New Zealand
Tighter mortgage lending rules proposed in New Zealand
Central bank looks to crack down on investor lending with high loan-to-value ratios, while tightening the rules for most loans to owner-occupiers; new tools also on the table
RBNZ bulletin shines light on policy-making process
Article reveals details of how central bank reaches monetary policy decisions over a nine-day period, from information-gathering and modelling to deliberation and communication
RBNZ weighs tighter macroprudential policy and wider toolkit
Reserve Bank of New Zealand considers use of debt-to-income ratios to calm housing market, consultation with banks to occur before implementation
House prices complicate outlook as RBNZ holds
Central bank caught between strong NZ dollar and rising risks in the housing market; keeps rates on hold but further cut still remains in forecasts
Embracing digital tech could reduce systemic importance of banks – RBNZ article
Bulletin discusses risks surrounding digital disruption in the banking sector; if unregulated entities provide "significant portion" of banking services, new risks may emerge
Now banks face bail-in, should we rethink deposit insurance?
David Mayes argues deposit insurance schemes forged during crisis may impose unnecessary costs in more normal times
Wheeler says further easing may be needed as RBNZ holds
Wheeler says interest rate cuts could be needed, though the RBNZ kept its key rate at 2.25% today; mixed picture with dairy export prices improving but currency still high
RBNZ signs up SIA to deliver RTGS replacement
Its subsidiary, Perago, will deliver payments infrastructure for New Zealand via “off-the-shelf” system used by Riksbank and Norges Bank
Embargoed lock-ups scrapped after RBNZ confirms leak
Report says a journalist leaked the March 10 cut to colleagues; Reserve Bank of New Zealand ends practice of allowing media and analysts advance access to rate decisions and major reports
New Zealand launches remaining banknotes in new series
Final three denominations will circulate from May 16; central bank creates interactive website allowing users to manipulate new notes and get acquainted with security and design features
RBNZ investigating possible leak
Central bank launches external investigation, after former RBNZ economist was told there would be an unexpected rate cut before the decision was made public
Tests find New Zealand banks ‘robust’ to dairy stress
Stress tests conducted by the Reserve Bank of New Zealand in late 2015 find five largest lenders to dairy sector can withstand further drops in payout and land values
Research sheds light on RBNZ concerns over inflation expectations
Article authored by, among others, John McDermott argues the risk of inflation expectations losing their anchor has increased; concerns were a ‘primary motive’ for last week’s rate cut
RBNZ keeps settlement system due to lack of suitable bids
The Reserve Bank of New Zealand will retain its securities settlement system and depository, despite hoping to find it a new owner; also investing in separate platforms for NZClear and Esas
RBNZ’s Gordon offers advice on building a sound risk management system
Former risk head at RBNZ offers advice on what should be the focus for central banks looking to build an enterprise risk management system
People: New York Fed research head retires, RBNZ appoints new head of currency
James McAndrews will leave the Federal Reserve Bank of New York after 19 years; Steve Gordon gets new portfolio at RBNZ; and more
Christchurch recovering after quake, RBNZ paper finds
Economy proves ‘resilient’ to earthquake as rebuild continues; uncertainty around the timeline puts off businesses from investing in the region
NZ has ample space to respond to risks – IMF staff
An International Monetary Fund staff report says there is room to ease monetary policy further if need be, while authorities should prepare more prudential measures
Market discipline ‘key pillar’ of RBNZ toolkit, article says
Article in latest Reserve Bank of New Zealand bulletin insists new requirements have not come at the expense of market discipline – they are both ‘key pillars’ of regulatory toolkit
RBNZ holds but hints at future easing as outlook worsens
New Zealand dollar reaches four-month low as Reserve Bank of New Zealand hints at prolonged inflation battle
Initiative of the year: Reserve Bank of New Zealand
The Reserve Bank of New Zealand’s enterprise risk management system offers a best-practice example of how to build a framework from the ground up, with a small team and limited resources
New Zealand economists stress-test dairy sector
An article published by the Reserve Bank of New Zealand finds banking system losses would still be ‘manageable’ under the worst-case scenario for milk prices and farm values
Inflation outcomes should not be sole criteria for judging performance, says RBNZ's McDermott
Assistant governor's comments come after policy reversal by RBNZ amid falling global commodity prices; staff article emphasises 'ex-ante' evaluation of monetary policy decisions
Communication and education the answer to transparency 'paradox', says RBNZ's Hannah
Mike Hannah discusses the findings of the Reserve Bank of New Zealand's first external stakeholder engagement survey and their implications for central bank comms