New Zealand consults banks on Basel III

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The Reserve Bank of New Zealand (RBNZ) has outlined its proposals to implement the Basel III capital requirements in New Zealand.

According to a consultation document released on Tuesday, banks in New Zealand will be required to hold common equity of 7%, including a 4.5% minimum requirement and a 2.5% capital conservation buffer, in line with the final rules announced by the Basel Committee on December 2010. The higher capital standards will apply to all locally incorporated New Zealand banks.

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