Supervision of The New Zealand Banking System By The Reserve Bank
The Reserve Bank also acts to supervise the New Zealand banking system to ensure that the system remains healthy, however it does not guarantee that a bank will not fail, or face problems.
As of June 2011 there are 20 registered banks, with five main trading banks (Australia and New Zealand Banking Group, ASB Bank, Bank of New Zealand, Kiwibank, and Westpac).
All registered banks operating in New Zealand must issue a quarterly disclosure statement, and the Reserve Bank supervises these.
The purpose of these disclosure statements is to:
- Assist depositors to make sound decisions
- Encourage banks to maintain sound banking practices
The summary comprises:
- A Key Information summary that provides a brief overview of the bank's financial condition
- General Disclosure statement to provide comprehensive information on the bank
- Supplemental Disclosure Statement
More information:
List of registered banks
Read more about this topic: Reserve Bank Of New Zealand
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