RBNZ's regulatory role expanded

Wellington has broadened the supervisory scope of the Reserve Bank of New Zealand, making the central bank responsible for the regulation of non-bank deposit takers.

Under the new code, passed Wednesday, the Reserve Bank will develop and introduce new regulations over the next two years for the country's finance companies, building societies and credit unions.

Alan Bollard, the governor of the Reserve Bank, said the code represented "a significant step forward in helping improve the future re