‘More market pressure’ on institutions to compete on safety, says RBNZ’s Fiennes
There is no government guarantee, says Fiennes
Central bank regulation should not prevent the executives and boards of financial institutions from managing their own risk, the Reserve Bank of New Zealand's head of prudential supervision has said.
Speaking in Auckland today (September 1), Toby Fiennes stressed companies could not ignore their responsibilities because regulation was in place; no institution should think there is a government guarantee they can fall back on.
Fiennes said there was now "more market pressure" on institutions to
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