I move, That the Reserve Bank of New Zealand Amendment Bill, the Securities Markets Amendment Bill, the Personal Property Securities Amendment Bill, ...

Hon LIANNE DALZIEL I am pleased to see the final readings of these four bills, the Reserve Bank of New Zealand Amendment Bill, the Securities Markets Amendment Bill, the Personal Property Securities Bill, and the Securities ...
I am pleased to see the final readings of these four bills, the Reserve Bank of New Zealand Amendment Bill, the Securities Markets Amendment Bill, the Personal Property Securities Bill, and the ...

PESETA SAM LOTU-IIGA ... but as the previous speaker alluded to, we have to thank the expertise and the guidance that was provided by both the Reserve Bank officials and the Ministry of Economic Development officials. I think this legislation comes out with an A grade in ...

MELISSA LEE ... for the Settlement Systems, Futures, and Emissions Units Bill, which in its new incarnation has been turned into the Reserve Bank of New Zealand Amendment Bill, the Securities Markets Amendment Bill, the Personal Property Securities Amendment Bill, and the ...
... for the Settlement Systems, Futures, and Emissions Units Bill, which in its new incarnation has been turned into the Reserve Bank of New Zealand Amendment Bill, the Securities Markets Amendment Bill, the Personal Property Securities Amendment Bill, ...

DAVID SHEARER ... what happens when our border security is not able to prevent those sorts of pests from entering New Zealand. The Reserve Bank recently provided some estimates of what it would cost New Zealand should foot-and-mouth disease break out, and it ...

DAVID SHEARER ... We have broad agreement on it in the House. I think the bill is incredibly important for the New Zealand economy. The Reserve Bank mentioned, for example, that an outbreak of foot-and-mouth disease in New Zealand—and Kevin Hague also mentioned this—wo...

Hon JOHN CARTER ... base its assessment of economic conditions on evidence from an existing authoritative source, such as Treasury, the Reserve Bank, or Statistics New Zealand data. This will avoid the authority being required to do additional work to gather economic ...

Hon BILL ENGLISH ... to ensure that confidence in their stability was maintained, and partly because the wide range of tools that the Reserve Bank supplied to the financial system enabled it to get through the period of crisis into a period, now, of relative ...

Hon DAVID CUNLIFFE ... and to give members of the sector and of the public the opportunity to raise their issues, because although the Reserve Bank and Treasury have been talking to the institutions, that is far from the public view. So I guess we go into this third ...

Dr RUSSEL NORMAN ... to support productive enterprise in our country. The tradable sector is under pressure constantly because the Reserve Bank tries to control inflation by increasing interest rates. The Reserve Bank should be cutting the official cash rate ...

Hon LIANNE DALZIEL ... the Government is making in this respect are based on assumptions that have been proposed by officials from both the Reserve Bank and Treasury, and it would be really helpful to the Opposition for us to be able to test those assumptions, to push ...

Hon LIANNE DALZIEL ... impact statement: “The proposals for policy changes to the retail DGS were developed by The Treasury and the Reserve Bank of New Zealand in consultation with the Ministry of Economic Development (including the Companies Office), and the Securities ....
... impact statement: “The proposals for policy changes to the retail DGS were developed by The Treasury and the Reserve Bank of New Zealand in consultation with the Ministry of Economic Development (including the Companies Office), and the ...

Hon LIANNE DALZIEL ... I raise another issue that was also raised in the various engagements with stakeholders, as Treasury and the Reserve Bank have described them. A workers union and an economic thinktank—they are not described by name—have said that this bill ...

Hon BILL ENGLISH ... we are using is the best way to ensure that certainty. With regard to consultation, through the mechanism of the Reserve Bank consultation with non-bank deposit takers over the new regulatory structure—actually, there was a significant ...

Hon DAVID CUNLIFFE ... institutions themselves in public session, which may or may not be the same as they have raised in private with the Reserve Bank, deserve a fair hearing. As I said in my earlier intervention, this Government is getting a bit of a name for sham ...

Hon BILL ENGLISH ... That regime will come into place over the next 6 months or so. The regime involves more direct supervision by the Reserve Bank, liquidity requirements, and capital ratio requirements, as well as a requirement for credit ratings. It is quite ...

Hon DAVID CUNLIFFE ...vernment: the Financial Service Providers (Registration and Dispute) Act 2008, the Financial Advisers Act 2008, and the Reserve Bank Amendment Act of 2008. They had three interlinked objectives that are relevant to the situation we now find ourselves ...

Dr RUSSEL NORMAN ... One of the ways we can make banks useful to us, if we have the courage to do it, is to intervene directly in terms of Reserve Bank ratios. This has been discussed in a number of places. It is a mechanism whereby for every dollar the banks put into ...

JONATHAN YOUNG ... also, under the previous Government, set up a retail deposit guarantee scheme. It followed other measures of the Reserve Bank to ensure liquidity at that particular time. Apart from protecting depositors, the guarantee also afforded banks and ...

Hon DAVID CUNLIFFE ... Government did so, in consultation with the banking and non-bank finance sectors as well as with Treasury and the Reserve Bank, the then Government made clear its expectation that for major banks to participate in the very beneficial guarantees ...

CRAIG FOSS ... all incorporated here in New Zealand. They are essentially stand-alone entities under the guidance of the New Zealand Reserve Bank, although most of their shareholders are in Australia. The bill is necessary to put the New Zealand financial system ...

Dr RUSSEL NORMAN ... of the economy. It was difficult for businesses to borrow money, because they had the high interest rates that the Reserve Bank was trying to use to crush inflation. All of these things together had a very negative impact on the New Zealand ...

Hon SIMON POWER ... law enforcement and regulatory agencies, including the Inland Revenue Department, the Ministry of Fisheries, and the Reserve Bank of New Zealand. The new Government took the decision that, rather than amending the existing bill at select committee, it would ...
... law enforcement and regulatory agencies, including the Inland Revenue Department, the Ministry of Fisheries, and the Reserve Bank of New Zealand. The new Government took the decision that, rather than amending the existing bill at select committee, ...

CHARLES CHAUVEL ... and Safety in Employment Act, the Major Events Management Act, the Meat Board Act, the Pork Industry Board Act, the Reserve Bank of New Zealand Act, the Social Security Act, and the Tax Administration Act. It would be, I think, useful to have a good look at whether ...
... and Safety in Employment Act, the Major Events Management Act, the Meat Board Act, the Pork Industry Board Act, the Reserve Bank of New Zealand Act, the Social Security Act, and the Tax Administration Act. It would be, I think, useful to have a ...

KEITH LOCKE ... granted extended search powers under this bill might do. These agencies range from the Commerce Commission, the Reserve Bank, the Civil Aviation Authority, and the Ministry of Agriculture and Forestry. The granting of such extended search ...

Hon DAVID PARKER ... the Biosecurity Act 1993, the Fisheries Act in various incarnations, the Health and Safety in Employment Act, the Reserve Bank of New Zealand Act, the Tax Administration Act, the Electricity Act, and the Gas Act. All of these different Acts of Parliament, for ...
... the Biosecurity Act 1993, the Fisheries Act in various incarnations, the Health and Safety in Employment Act, the Reserve Bank of New Zealand Act, the Tax Administration Act, the Electricity Act, and the Gas Act. All of these different Acts of ...

CHARLES CHAUVEL ... been unregulated, passing a suite of related measures near the end of its last term. Those measures included the Reserve Bank of New Zealand Amendment Act 2008, which for the first time brought non-bank deposit takers into the supervisory orbit of the Reserve ...
... been unregulated, passing a suite of related measures near the end of its last term. Those measures included the Reserve Bank of New Zealand Amendment Act 2008, which for the first time brought non-bank deposit takers into the supervisory orbit ...

Hon DAVID PARKER ... the means. His political career started when he became, to all ostensible purposes, the independent Governor of the Reserve Bank. He did a despicable thing when he was there: he politicised that office. Whilst he was Governor of the Reserve Bank ...

TE URUROA FLAVELL ... in this third reading, I will return to the specific impact of this legislation for us. The briefing paper from the Reserve Bank puts this bill into the context of being an essential component of the Government’s programme to tackle organised ....

JACQUI DEAN ... laundering programmes and to report to one or more of four supervisors. Those supervisors are, at the moment, the Reserve Bank, the Securities Commission, the Police, and the Department of Internal Affairs in the case of casinos. Those ...

Hon Dr WAYNE MAPP ... the police, will be responsible for the oversight, regulation, and enforcement of the new regime. As supervisors, the Reserve Bank of New Zealand, the Securities Commission, and the Department of Internal Affairs will support reporting entities to implement and ...
... the police, will be responsible for the oversight, regulation, and enforcement of the new regime. As supervisors, the Reserve Bank of New Zealand, the Securities Commission, and the Department of Internal Affairs will support reporting entities to ...

Hon SIMON POWER ... institutions and casinos, collectively referred to hereinafter as reporting entities. The bill establishes the Reserve Bank of New Zealand, the Securities Commission, and the Department of Internal Affairs as supervisors that will monitor the compliance of ...
... institutions and casinos, collectively referred to hereinafter as reporting entities. The bill establishes the Reserve Bank of New Zealand, the Securities Commission, and the Department of Internal Affairs as supervisors that will monitor the ...

Dr PAUL HUTCHISON ... that we thought was preferable was that the supervision arrangements of the four New Zealand entities—the Reserve Bank of New Zealand, the Securities Commission, the Department of Internal Affairs, and the Police, which are all involved at present—could ...
... that we thought was preferable was that the supervision arrangements of the four New Zealand entities—the Reserve Bank of New Zealand, the Securities Commission, the Department of Internal Affairs, and the Police, which are all involved ...

JACQUI DEAN ... to Government agencies. This bill will enhance the existing supervisory roles of the Securities Commission, the Reserve Bank of New Zealand, and the Department of Internal Affairs by making them supervisors of the anti - money-laundering and countering ...
... to Government agencies. This bill will enhance the existing supervisory roles of the Securities Commission, the Reserve Bank of New Zealand, and the Department of Internal Affairs by making them supervisors of the anti - money-laundering and ...

TE URUROA FLAVELL ... comments made about the banking sector in its June 2009 report. In the report on the financial stability of the Reserve Bank of New Zealand, the select committee noted its surprise that despite the severe impact of the current recession on business and ...
... of manners and simple courtesies between countries; the compliance has a slightly more serious shade to it. The Reserve Bank, in its briefing paper, identified that countries that are non-compliant or partially compliant will be considered by ...

KEITH LOCKE ... making huge profits from having their mortgage rates way above the official cash rate, which is determined by the Reserve Bank. It is even more difficult to control some of the banks and financial services people in the ASEAN bloc, which is even ...

CHARLES CHAUVEL ... would do two things. First, it would allow for the prescription of a maximum interest rate by the Governor of the Reserve Bank. There is no such power in the country at the moment. I know that you, Mr Assistant Speaker Roy, are as astounded as I ...

KEVIN HAGUE ... support the Insolvency Amendment Bill, and to make a short contribution in this second reading. In 2007 the Reserve Bank undertook a study that indicated “that New Zealanders are aware of some of the financial issues that they face, but ...

KEVIN HAGUE ... Financial illiteracy in New Zealand is shocking, and problems will continue until it is addressed. In 2007 the Reserve Bank undertook a study that indicated: “New Zealanders are aware of some of the financial issues that they face, but they ...

Hon DAVID CUNLIFFE ... to propose that the Government consider further change. For a start it should adopt the 90-day bill rate from the Reserve Bank as an ongoing benchmark for the use-of-money debit rate. We further propose that the Minister consider reducing the ...

Hon DAVID CUNLIFFE ... and this bill takes into account only the measures that had been contemplated some 6 months ago. During that time the Reserve Bank has dropped the official cash rate by around 5 percent, and those reductions are not incorporated in action ...

CRAIG FOSS ... tax measures for this financial year and the next financial year actually lines up with a recognition of what the Reserve Bank said last week. It sees New Zealand as hopefully starting to come out of its recession in the middle of 2010. That is ...

RAYMOND HUO ... years. The currently proposed reduction in the use-of-money interest rate of 9.73 percent is based on December 2008 Reserve Bank 90-day bill rates. Updating this to January 2009 gives a rate of 8.88 percent. Proposing a January annual adjustment ...

Hon DAVID CUNLIFFE ... but the particular measure that the Opposition has suggested today, which was a relatively minor realignment to the Reserve Bank’s 90-day bill rate, would on Inland Revenue Department advice cost only about $5.7 million. These are incremental ...

Hon DAVID CUNLIFFE ... reading, the Performance of Manufacturing Index has reached its lowest point ever. Today is also the day when the Reserve Bank has dropped the official cash rate to 3 percent—one of its lowest levels for many, many years—in view of the deepening ...

JOHN BOSCAWEN ... that this country faces and about the fact that people fear the loss of their jobs. He noted that the Governor of the Reserve Bank reduced the official cash rate by 0.5 percent today, and he also said that the world was going backwards. The issues ...

BRENDON BURNS ... New Zealand so we are ready to take advantage of the upturn, whenever it comes. Today the Governor of the Reserve Bank appeared before the Finance and Expenditure Committee. He recognises the scale of the issues that he faces. He today ...

CLARE CURRAN ... an improvement in New Zealand’s external balance over the next few years, according to a May press statement from the Reserve Bank stating that the global financial crisis is still affecting New Zealand. The explanatory note of the bill states: “The...

PESETA SAM LOTU-IIGA ... with financial regulators to shore up some of the financial institutions. We have seen recent reductions by the Reserve Bank of New Zealand to the official cash rate so that businesses are able to access capital more cheaply. The bill really looks at the ...
... with financial regulators to shore up some of the financial institutions. We have seen recent reductions by the Reserve Bank of New Zealand to the official cash rate so that businesses are able to access capital more cheaply. The bill really ...

CHARLES CHAUVEL ... in the House who remember also the Financial Service Providers (Registration and Dispute Resolution) Act and the Reserve Bank of New Zealand Amendment Act 2008, which extended the prudential supervision regime of the Reserve Bank to non-bank deposit takers. ...
... in the House who remember also the Financial Service Providers (Registration and Dispute Resolution) Act and the Reserve Bank of New Zealand Amendment Act 2008, which extended the prudential supervision regime of the Reserve Bank to non-bank ...

KEVIN HAGUE ... of lending practice, establishing a code of responsibility for the finance sector, and strengthening the role of the Reserve Bank in licensing and supervising financial institutions’ lending practices. In many cases the interaction between an ...

RAHUI KATENE ... the Business Roundtable, Rob McLeod, had been meeting, along with the Ministry of Economic Development, Treasury, the Reserve Bank, and the Inland Revenue Department, to find ways to improve businesses’ access to capital. The 10 representatives of ...

Hon BILL ENGLISH ... the scheme carefully on behalf of taxpayers. In addition to those steps taken by the Minister of Finance, the Reserve Bank has taken steps to reduce the official cash rate and focus on its prudential monitoring of banks and non-bank deposit ...

Hon DAVID CUNLIFFE ... of domestic savings vehicles, principally KiwiSaver, as well as the importance of the ongoing prudential role of the Reserve Bank of New Zealand. Labour believes, however, that better international coordination is required on how to exit these levels of exposure ...
... of domestic savings vehicles, principally KiwiSaver, as well as the importance of the ongoing prudential role of the Reserve Bank of New Zealand. Labour believes, however, that better international coordination is required on how to exit these ...

JEANETTE FITZSIMONS ... are still taking, now that they are in a situation where they really are not taking any risk? What form will the Reserve Bank’s increased prudential oversight take, and what do we anticipate will be the results of that? What role will New ...

CRAIG FOSS ... over there about cycles and all that. With regard to the denial part, he said something about a short recession. The Reserve Bank predicted New Zealand would go into recession late last year and early this year, and New Zealand followed its ...

Hon NATHAN GUY ... 2 contains a savings provision that ensures that two payment systems already designated under existing Part 5C of the Reserve Bank of New Zealand Act are not affected by the amendments in this bill. Part 3 of the bill is to do with the Securities Markets Act 1988, ...
... 2 contains a savings provision that ensures that two payment systems already designated under existing Part 5C of the Reserve Bank of New Zealand Act are not affected by the amendments in this bill. Part 3 of the bill is to do with the Securities ...

Hon NATHAN GUY ... Securities Act 1999. The final change I note is the change to the period within which the joint regulators, the Reserve Bank and the Securities Commission, could disallow a proposed amendment to the rules of a designated settlement system, ...

CHARLES CHAUVEL ... operating rules meet certain standards, including international standards and those of the joint regulators, the Reserve Bank and the Securities Commission. This provision concerning joint regulation is the result of a change recommended by the ...

PESETA SAM LOTU-IIGA ... Act 1999. At present New Zealand’s legislation provides for the designation of payment systems under Part VC of the Reserve Bank of New Zealand Act 1989. As has been stated by the two previous speakers, the bill aligns the regulation of exchanges that are seeking ...
... Act 1999. At present New Zealand’s legislation provides for the designation of payment systems under Part VC of the Reserve Bank of New Zealand Act 1989. As has been stated by the two previous speakers, the bill aligns the regulation of exchanges ...

KEVIN HAGUE ... stock market is to function competitively. We support the bill for that reason also. There is inherent risk in the Reserve Bank being both a regulator and a participant. The Commerce Committee has made some adjustments, and it has retained the ...

KATRINA SHANKS ... of the whole House stage. This bill addresses three areas. The first is to do with settlement systems. The Reserve Bank of New Zealand Act 1989 is amended to provide for the designation of systems that clear and settle products, not just payments. The ...
... of the whole House stage. This bill addresses three areas. The first is to do with settlement systems. The Reserve Bank of New Zealand Act 1989 is amended to provide for the designation of systems that clear and settle products, not just ...

JONATHAN YOUNG ... without compromising administrative efficiency. We considered these two potential models of regulator: the Reserve Bank of New Zealand as a sole regulator with a duty to consult with the Securities Commission, and the Securities Commission and the Reserve ...
... without compromising administrative efficiency. We considered these two potential models of regulator: the Reserve Bank of New Zealand as a sole regulator with a duty to consult with the Securities Commission, and the Securities ...

Hon LIANNE DALZIEL ... standards. At present, New Zealand’s legislation provides for the designation of payment systems under Part 5C of the Reserve Bank of New Zealand Act 1989. Settlement systems could also be designated under such provision, but such designation would provide protection ...
... standards. At present, New Zealand’s legislation provides for the designation of payment systems under Part 5C of the Reserve Bank of New Zealand Act 1989. Settlement systems could also be designated under such provision, but such designation would ...

SIMON POWER ... is designed to create a voluntary designated settlement system regime, similar to that currently operating in the Reserve Bank of New Zealand Act, for cash payment systems. Operators of settlement systems will be able to elect, but will not be required, to seek ...
... is designed to create a voluntary designated settlement system regime, similar to that currently operating in the Reserve Bank of New Zealand Act, for cash payment systems. Operators of settlement systems will be able to elect, but will not be ...

Hon DOVER SAMUELS ... is inherently responsible for their criminal whakapapa. Next, we will see the Mongrel Mob filing a claim for the Reserve Bank of New Zealand. I think it was Sir Howard Morrison, God bless him, who sang the song “When will you ever learn; when will you ever learn.”...
... is inherently responsible for their criminal whakapapa. Next, we will see the Mongrel Mob filing a claim for the Reserve Bank of New Zealand. I think it was Sir Howard Morrison, God bless him, who sang the song “When will you ever learn; when ...

CRAIG FOSS ... am sure that the Minister of Commerce covered it; I missed her speech—that hold hands with this particular bill: the Reserve Bank of New Zealand Amendment Bill (No 3) and the Financial Services Providers (Registration and Dispute Resolution) Bill. It is all good ...
... am sure that the Minister of Commerce covered it; I missed her speech—that hold hands with this particular bill: the Reserve Bank of New Zealand Amendment Bill (No 3) and the Financial Services Providers (Registration and Dispute Resolution) Bill. ...

SIMON POWER ... accountant, a tax agent, a real estate agent, a member of the board of a Crown entity, a Crown organisation, the Reserve Bank, a person providing free budgetary advice, and an employee giving advice to, or making an investment transaction on ...

CRAIG FOSS ... that call is exactly right; it is the gateway of all things regulatory around financial markets, along with the Reserve Bank; I think it is a good fit—is to ensure that staff are authorised. Most of them took that on board, particularly the ...

Hon DAVID CARTER ... it could be $25 a tonne, and they gave the odd example of the international carbon price being at $50 a tonne. The Reserve Bank of New Zealand, I know, has recently done some work and assumed it would be $21 a tonne. But I have just managed to find out that the ...
... it could be $25 a tonne, and they gave the odd example of the international carbon price being at $50 a tonne. The Reserve Bank of New Zealand, I know, has recently done some work and assumed it would be $21 a tonne. But I have just managed to ...

CHARLES CHAUVEL ... so ably pioneered by this Government, including Ministers such as Judith Tizard and Lianne Dalziel. One thinks of the Reserve Bank of New Zealand Amendment Bill (No 3), which brought in prudential supervision requirements for non-bank deposit takers, and the ...
... so ably pioneered by this Government, including Ministers such as Judith Tizard and Lianne Dalziel. One thinks of the Reserve Bank of New Zealand Amendment Bill (No 3), which brought in prudential supervision requirements for non-bank deposit takers,...

Hon Dr MICHAEL CULLEN ... passing through their remaining stages of the Employment Relations (Breaks and Infant Feeding) Amendment Bill and the Reserve Bank of New Zealand Amendment Bill (No 3); the first reading of the Subordinate Legislation (Confirmation and Validation) Bill (No 4); the ...
... passing through their remaining stages of the Employment Relations (Breaks and Infant Feeding) Amendment Bill and the Reserve Bank of New Zealand Amendment Bill (No 3); the first reading of the Subordinate Legislation (Confirmation and Validation) ...

Hon Dr NICK SMITH ... closure, and loss of jobs, in the history of the region of Nelson with 320 people losing their jobs; and we have the Reserve Bank expecting that New Zealand unemployment is headed for 6 percent. If we look at the cost of living increases that our ...

CHRIS TREMAIN ... get nearer to the next election. They are faced with a choice, against the background, officially announced by the Reserve Bank yesterday, of a recession. Interest rates are up. They are some of the highest in the developed world. We have some of ...

R DOUG WOOLERTON ... there are two areas where we have not been able to agree with the Labour-led Government. One of those concerns the Reserve Bank of New Zealand Act. We have said, as friends, that we would like to see the Governor of the Reserve Bank widen his target from just ...
... there are two areas where we have not been able to agree with the Labour-led Government. One of those concerns the Reserve Bank of New Zealand Act. We have said, as friends, that we would like to see the Governor of the Reserve Bank widen his ...

CRAIG FOSS ... did not mention that, because there is some good, solid, cross-party support for most of the other bills—the Reserve Bank of New Zealand Bill (No 3), the Financial Advisers Bill, and the Financial Service Providers (Registration and Dispute Resolution) Bill.
... did not mention that, because there is some good, solid, cross-party support for most of the other bills—the Reserve Bank of New Zealand Bill (No 3), the Financial Advisers Bill, and the Financial Service Providers (Registration and Dispute ...

R DOUG WOOLERTON ... that that is whom we must represent. We in New Zealand First are also concerned—and it was interesting to read the Reserve Bank of New Zealand forecast, which is quite gloomy, and which brings to the fore an issue that we have been on about for many years—about ...
... that that is whom we must represent. We in New Zealand First are also concerned—and it was interesting to read the Reserve Bank of New Zealand forecast, which is quite gloomy, and which brings to the fore an issue that we have been on about for ...

SUE BRADFORD ... to say. The Press on 12 June stated it was expecting 50,000 more unemployed people by 2011. When the Reserve Bank recently decided to keep the official cash rate at its current level, it made predictions of unemployment rising to 6 ...

Hon Dr MICHAEL CULLEN I move, That, pursuant to section 161(2) of the Reserve Bank of New Zealand Act 1989, this House ratify the funding agreement entered into by the Minister of Finance and the Governor of the Reserve ...
I move, That, pursuant to section 161(2) of the Reserve Bank of New Zealand Act 1989, this House ratify the funding agreement entered into by the Minister of Finance and the ...

Dr the Hon LOCKWOOD SMITH ... to ratify the agreement that the Minister of Finance has just mentioned. That agreement was provided for under the Reserve Bank of New Zealand Act whereby the bank is able to retain, each year, as agreed with the Minister of Finance, the amount of its gross ...
This Government motion is not a highly controversial matter, but the appropriate funding of the Reserve Bank is something that this Parliament should take seriously. It is ultimately this Parliament’s responsibility to ratify ...

TIM GROSER ... would call constructive ambiguity around these matters, in which regulatory authorities—be they, as in this case, the Reserve Bank of New Zealand, or, in the case internationally, the Bank for International Settlements—necessarily have to keep up their sleeve just ...
... case we are moving in a broader direction—and more generally defined, are in good shape and that our officials in the Reserve Bank have the resources to do it. We have raised some legitimate questions. We will have to, I presume, take it on trust, ...

Hon Dr MICHAEL CULLEN ... (No 2), the Births, Deaths, Marriages, and Relationships Registration Amendment Bill, and the motion regarding the Reserve Bank of New Zealand funding agreement. Wednesday, 18 June, is a members’ day.
... (No 2), the Births, Deaths, Marriages, and Relationships Registration Amendment Bill, and the motion regarding the Reserve Bank of New Zealand funding agreement. Wednesday, 18 June, is a members’ day.

JEANETTE FITZSIMONS ... the results of that before. Repeated oil price forecasts by Treasury, the Ministry of Economic Development, and the Reserve Bank of New Zealand start each time from a higher real price, and predict it will fall; it never happens, and they never learn. But ...
... the results of that before. Repeated oil price forecasts by Treasury, the Ministry of Economic Development, and the Reserve Bank of New Zealand start each time from a higher real price, and predict it will fall; it never happens, and they never ...

CRAIG FOSS ... this Parliament, was robustly included in its briefing to the incoming Minister. I think that that advice was in the Reserve Bank’s briefing as well. Also, a select committee has not had the opportunity to ask for and get further advice on this ...

Hon Dr MICHAEL CULLEN ... for the first time in New Zealand history.

Gross sovereign issued debt, excluding Reserve Bank Settlement cash, has fallen from above 30 per cent of GDP to reach 18.2 per cent of GDP at June 2007.

Hon SHANE JONES ... by members on the other side of the House. Of course, those members do not realise that it is not the fault of the Reserve Bank or Dr Cullen that credit is tight. Rather, international institutions are pointing out that debt in our economy is at ...

Hon BILL ENGLISH ... interest rates are going through the roof. I will give the Prime Minister some of the figures. These are the Reserve Bank’s figures. In December 2006 the average 2-year fixed rate was 8.18 percent. In December 2007, which is just 4 months ...

Dr RICHARD WORTH ... rates under Labour are at a 10-year high. We have the second-highest interest rates in the whole of the OECD. The Reserve Bank confirmed only a couple of weeks ago that interest rates will be staying higher for longer, and that food, petrol, and ...

Hon BILL ENGLISH ... house price. If Labour thinks that will work when people’s house prices are starting to drop and when even if the Reserve Bank drops interest rates it may not drop mortgage rates, then it is mistaken. It is not all Dr Cullen’s fault, but that is ...

TIM GROSER ... shaping the Budget in the next few weeks. I mention first of all the growth picture. We now have anaemic growth. The Reserve Bank is saying that it will be 2 percent but the risks will be on the downside. Translated from the jargon, that means, ...

COLIN KING ... we see that we are now confronted with some of the highest interest rates in the OECD. Not only do we have the Reserve Bank of New Zealand Act impacting upon people’s housing costs but also the Labour Government putting on another layer of costs. The cost of $50...
... we see that we are now confronted with some of the highest interest rates in the OECD. Not only do we have the Reserve Bank of New Zealand Act impacting upon people’s housing costs but also the Labour Government putting on another layer of ...

Hon Dr NICK SMITH ... are none at all. In fact, since the Prime Minister spoke we have seen building consent fees go through the roof. The Reserve Bank this morning had to confirm the second-highest interest rates in the Western World—the second-highest interest rates. ...

Hon Dr NICK SMITH In beginning the debate on clauses 1, 2, and 3, I want to draw attention to the statement made by the Governor of the Reserve Bank, Dr Alan Bollard, this morning. In saying that New Zealanders would not see any decline in their interest rates, he ...

Rt Hon WINSTON PETERS ... members hear how he would correct the slide of immigration to Australia? No. Did they hear what he said about the Reserve Bank of New Zealand Act?
... members hear how he would correct the slide of immigration to Australia? No. Did they hear what he said about the Reserve Bank of New Zealand Act?

CRAIG FOSS This is the third reading and final chapter of a suite of bills: the Reserve Bank of New Zealand Amendment Bill (No 3), the Financial Advisers Bill, which we dealt with this morning, and this bill, the Financial ...
This is the third reading and final chapter of a suite of bills: the Reserve Bank of New Zealand Amendment Bill (No 3), the Financial Advisers Bill, which we dealt with this morning, and this bill, ...

CHRIS TREMAIN ... We need to have this sector in New Zealand, and we need to have a strong sector. This bill, together with the Reserve Bank of New Zealand Amendment Bill (No 3) and the Financial Advisers Bill, puts in some tighter regulation around the sector to make sure ...
... We need to have this sector in New Zealand, and we need to have a strong sector. This bill, together with the Reserve Bank of New Zealand Amendment Bill (No 3) and the Financial Advisers Bill, puts in some tighter regulation around the ...

SIMON POWER ... to the House and to the Minister of Commerce that my attention over the last 12 months has been very much on the Reserve Bank of New Zealand Amendment Bill (No 3) and the Financial Advisers Bill. It is really Craig Foss who is the expert on the Financial Service ...
... to the House and to the Minister of Commerce that my attention over the last 12 months has been very much on the Reserve Bank of New Zealand Amendment Bill (No 3) and the Financial Advisers Bill. It is really Craig Foss who is the expert on the ...

SIMON POWER ... in that area, about 12 to 15 months ago. What became clear at that point was that the legislation relating to the Reserve Bank of New Zealand Amendment Bill (No 3), which imposed a regulatory framework on non-bank deposit takers, was swiftly dispatched to the ...
... in that area, about 12 to 15 months ago. What became clear at that point was that the legislation relating to the Reserve Bank of New Zealand Amendment Bill (No 3), which imposed a regulatory framework on non-bank deposit takers, was swiftly ...

Hon LIANNE DALZIEL ... bills would normally be referred to the Commerce Committee. However, the first of these bills was an amendment to the Reserve Bank of New Zealand Act, and it makes sense that these other bills go to the same committee that dealt with that bill. That committee is ...
... bills would normally be referred to the Commerce Committee. However, the first of these bills was an amendment to the Reserve Bank of New Zealand Act, and it makes sense that these other bills go to the same committee that dealt with that bill. That ...

SIMON POWER ... risk. However, a suite of bills is currently before the House—one in particular is about to come. Amendments to the Reserve Bank of New Zealand Act, the introduction of the prudential supervision regime, the registration bill we are discussing today, and the long-awa...
... risk. However, a suite of bills is currently before the House—one in particular is about to come. Amendments to the Reserve Bank of New Zealand Act, the introduction of the prudential supervision regime, the registration bill we are discussing ...

CHARLES CHAUVEL ... first stage of the review are being implemented through companion legislation, the Financial Advisers Bill and the Reserve Bank of New Zealand Amendment Bill (No 3). This bill proposes the establishment of a compulsory register of financial service providers. ...
... first stage of the review are being implemented through companion legislation, the Financial Advisers Bill and the Reserve Bank of New Zealand Amendment Bill (No 3). This bill proposes the establishment of a compulsory register of financial ...

HONE HARAWIRA ... tonight. It seems like just the other day—actually, it might have been just last night—that I was speaking to the Reserve Bank of New Zealand Amendment Bill (No 3), the companion bill to this Financial Service Providers (Registration and Dispute Resolution) Bill. ...
... tonight. It seems like just the other day—actually, it might have been just last night—that I was speaking to the Reserve Bank of New Zealand Amendment Bill (No 3), the companion bill to this Financial Service Providers (Registration and Dispute ...

Hon SHANE JONES I move, That the Reserve Bank of New Zealand Amendment Bill (No 3) be now read a third time. Tēnā koe, Mr Assistant Speaker, tēnā tātou katoa. E te mātāmua e Winitana,...
I move, That the Reserve Bank of New Zealand Amendment Bill (No 3) be now read a third time. Tēnā koe, Mr Assistant Speaker, tēnā tātou katoa. E te mā...

TIM GROSER In the course of the discussion around the Reserve Bank of New Zealand Amendment Bill (No 3) over the last few months, one of New Zealand’s experts suggested to me that the position of the ...
In the course of the discussion around the Reserve Bank of New Zealand Amendment Bill (No 3) over the last few months, one of New Zealand’s experts suggested to me that the ...

R DOUG WOOLERTON New Zealand First wholeheartedly supports the Reserve Bank of New Zealand Amendment Bill (No 3) and its intentions. To follow on from Mr Groser, I say that we absolutely support the free market, ...
New Zealand First wholeheartedly supports the Reserve Bank of New Zealand Amendment Bill (No 3) and its intentions. To follow on from Mr Groser, I say that we absolutely support ...

CRAIG FOSS I rise to speak on the Reserve Bank of New Zealand Amendment Bill (No 3) for the last time. We are up to the third reading, and I have already covered many of the points ...
I rise to speak on the Reserve Bank of New Zealand Amendment Bill (No 3) for the last time. We are up to the third reading, and I have already covered ...

SUE MORONEY It is my pleasure to take a short call on the third reading of the Reserve Bank of New Zealand Amendment Bill (No 3). This bill establishes a framework for the regulation of non-bank deposit takers, with the aim of ...
It is my pleasure to take a short call on the third reading of the Reserve Bank of New Zealand Amendment Bill (No 3). This bill establishes a framework for the regulation of non-bank deposit takers, ...

CHRIS TREMAIN National will be supporting the Reserve Bank of New Zealand Amendment Bill (No 3). In the Committee stage debate on Part 2 we discussed the financial stability reports and some ...
National will be supporting the Reserve Bank of New Zealand Amendment Bill (No 3). In the Committee stage debate on Part 2 we discussed the financial stability ...

TIM GROSER ... concerned, the governance structures, and the actual requirements that the regulator—which will be, of course, the Reserve Bank of New Zealand—will expect of these second-tier non-bank financial institutions. In looking at the definitions in Part 1, my colleague ...
... concerned, the governance structures, and the actual requirements that the regulator—which will be, of course, the Reserve Bank of New Zealand—will expect of these second-tier non-bank financial institutions. In looking at the definitions in Part ...

CHRIS TREMAIN I rise on behalf of the National Party to support the Reserve Bank of New Zealand Amendment Bill (No 3). The bill implements the main elements of the new regulatory framework for non-bank deposit takers. ...
I rise on behalf of the National Party to support the Reserve Bank of New Zealand Amendment Bill (No 3). The bill implements the main elements of the new regulatory framework for non-bank...

CRAIG FOSS Further to what my two colleagues have said, yes, we are speaking on Part 1 of the Reserve Bank of New Zealand Amendment Bill (No 3). I will cover some specifics, and I have some questions I would like to ask of the Minister in the ...
Further to what my two colleagues have said, yes, we are speaking on Part 1 of the Reserve Bank of New Zealand Amendment Bill (No 3). I will cover some specifics, and I have some questions I would like to ask of ...

R DOUG WOOLERTON ... for any other levels of literacy that the man has, but certainly his financial literacy is far above the norm. The Reserve Bank of New Zealand Amendment Bill (No 3) is designed to attend to problems encountered by people with a normal standard of financial literacy,...
... for any other levels of literacy that the man has, but certainly his financial literacy is far above the norm. The Reserve Bank of New Zealand Amendment Bill (No 3) is designed to attend to problems encountered by people with a normal standard of ...

CRAIG FOSS ... sorts of lengths to make sure, or to try to make sure at least, that the regulatory body such as the central bank, or Reserve Bank in this instance, agrees with them about the class of that asset—whatever it is—and therefore that is how much capital ...

TIM GROSER ... Part 1 and I think we can deal with it fairly expeditiously. The core of Part 2 relates to the transparency of the Reserve Bank’s reporting obligations, which are set out in very clear language centred on, in particular, the Financial Stability ...

CHRIS TREMAIN ... I can move through this part expeditiously. Part 2 has two key parts: firstly, it deals with the determination of the Reserve Bank’s annual dividend back to the Crown; and, secondly, it deals with the timing of financial stability reports and the ...

CRAIG FOSS ... a fair bit on this part; I was on a bit of a roll before—I note that Mr Tremain alluded to the dividend that the Reserve Bank pays, and also to the statement of intent that it has to produce. Mr Tremain started to describe how the dividend ...

CHRIS TREMAIN ... its wisdom sat back and saw that a heck of a lot of information would need to be churned through and provided to the Reserve Bank; a lot of detail is involved, even in terms of the definition of which organisations fall under the auspices of the Act,...

Dr PITA SHARPLES ... that will require all deposit takers to comply with minimum prudential standards, as enforced by trustees and the Reserve Bank—standards that in themselves will ensure that care, caution, and regard are taken in providing for the future. We in ...

CRAIG FOSS The National Party is voting for the Reserve Bank of New Zealand Amendment Bill (No 3). I acknowledge the previous speakers and I will just touch on a couple of points Dr Pita Sharples ...
The National Party is voting for the Reserve Bank of New Zealand Amendment Bill (No 3). I acknowledge the previous speakers and I will just touch on a couple of points ...

Hon Dr MICHAEL CULLEN I move, That the Reserve Bank of New Zealand Amendment Bill (No 3) be now read a second time. I want to begin by thanking the members of the Finance and Expenditure ...
I move, That the Reserve Bank of New Zealand Amendment Bill (No 3) be now read a second time. I want to begin by thanking the members of the Finance ...

Dr the Hon LOCKWOOD SMITH I am happy to speak to the second reading of the Reserve Bank of New Zealand Amendment Bill (No 3), because the National Opposition would say it is timely that legislation such as this is passed by ...
I am happy to speak to the second reading of the Reserve Bank of New Zealand Amendment Bill (No 3), because the National Opposition would say it is timely that legislation such as ...

CHARLES CHAUVEL ... consumer protection that exists here with that in our nearest commercially sophisticated neighbour, Australia. The Reserve Bank of New Zealand Amendment Bill (No 3) comes in response to a review from Treasury—that was its original genesis—and the Ministry of ...
... consumer protection that exists here with that in our nearest commercially sophisticated neighbour, Australia. The Reserve Bank of New Zealand Amendment Bill (No 3) comes in response to a review from Treasury—that was its original genesis—and the ...

TIM GROSER National is supporting the Reserve Bank of New Zealand Amendment Bill (No 3). It is an overtly technical bill, but I believe that that should not obscure the fact that it ...
National is supporting the Reserve Bank of New Zealand Amendment Bill (No 3). It is an overtly technical bill, but I believe that that should not obscure the ...

R DOUG WOOLERTON In the 2 minutes remaining I want to say that New Zealand First likewise supports the Reserve Bank of New Zealand Amendment Bill (No 3). My colleagues have talked about the bill. I want to say that it is unfortunate that the meltdown ...
In the 2 minutes remaining I want to say that New Zealand First likewise supports the Reserve Bank of New Zealand Amendment Bill (No 3). My colleagues have talked about the bill. I want to say that it is unfortunate ...

Hon Dr MICHAEL CULLEN I move, That the Reserve Bank of New Zealand Amendment Bill (No 3) be now read a first time. At the appropriate time I intend to move that this bill be referred to ...
I move, That the Reserve Bank of New Zealand Amendment Bill (No 3) be now read a first time. At the appropriate time I intend to move that this bill ...

Dr the Hon LOCKWOOD SMITH To listen to the Minister of Finance now in the first reading of this Reserve Bank of New Zealand Amendment Bill (No 3), one would think he sounds about as enthusiastic for this legislation as he is for personal income ...
To listen to the Minister of Finance now in the first reading of this Reserve Bank of New Zealand Amendment Bill (No 3), one would think he sounds about as enthusiastic for this legislation as he is ...

Hon LIANNE DALZIEL I am very pleased to speak in support of the first reading of the Reserve Bank of New Zealand Amendment Bill (No 3). This is the first bill to make it to the House arising from the review of financial products and ...
I am very pleased to speak in support of the first reading of the Reserve Bank of New Zealand Amendment Bill (No 3). This is the first bill to make it to the House arising from the review of ...

R DOUG WOOLERTON New Zealand First members support the Reserve Bank of New Zealand Amendment Bill (No 3), and do so because we think the bill is long overdue. We understand absolutely that the risk in ...
New Zealand First members support the Reserve Bank of New Zealand Amendment Bill (No 3), and do so because we think the bill is long overdue. We understand absolutely ...

HONE HARAWIRA ... necessary to ensure a good marriage, so too should we carry over those same principles to ensure that our own Reserve Bank can effectively protect the New Zealand financial system. The Māori Party will support this bill at its first reading. ...

RODNEY HIDE The ACT party rises to support the Reserve Bank of New Zealand Amendment Bill (No 3) going to the select committee. We listened most carefully to Mr Groser’s remarks, and concur with ...
The ACT party rises to support the Reserve Bank of New Zealand Amendment Bill (No 3) going to the select committee. We listened most carefully to Mr Groser’s remarks, ...

Hon Dr MICHAEL CULLEN ... readings of the Climate Change (Emissions Trading and Renewable) Preference Bill, the Real Estate Agents Bill, the Reserve Bank of New Zealand Amendment Bill (No 3), the Public Health Bill, the Waka Umanga (Māori Corporations) Bill, the Affordable Housing: ...
... readings of the Climate Change (Emissions Trading and Renewable) Preference Bill, the Real Estate Agents Bill, the Reserve Bank of New Zealand Amendment Bill (No 3), the Public Health Bill, the Waka Umanga (Māori Corporations) Bill, the ...

Hon JUDITH TIZARD ... a very spirited opposition to this legislation passing when it came before the House last. He made the point that the Reserve Bank had grappled with this area, and indeed the Governor of the Reserve Bank had made a number of speeches around the fact ...

DAVE HEREORA ... should be exempt from the requirement to appoint a trust of the debt security, as is the case for the Crown, the Reserve Bank, the National Provident Fund, and the Housing New Zealand Corporation. I thought it was important to highlight some ...

Dr PITA SHARPLES ... of securities were quite clear. Those that would be exempt included the Crown, the National Provident Fund board, the Reserve Bank of New Zealand, and local authorities. But I want to suggest today that the real context for the bill goes back even further again, for ...
... of securities were quite clear. Those that would be exempt included the Crown, the National Provident Fund board, the Reserve Bank of New Zealand, and local authorities. But I want to suggest today that the real context for the bill goes back even ...

Hon CLAYTON COSGROVE ... Privacy Amendment Bill (No 2), the Racing Amendment Bill (No 2), the Radiocommunications Amendment Bill (No 3), the Reserve Bank of New Zealand Amendment Bill (No 2), the Resource Management Amendment Bill, the Retirement Villages Amendment Bill (No 2), the ...
... Privacy Amendment Bill (No 2), the Racing Amendment Bill (No 2), the Radiocommunications Amendment Bill (No 3), the Reserve Bank of New Zealand Amendment Bill (No 2), the Resource Management Amendment Bill, the Retirement Villages Amendment Bill (No...

Hon DAVID CARTER ... economy, and if members want further proof of that, they can just look at the comments made by the Governor of the Reserve Bank when he reviewed interest rates a couple of times ago. He made the comment then that interest rates would remain high ...

Dr PITA SHARPLES ... the first banknote in New Zealand printed. So significant was this early monetary foundation that, to this day, the Reserve Bank of New Zealand retains King Tāwhiao’s profile in its formal coat of arms. Having established the symbolic relationship that exists ...
... the first banknote in New Zealand printed. So significant was this early monetary foundation that, to this day, the Reserve Bank of New Zealand retains King Tāwhiao’s profile in its formal coat of arms. Having established the symbolic ...

CRAIG FOSS ... correlated with the level and the complexity of taxation. It is pretty simple; it goes without saying. The Reserve Bank, Treasury, and all sorts of submitters have told us how complex the legislation has to be now in order to accommodate ...

JOHN KEY ... for National. This is the man who is so confused about monetary policy that at one point he was going to suspend the Reserve Bank of New Zealand Act, under section 12. That was until his boss came back and told him to sit down, calm down, and say a little bit less, “b...
... for National. This is the man who is so confused about monetary policy that at one point he was going to suspend the Reserve Bank of New Zealand Act, under section 12. That was until his boss came back and told him to sit down, calm down, and say a ...

R DOUG WOOLERTON I raise a point of order, Madam Speaker. I seek leave for the Reserve Bank (Amending Primary Function of Bank) Amendment Bill to be introduced and set down for first reading as a members’ order ...

R DOUG WOOLERTON I raise a point of order, Madam Speaker. I seek leave for the Reserve Bank (Amending Primary Function of Bank) Amendment Bill to be introduced and set down for first reading as a members’ order ...

RODNEY HIDE ... destroying it. It is because of the Government’s spending that businesses are going to the wall, not because of the Reserve Bank of New Zealand Act and the Reserve Bank governor. We have—and Treasury has documented this—a 1.7 percent fiscal stimulus heading into an ...
... hard-working Kiwis are losing their jobs. Our economy is actually going to tank next year, because on Thursday the Reserve Bank governor will be hiking interest rates, to drive down the New Zealand economy. We see nothing in response, in this ...

R DOUG WOOLERTON I raise a point of order, Madam Speaker. I seek leave for the Reserve Bank (Amending Primary Function of Bank) Amendment Bill to be introduced and set down for first reading as a members’ order ...

R DOUG WOOLERTON I raise a point of order, Madam Speaker. I seek leave for the Reserve Bank (Amending Primary Function of Bank) Amendment Bill to be introduced and set down for first reading as a members’ order ...

Hon BILL ENGLISH ... inquiring into the Minister, her husband, and all their mutual friends. Then we come to Dr Cullen. For 20 years the Reserve Bank of New Zealand Act has been a cornerstone of the economic management of New Zealand and a cornerstone of the credibility of this ....
... inquiring into the Minister, her husband, and all their mutual friends. Then we come to Dr Cullen. For 20 years the Reserve Bank of New Zealand Act has been a cornerstone of the economic management of New Zealand and a cornerstone of the ...

GERRY BROWNLEE ... and explain why it is OK for Winston Peters, the coalition partner, to undo 20 years of bipartisan agreement on the Reserve Bank of New Zealand Act—20 years of bipartisan agreement on that Act, which has allowed the New Zealand economy, one way or the other, to ...
... and explain why it is OK for Winston Peters, the coalition partner, to undo 20 years of bipartisan agreement on the Reserve Bank of New Zealand Act—20 years of bipartisan agreement on that Act, which has allowed the New Zealand economy, one way or ...

R DOUG WOOLERTON Yesterday, just after question time, New Zealand First attempted to introduce a bill that would have changed the Reserve Bank of New Zealand Act, or at least widened the targets the Reserve Bank governor is asked to adhere to. But we hope that after a little chit-...
Yesterday, just after question time, New Zealand First attempted to introduce a bill that would have changed the Reserve Bank of New Zealand Act, or at least widened the targets the Reserve Bank governor is asked to adhere to. But we hope that ...

R DOUG WOOLERTON I raise a point of order, Madam Speaker. I seek leave for the Reserve Bank (Amending Primary Function of Bank) Amendment Bill to be introduced and set down for first reading as a members’ order ...

Hon BILL ENGLISH ... to assist monetary policy to belt a rising housing market. With some disappointment, I noted that the Governor of the Reserve Bank appeared to use the same kind of rhetoric. The Reserve Bank is independent and should be at arm’s length from the ...

RODNEY HIDE ... the bill into a context: this is really the legislative equivalent of the Fiscal Responsibility Act or, indeed, the Reserve Bank of New Zealand Act, which are legislative approaches to political decision-making that in and of themselves do not determine what ...
... the bill into a context: this is really the legislative equivalent of the Fiscal Responsibility Act or, indeed, the Reserve Bank of New Zealand Act, which are legislative approaches to political decision-making that in and of themselves do not ...

R DOUG WOOLERTON ... to fix. We are going to put a bill in the ballot, as my leader mentioned publicly the other day. We believe that the Reserve Bank of New Zealand Act needs to be amended. It should not be done away with, thrown in the rubbish bin, or anything like that; it should be ...
... to fix. We are going to put a bill in the ballot, as my leader mentioned publicly the other day. We believe that the Reserve Bank of New Zealand Act needs to be amended. It should not be done away with, thrown in the rubbish bin, or anything like ...

Hon PETE HODGSON ... review monetary policy. The person on my right, Mr Key, the given leader of the National Party, is in favour of the Reserve Bank intervening in respect of exchange rates.

Hon PETER DUNNE ... is that the mechanism that we have adopted for the last 22 years, since the dollar was floated and since the Reserve Bank of New Zealand Act was introduced in the late 1980s, is a reliance on the interest rate mechanism as the way to control inflation. There ...
... to their first home. In this regard I refer particularly to the comments made last week by the Governor of the Reserve Bank in his submission to the Commerce Committee’s inquiry into housing, advocating the introduction of a capital gains ....

R DOUG WOOLERTON This week we saw the unprecedented move of the Reserve Bank Governor intervening in the currency market, something we have not seen since the dollar was floated in the 1980s. ...

Dr the Hon LOCKWOOD SMITH ... What is interesting about that page is that it spells out the new spending. Already, prior to this Budget, the Reserve Bank has been hugely concerned about this Labour Government’s spending binge. If we look over the years that Labour has now ...

GORDON COPELAND ... of that Budget. He told the House that it had been decided to adjust, each 3 years, by using the midpoint of the Reserve Bank’s policy target agreement inflation band, the taxation brackets. He said that equated to a 6.12 percent movement in ...

TIM GROSER ... issue of disintermediation in tax and banking policy—we are about to discuss that in a bill coming up shortly, the Reserve Bank of New Zealand Amendment Bill (No 3). What the Government has now done by failing to have a strategic approach is open up a massive ...
... issue of disintermediation in tax and banking policy—we are about to discuss that in a bill coming up shortly, the Reserve Bank of New Zealand Amendment Bill (No 3). What the Government has now done by failing to have a strategic approach is open ...

Dr the Hon LOCKWOOD SMITH ... at under 2 percent per year right now. Yet our capacity utilisation is high, and Dr Cullen cannot deny this. The Reserve Bank is deeply concerned about it. That is why it is having to raise interest rates, because we are in a position where we ...

Dr the Hon LOCKWOOD SMITH ... know what to do. Economic growth is down to under 2 percent a year, yet inflationary pressures are so high that the Reserve Bank is putting interest rates up all of the time. The exchange rate is crippling exporters, and Dr Cullen does not know ...

CRAIG FOSS ... come through in descriptions of the Budget: “Budget: more angst for Bollard”, and “Fiscal stimulus bad news for the Reserve Bank of New Zealand.” What does that mean? It means that the Budget is bad news for the mortgage payers and the credit card payers of New ...
... come through in descriptions of the Budget: “Budget: more angst for Bollard”, and “Fiscal stimulus bad news for the Reserve Bank of New Zealand.” What does that mean? It means that the Budget is bad news for the mortgage payers and the credit card ...

CHRIS TREMAIN ... calls and the tough decisions. This Government has lost control, despite an army of advisers in both Treasury and the Reserve Bank providing all manner of advice to the Minister of Finance—over many, many months now—that could help to resolve these ...

CRAIG FOSS I rise to speak on the Reserve Bank of New Zealand, as reported—
I rise to speak on the Reserve Bank of New Zealand, as reported—

Hon CLAYTON COSGROVE ... talk about monetary policy I recall, when I was chair of the Finance and Expenditure Committee, the Governor of the Reserve Bank coming to a meeting. He always provided us with excellent information. But we are debating monetary policy and Mr ...

Hon BILL ENGLISH ... advice on fiscal policy in some of the information that has been presented, based on Treasury analysis, in the last Reserve Bank Monetary Policy Statement. I am asking these questions of the Minister because he has developed an approach whereby he ...

DARREN HUGHES ... for that, I believe, is that households are not saving enough. Saving is a hugely important issue. Despite the Reserve Bank highlighting New Zealand’s poor savings rate in last week’s Monetary Policy Statement, this has received little focus ...

CHARLES CHAUVEL ... see increases to the Working for Families payments made to families that require assistance. As the Governor of the Reserve Bank told the committee in the evidence he gave before us on Thursday on the Monetary Policy Statement, that package itself ...

Dr the Hon LOCKWOOD SMITH ... in figure 2.8, “Forecast New Operating Initiatives” on page 47 of the fiscal outlook. That is why the Governor of the Reserve Bank, in his latest Monetary Policy Statement, speaks of the Government’s fiscal policy being expansionary. He states: “This...

TIM GROSER ... where it remained until tragically, prior to the 2005 election, a very clear message was sent to the Governor of the Reserve Bank: “Ease back a little, guys. Let this genie out of the bottle just a bit. We’re in trouble and we can now feel the ...

CRAIG FOSS ...n’s issues, he bullies them and accuses them of ideological burps, etc. Yet these are learned people from Treasury, the Reserve Bank, and the Inland Revenue Department who are trying to cope with the mess he is leaving behind as he furiously writes ...

SUE BRADFORD ... poor in this country—an irony after 7 years of Labour-led Governments. I am alarmed at the recent hysteria from the Reserve Bank and some other bank economists that wage rises of 3.2 percent over the last year are somehow economically ....

RUSSELL FAIRBROTHER ... debate about mortgage levies was put on the table by John Key himself. The issue first arose in April 2006 when the Reserve Bank and Treasury published Supplementary Stabilisation Instruments It was there that such an initiative was mentioned. It ...

Dr DON BRASH ... end of my parliamentary career just 4½ years after it began. I well remember telling my then press secretary at the Reserve Bank, Paul Jackman, that I was going to resign from the Reserve Bank to seek election in the 2002 election. He told me that ...

Hon Dr MICHAEL CULLEN I move, That the Reserve Bank of New Zealand Amendment Bill and the Racing Amendment Bill be now read a third time. The Reserve Bank of New Zealand Amendment Bill is ...
I move, That the Reserve Bank of New Zealand Amendment Bill and the Racing Amendment Bill be now read a third time. The Reserve Bank of New Zealand ...

LINDSAY TISCH ... I want to re-emphasise some points we believe are important: that is, that the Reserve Bank Act amendments in the Reserve Bank of New Zealand Amendment Bill implement the Government’s response to the recommendations of the Joint Trans-Tasman Council on Banking ...
... and for splitting it into two bills. I want to re-emphasise some points we believe are important: that is, that the Reserve Bank Act amendments in the Reserve Bank of New Zealand Amendment Bill implement the Government’s response to the ...

HONE HARAWIRA ... 5c coin, but in truth nothing is ever so simple, and we would do well to consider the big issues at stake here. The Reserve Bank of New Zealand Amendment Bill is supposed to promote better regulation of the trans-Tasman financial sector as part of a single economic ...
... quick, because we have only 7 more days to see the coin that features our taonga species before it is dumped by the Reserve Bank. Although I am sure that the Reserve Bank has perfectly good reasons for getting rid of the old silver coins, it is ...

PANSY WONG ... Association, I would like to make further comments. First of all, I am just wondering why we did not bring the Reserve Bank Amendment Bill into this debate, because Part 2 of that bill talked about horse racing, and I think we are now talking ...

Hon Dr MICHAEL CULLEN ... reading of the Injury Prevention, Rehabilitation, and Compensation Amendment Bill, and to the remaining stages of the Reserve Bank of New Zealand Amendment Bill, the Sports Anti-Doping Bill, the Communications Legislation Bill, the Insolvency Law Reform Bill, and the ...
... reading of the Injury Prevention, Rehabilitation, and Compensation Amendment Bill, and to the remaining stages of the Reserve Bank of New Zealand Amendment Bill, the Sports Anti-Doping Bill, the Communications Legislation Bill, the Insolvency Law ...

Hon Dr MICHAEL CULLEN ... will be given to the remaining stages of the Insolvency Law Reform Bill, the Communications Legislation Bill, the Reserve Bank of New Zealand Amendment Bill, and the Sports Anti-Doping Bill.
... will be given to the remaining stages of the Insolvency Law Reform Bill, the Communications Legislation Bill, the Reserve Bank of New Zealand Amendment Bill, and the Sports Anti-Doping Bill.

Dr PITA SHARPLES ... For Ngāti Koata of the Marlborough Sounds, the protection and rights of the tuatara had nothing to do with the Reserve Bank. Indeed, it was the concern they had over the failure of the Crown to protect and exercise tino rangatiratanga and ...

SHANE JONES ... to see how much of an embarrassment Don Brash was, pretending that he can lead the Opposition—ambling from the Reserve Bank of New Zealand, wandering over here, and within 3 years aimlessly having the top prize. Well, even his own deputy is using a great Te ...
... to see how much of an embarrassment Don Brash was, pretending that he can lead the Opposition—ambling from the Reserve Bank of New Zealand, wandering over here, and within 3 years aimlessly having the top prize. Well, even his own deputy is ...

JOHN KEY ... I urge him to wrap both parts into one speech, because it is very similar stuff. I rise to address Part 2 of the Reserve Bank of New Zealand Amendment Bill. This is the part that amends the Racing Act 2003. Members will be aware that the Reserve Bank of New ...
... I urge him to wrap both parts into one speech, because it is very similar stuff. I rise to address Part 2 of the Reserve Bank of New Zealand Amendment Bill. This is the part that amends the Racing Act 2003. Members will be aware that the ...

R DOUG WOOLERTON In speaking to Part 2 of the Reserve Bank of New Zealand Amendment Bill, I must say that Sir Patrick Hogan—beavering around in his stables, as he does, shovelling manure and all ...
In speaking to Part 2 of the Reserve Bank of New Zealand Amendment Bill, I must say that Sir Patrick Hogan—beavering around in his stables, as he does, ...

SHANE JONES Kia ora, Mr Chairman. I stand to elaborate on one or three things that were said last week in relation to this Reserve Bank of New Zealand Amendment Bill, and to correct the predictable and tired rhetoric from our colleague on the other side of the Chamber Mr ...
Kia ora, Mr Chairman. I stand to elaborate on one or three things that were said last week in relation to this Reserve Bank of New Zealand Amendment Bill, and to correct the predictable and tired rhetoric from our colleague on the other side ...

Hon DAVID CUNLIFFE I move, That the Reserve Bank of New Zealand Amendment Bill be now read a second time. This is an omnibus bill that will amend two Acts, the Reserve Bank of New ...
I move, That the Reserve Bank of New Zealand Amendment Bill be now read a second time. This is an omnibus bill that will amend two Acts, the Reserve ...

JOHN KEY I rise on behalf of the National Party to support the Reserve Bank of New Zealand Amendment Bill. I will start by saying that there is an interesting dynamic to this bill, which is that the bill does not ...
I rise on behalf of the National Party to support the Reserve Bank of New Zealand Amendment Bill. I will start by saying that there is an interesting dynamic to this bill, which is that ...

R DOUG WOOLERTON ...e; the fact that people are involved never actually occurs to him. New Zealand First is supporting both parts of this Reserve Bank of New Zealand Amendment Bill. We think they are necessary and should be passed, and I do not think that anybody thinks any differently. ...
...e; the fact that people are involved never actually occurs to him. New Zealand First is supporting both parts of this Reserve Bank of New Zealand Amendment Bill. We think they are necessary and should be passed, and I do not think that anybody ...

Dr the Hon LOCKWOOD SMITH In speaking to the second reading of the Reserve Bank of New Zealand Amendment Bill, I acknowledge and thank the chairperson of the Finance and Expenditure Committee, Shane Jones, who has ...
In speaking to the second reading of the Reserve Bank of New Zealand Amendment Bill, I acknowledge and thank the chairperson of the Finance and Expenditure Committee, Shane ...

HONE HARAWIRA Kia ora, Madam Speaker. Kia ora tātou katoa. Every time an omnibus bill such as this Reserve Bank of New Zealand Amendment Bill comes before the House, the Māori Party asks about the value of jamming an apple and a pear into the mixer ...
Kia ora, Madam Speaker. Kia ora tātou katoa. Every time an omnibus bill such as this Reserve Bank of New Zealand Amendment Bill comes before the House, the Māori Party asks about the value of jamming an apple and a ...

GORDON COPELAND The Reserve Bank of New Zealand Amendment Bill continues actions taken over recent times by the Reserve Bank of New Zealand to increase the quality of ...
The Reserve Bank of New Zealand Amendment Bill continues actions taken over recent times by the Reserve Bank of New Zealand to increase ...

PANSY WONG ... and Expenditure Committee, Shane Jones, must have breathed a sigh of relief in deliberating on the passage of the Reserve Bank of New Zealand Amendment Bill, because I note that there were only five submissions and one oral submitter, and all parties were in ...
... and Expenditure Committee, Shane Jones, must have breathed a sigh of relief in deliberating on the passage of the Reserve Bank of New Zealand Amendment Bill, because I note that there were only five submissions and one oral submitter, and all ...

LINDSAY TISCH The Reserve Bank of New Zealand Amendment Bill is important legislation amending the Racing Act of 2003. National supported the introduction of that Act, ...
The Reserve Bank of New Zealand Amendment Bill is important legislation amending the Racing Act of 2003. National supported the ...

Hon Dr MICHAEL CULLEN I move, That the Reserve Bank of New Zealand Amendment Bill be now read a first time. At the appropriate time I intend to move that this bill be referred to the ...
I move, That the Reserve Bank of New Zealand Amendment Bill be now read a first time. At the appropriate time I intend to move that this bill be ...

JOHN KEY On behalf of the National Party I say that it will be supporting this omnibus legislation amending the Reserve Bank of New Zealand Act and the Racing Act. I start by saying that this legislation will be going—as Dr Cullen indicated to the House—to the ...
On behalf of the National Party I say that it will be supporting this omnibus legislation amending the Reserve Bank of New Zealand Act and the Racing Act. I start by saying that this legislation will be going—as Dr Cullen indicated to ...

SHANE JONES I stand to address, and obviously support, the Reserve Bank of New Zealand Amendment Bill, and follow on from Mr Key’s remarks. Indeed, the select committee that will be dealing with the bill is ...
I stand to address, and obviously support, the Reserve Bank of New Zealand Amendment Bill, and follow on from Mr Key’s remarks. Indeed, the select committee that will be dealing ...

CRAIG FOSS I rise to speak to the Reserve Bank of New Zealand Amendment Bill. As my colleague John Key pointed out earlier, the National Party will be supporting this bill, at least ...
I rise to speak to the Reserve Bank of New Zealand Amendment Bill. As my colleague John Key pointed out earlier, the National Party will be supporting ...

R DOUG WOOLERTON New Zealand First will support the Reserve Bank of New Zealand Amendment Bill. In speaking to the bill I will mention a few relevant points and talk a little about racing, because some ...
New Zealand First will support the Reserve Bank of New Zealand Amendment Bill. In speaking to the bill I will mention a few relevant points and talk a little about ...

TARIANA TURIA ...ard; and my nieces, nephews, cousins, and mokopuna. So I come to this bill thinking of them. This bill will amend the Reserve Bank of New Zealand Act to implement the trans-Tasman coordination of financial sector regulation—changes that will move us further towards a ...
...ard; and my nieces, nephews, cousins, and mokopuna. So I come to this bill thinking of them. This bill will amend the Reserve Bank of New Zealand Act to implement the trans-Tasman coordination of financial sector regulation—changes that will move us ...

GORDON COPELAND I rise to take a call on behalf of United Future on the Reserve Bank of New Zealand Amendment Bill, which is an omnibus bill.
I rise to take a call on behalf of United Future on the Reserve Bank of New Zealand Amendment Bill, which is an omnibus bill.

JEANETTE FITZSIMONS ... sovereignty at all if it has zero control over its own financial sector. I guess the question is whether this Reserve Bank of New Zealand Amendment Bill will make the situation better or worse. It is quite hard to tell. The history of New Zealand’s merging ...
... sovereignty at all if it has zero control over its own financial sector. I guess the question is whether this Reserve Bank of New Zealand Amendment Bill will make the situation better or worse. It is quite hard to tell. The history of New ...

CHRIS TREMAIN I congratulate the last three speakers, who managed to drag the debate back to the Reserve Bank of New Zealand Amendment Bill and away from a discussion about $25 ties. I think it is important that we bring the discussion back to ...
I congratulate the last three speakers, who managed to drag the debate back to the Reserve Bank of New Zealand Amendment Bill and away from a discussion about $25 ties. I think it is important that we bring the ...

Hon NANAIA MAHUTA I move, That the Reserve Bank of New Zealand Amendment Bill be referred to the Finance and Expenditure Committee referred to Finance and Expenditure Committee
I move, That the Reserve Bank of New Zealand Amendment Bill be referred to the Finance and Expenditure Committee referred to Finance and Expenditure ...

CRAIG FOSS ... 4 percent? Today I heard 100 percent mortgages being advertised on the radio. One of the constant claims of the Reserve Bank and the Minister of Finance is that there is over-investment in property.

Hon Dr MICHAEL CULLEN ... make progress on the first readings of the Health (Drinking Water) Amendment Bill, the Business Law Reform Bill, the Reserve Bank of New Zealand Amendment Bill, and the remaining stages of the Protected Objects Amendment Bill and the Coroners Bill.
... make progress on the first readings of the Health (Drinking Water) Amendment Bill, the Business Law Reform Bill, the Reserve Bank of New Zealand Amendment Bill, and the remaining stages of the Protected Objects Amendment Bill and the Coroners Bill.

GORDON COPELAND ... times action by the Inland Revenue Department, with strong support from United Future and from Dr Alan Bollard of the Reserve Bank, has ensured that gains made through capital growth, and assessment of depreciation recovered when a house is sold, ...

JEANETTE FITZSIMONS ... other day: “a capital gains tax ‘is a politically poisonous proposition. At the height of the mid-1990s boom, then (Reserve Bank) Governor Don Brash’ ”—and I recommend that Dr Brash’s colleagues look at this article—“ ‘suggested a capital gains ...

Hon JIM ANDERTON ...lia’s. That is true. But we fell behind in the 1980s, and who cheered that along? Dr Brash, when he was Governor of the Reserve Bank. We fell further behind when that young person was a teenager in the 1990s. National was responsible for those ....

JEANETTE FITZSIMONS ... will not rise further. This pattern has been going on for years and one has to ask how much longer Treasury and the Reserve Bank will base their assumptions on the futures market. The Greens pointed out the gross errors in the assumptions in the ...

Hon Dr MICHAEL CULLEN ... 2006 is expected to be higher than forecast in Budget 2005 in large part for technical reasons associated with the Reserve Bank’s liquidity management operations. It is expected to continue to fall gradually over the forecast period and then ...

Dr PITA SHARPLES The commitment that the Governor of the Reserve Bank, Dr Alan Bollard, makes to New Zealanders in his 2004-05 annual report is that, as New Zealand’s central bank, the ...

Hon Dr MICHAEL CULLEN ... society, and clearly, on many other social indices, similar points could be made. Coming back to the subject of the Reserve Bank, I think it is important to recognise that that bank has, to some extent, a limited brief. First of all, it is there ...

Hon STEVE MAHAREY ... for this summer was a good exam season. I think of the New Zealand Qualifications Authority as being a bit like the Reserve Bank: there is no point in having a Reserve Bank if it is not blue chip. We rely on it to set the tone for money in this ...

Hon PAUL SWAIN ... about the TAB odds being placed on each horse. To recap on some of the horses, there is “Bold ‘n’ Brash” out of the Reserve Bank stable, “Gerry Can” out of the St Bede’s College stable, “Key to the Door”, which is from the only State house stable ...

Hon MARIAN HOBBS ... in the event of failure. In addition, as a registered bank, Westpac New Zealand will be required to comply with the Reserve Bank of New Zealand’s capital adequacy and other regulatory requirements. That was the purpose behind the Reserve Bank of New Zealand asking ...
... in the event of failure. In addition, as a registered bank, Westpac New Zealand will be required to comply with the Reserve Bank of New Zealand’s capital adequacy and other regulatory requirements. That was the purpose behind the Reserve Bank of ...

CRAIG FOSS ... 4 hours before the second reading, the scope of which even Labour members were totally oblivious to at the time. The Reserve Bank of New Zealand Amendment Bill and the taxation bill are also currently before the Finance and Expenditure Committee. All these bills ...
... This argument and discussion has been going on for a long time in financial circles in New Zealand, and between the Reserve Bank and Westpac. Interestingly, of what are known as the four pillars of Australian banks—the ANZ, National Australia Bank,...

HONE HARAWIRA ... not sell enough, their jobs can be under threat? The Māori Party will support this bill because it will enable the Reserve Bank to ensure that Westpac and all big banks operating in Aotearoa are incorporated here. We support the view of New ...

Hon MARIAN HOBBS ... Zealand as a branch of the Australian parent. The establishment of a subsidiary enables Westpac to comply with the Reserve Bank of New Zealand’s local incorporation policy, introduced in 2003. That policy provides that foreign-owned banks over a certain size are ...
... Zealand as a branch of the Australian parent. The establishment of a subsidiary enables Westpac to comply with the Reserve Bank of New Zealand’s local incorporation policy, introduced in 2003. That policy provides that foreign-owned banks over a ...

CRAIG FOSS ... they asked of officials. When we look at the environment in which the bill is being presented, we see that the Reserve Bank of New Zealand, Westpac, and various other Government agencies all operated with good intent and good faith. Their focus was on a good ...
... they asked of officials. When we look at the environment in which the bill is being presented, we see that the Reserve Bank of New Zealand, Westpac, and various other Government agencies all operated with good intent and good faith. Their ...

RODNEY HIDE ... Mr Craig Foss speak on this bill and raise some concerns, and then say he will vote for it anyway because the Reserve Bank and Westpac have given him assurances that everything is OK. The difficulty with that is that the Reserve Bank does ...

GORDON COPELAND I want to take a brief call on the Westpac New Zealand Bill, firstly, to say that we have in the Reserve Bank of New Zealand a world-class institution. In previous lives before coming to Parliament, I was aware of some of the work the bank does ...
I want to take a brief call on the Westpac New Zealand Bill, firstly, to say that we have in the Reserve Bank of New Zealand a world-class institution. In previous lives before coming to Parliament, I was aware of some of the ...

CHRIS TREMAIN ... in New Zealand. Westpac is currently the only one of the four major banks in this country not locally incorporated. Reserve Bank policy is that systemically important banks should be locally incorporated to wall off the country’s financial system ...

HONE HARAWIRA ... committee, told the House that consultation meant a fortnight’s advertising, and that giving the bill to Westpac, the Reserve Bank, Treasury, and the Inland Revenue Department was enough, does not mean that the select committee should not look at ...

SHANE JONES ... 6 the Governor-General, on the advice of the Minister, after he or she has received the recommendation from the Reserve Bank of New Zealand, will, or shall, consider and may approve a proposal. That proposal not only specifies the appointed day but also ...
... of the time exigencies related to this bill. We sought and took quality advice from helpful agencies, including the Reserve Bank. I refer in particular to a point that the honourable member Mr Hide made. Although he made a very good point, I ...

Hon MARIAN HOBBS ... Zealand as a branch of its Australian parent. The establishment of a subsidiary enables Westpac to comply with the Reserve Bank of New Zealand’s local incorporation policy, which was introduced in 2003. This policy provides that foreign-owned banks over a certain ...
... Zealand as a branch of its Australian parent. The establishment of a subsidiary enables Westpac to comply with the Reserve Bank of New Zealand’s local incorporation policy, which was introduced in 2003. This policy provides that foreign-owned ...

JOHN KEY ... and the need for Westpac to move beyond what is currently a branch structure in New Zealand. I understand that the Reserve Bank of New Zealand supports the bill and is likely to make a submission when it goes to the Finance and Expenditure Committee. Although I ...
... and the need for Westpac to move beyond what is currently a branch structure in New Zealand. I understand that the Reserve Bank of New Zealand supports the bill and is likely to make a submission when it goes to the Finance and Expenditure ...

SUE BRADFORD ... system operating in this country should be more under the control of this country. We support the policy of the Reserve Bank of New Zealand, as noted in the explanatory note to the bill, that systemically important banks should be locally incorporated in New ...
... system operating in this country should be more under the control of this country. We support the policy of the Reserve Bank of New Zealand, as noted in the explanatory note to the bill, that systemically important banks should be locally ...

HONE HARAWIRA ... that happens and what we do about it. I return to my kōrero. Although I have no great love for the way in which the Reserve Bank’s directives impact on the poor in our land, I do recognise the importance of ensuring that the biggest banks in our ...

GORDON COPELAND ... has already been well canvassed by other members of the House, and it is to do with the prudential supervision by the Reserve Bank. The Reserve Bank’s analysis, quite rightly, was that in the event that the parent company of what until now has just ...

KATHERINE RICH ... other point is that in this bill, the Government is promoting homeownership again, at a time when the Governor of the Reserve Bank is trying to get Kiwis away from their infatuation with property. I am still concerned about those mixed messages. If ...

PANSY WONG ... bill, which is to encourage them to look beyond property investment. We all know that right now the Governor of the Reserve Bank is always warning people about the overheated property market and saying that New Zealanders should look at other ...

SUE BRADFORD ... let alone with the year 1990, when there were over 300,000 employees and over 2,000 schemes. It is no wonder that the Reserve Bank reported recently that New Zealanders are expected to have a household savings rate of minus 12 percent for the year ...

Dr DON BRASH ... dollar. The New Zealand dollar is not more volatile than other major currencies, and that has been established by the Reserve Bank over many years. The main reason the export sector has been growing too slowly to keep our international trade in ...

Hon CLAYTON COSGROVE ... and enhance our economy. No, the only tactic and the only idea that that member—the once-great Governor of the Reserve Bank—now has is to run the economy down. The only tactic that the National Party has—and it is interesting that the member ...

Hon RICK BARKER ... and the Exclusive Brethren. It is absolutely true that Don Brash, who is supposed to be a smart person—he has run the Reserve Bank and he has an IQ of 100-plus—could not remember for 2 days whether he had a meeting with the Exclusive Brethren. Then, ...

PANSY WONG ... the confidence of investors in the capital markets cannot be inspired. So even though the Governor of the Reserve Bank continues to call on investors to diversify their investment away from the housing market, I am afraid that until the ...

CRAIG FOSS ... This bill is part of a portfolio of changes that the current Government is bringing through. There is this bill, the Reserve Bank of New Zealand Amendment Bill, taxation legislation, and the Westpac New Zealand Bill that was passed the other night. All of those ...
... This bill is part of a portfolio of changes that the current Government is bringing through. There is this bill, the Reserve Bank of New Zealand Amendment Bill, taxation legislation, and the Westpac New Zealand Bill that was passed the other night. ...

Hon RUTH DYSON ... Party that forgot to include GST on its broadcasting expenses return. One would think the former Governor of the Reserve Bank might know how the GST system works. He forgot that, and he forgot his meetings with the Exclusive Brethren—he forgot ...

KATHERINE RICH ... select committee process, members were told that banks that were subject to statutory management and were under the Reserve Bank of New Zealand Act 1989 were expressly excluded from the operation of the model law on cross-border insolvency. There may be a very ...
... select committee process, members were told that banks that were subject to statutory management and were under the Reserve Bank of New Zealand Act 1989 were expressly excluded from the operation of the model law on cross-border insolvency. There ...

Hon PAUL SWAIN ...stake: “Was it GST inclusive, or GST exclusive? It was just a little mistake.” This was from the former Governor of the Reserve Bank. GST inclusive and GST exclusive are important issues when it comes down to the national economy—and Don Brash wants ...

CRAIG FOSS ... those three factors right now, in the confidence indicators out today. Those are not just my words; they are in the Reserve Bank’s most recent Financial Stability Report. It is all there, and it does not sound too good. I have heard speakers ...

Dr the Hon LOCKWOOD SMITH ... allowing Government spending to burgeon out of control. Treasury says that Government spending is out of control. The Reserve Bank has made it very clear that Government spending is a serious problem, as it seeks to control inflation. The Minister ...

CRAIG FOSS ... rational investors. They are rational economic beings; they are good people; they are sensible. Mr Bollard from the Reserve Bank agrees, having recently hiked interest rates for the ninth time to discourage New Zealanders from borrowing. The ...

JOHN KEY ... at this bill and its side effects. Although their work has not been done yet, the preliminary work that Treasury, the Reserve Bank, and others have done indicates that there will be bad news for the Government. But that advice will not be on the ...

Dr the Hon LOCKWOOD SMITH ... paid by people working up and down this country will go up. They will go up tomorrow, and do members know what the Reserve Bank says is one of the reasons for that? It is what this Government is spending. It is what Michael Cullen is spending. ...

JEANETTE FITZSIMONS ... for investment is one thing; borrowing for consumption is another, and there is little sign that the warnings of the Reserve Bank will be heeded. Once, if we wanted to borrow money, we went to the bank and pleaded for a loan. Now, the banks come to ...

Dr DON BRASH ... and life insurance. David Lange was Prime Minister when the Government he led appointed me as Governor of the Reserve Bank, and I met him a number of times in that capacity. Yes, he made a very considerable contribution to the development of ...

Dr DON BRASH ... as Speaker. You and I go back a very long way. Perhaps you think of the time when you nominated me as Governor of the Reserve Bank; I think even further back to when we were, along with Helen Elizabeth Clark and Dr Bruce Hucker, members of the ...