RBNZ's supervisory role to stay

The Reserve Bank of New Zealand's supervisory role would not be removed following a review of trans-Tasman banking regulations, Finance Minister Michael Cullen said Friday 10 June.

Dr Cullen said the Australian and New Zealand governments were "within sight" of an agreement on harmonising banking regulation.

"In Australia the two central bank roles have been separated with the Australian Reserve Bank responsible for monetary policy and the Australian Prudential Regulation Authority responsible