NZ makes credit ratings mandatory for non-banks


The Reserve Bank of New Zealand on Monday said credit ratings were now mandatory for non-bank deposit takers.

The institutions concerned include finance companies, building societies and credit unions. New Zealand's new prudential regulatory regime also spanned capital adequacy requirements, restrictions on lending to related parties, governance and risk management requirements. The central bank is progressively introducing the new regulations to help improve the resilience of the country's non-

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