The Reserve Bank of New Zealand intends to tweak its disclosure requirements for banks.
In a consultation paper it says the introduction of its Bank Financial Strength Dashboard (updated quarterly) and a move from quarterly to six-monthly disclosures from individual banks means it can take longer for the market to become aware of a breach. It proposes that banks be required to immediately notify the RBNZ of all breaches of their conditions of registration. The RBNZ will maintain a list of non-minor breaches on its website. To keep the focus on these and prevent people having to wade through long lists of trivial breaches, it proposes that minor breaches no longer be disclosed. Consultation closes on 14 December.