New Zealand adapts as regulatory role expands

The Reserve Bank of New Zealand said on Thursday that it would restructure its financial stability department in order to cope with the central bank's expanding role in maintaining the country's financial system.

Grant Spencer, the deputy governor responsible for financial stability, said the changes were needed after the government decided to make the central bank responsible for supervising non-bank deposit-taking institutions and insurance companies as of next year.

"Financial stability is

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