RBNZ delays new capital rules

Reserve Bank of Australia

The Reserve Bank of New Zealand has delayed the introduction of new capital rules to allow financial firms to combat the Covid-19 outbreak.

New requirements asked New Zealand’s four largest banks to raise the capital they hold to 18%, while smaller banks were asked to hold a minimum of 16%. The changes were due to come into force from July 2020.

The RBNZ has now deferred the start date for 12 months, which it says should enable banks to provide an additional NZ$47 billion ($27.5 billion) of

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