New Zealand's consultation on a new macro-prudential ‘tool-kit' for the country's central bank, trailed last week by finance minister Bill English, was published yesterday along with a four-step decision-making process.
The consultation moots four new tools for the Reserve Bank of New Zealand (RBNZ), as set out by English last week:
• a counter-cyclical capital buffer;
• adjusting the core funding ratio;
• sectoral capital requirements; and
• temporary restrictions on high loan to value ratios in h
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