New Zealand
Brash speech criticised by Maori MP
Former Reserve Bank of New Zealand governor Don Brash, now leader of the National Party, has been criticised by Georgina te Heuheu, the party's only Maori MP, for a speech she described as "Maori bashing".
RBNZ raises rates citing 'impressive' growth
The Reserve Bank of New Zealand increased interest rates on Thursday 29 January, citing the pressure on resources including the labour market after two years of "impressive" growth. The bank raised the official cash rate 25 basis points to 5.25 per cent.
Reserve Bank of New Zealand Bulletin, Dec 2003
The Reserve Bank of New Zealand has published its quarterly Bulletin for December 2003. The December issue of the Bulletin contains three articles, and two speeches delivered over recent months by the Bank's Governor.
RBNZ mulls ANZ takeover
ANZ Banking Group has until Christmas to convince New Zealand's reserve bank about its plans for taking over the National Bank. Following the passage of a new Reserve Bank Act in August, the RBNZ must approve large-bank mergers in New Zealand.
NZ's Bollard's good cheer Christmas cards
Following on from his Goldilocks Christmas card last year, Alan Bollard has continued his seasonal cheer this time around with a card showing Santa's sleigh flying over the Reserve Bank spilling money and with a large percentage sign symbolising the OCR,…
Waring appointed to RBNZ Board
New Zealand's finance minister Michael Cullen said on Thursday 18 December that Dr Marilyn Waring has been appointed to the Reserve Bank Board to replace Ruth Richardson whose term expires on 3 February. Waring is currently a Professor of Public Policy…
RBNZ leaves OCR unchanged
The Reserve Bank of New Zealand decided to leave the Official Cash Rate unchanged at 5.0 per cent on 4 November.
RBNZ appoints 'fresh' face to advisory role
The Reserve Bank of New Zealand has appointed Terry McFadgen as a part-time monetary policy advisor. The RBNZ employs two people as external advisors (the other advisor is Malcolm Bailey) to bring an outside perspective to decision making processes. The…
RBNZ's Bollard speaks on ANZ acquisition
The Reserve Bank of New Zealand released an excerpt from a speech by Reserve Bank Governor Alan Bollard on 6 November. It outlines the policy initiatives taken by the Reserve Bank in dealing with the application by the ANZ to buy National Bank. The…
Brash reaches National Party summit
Just 15 months after leaving the Reserve Bank of New Zealand, ex-governor Don Brash has just been appointed head of the NZ opposition. Bill English got the boot in a secret ballot after two failed election attempts to oust Helen Clark's Labour Party from…
FSAP in New Zealand
Officials from the International Monetary Fund (IMF) are now in New Zealand undertaking a previously announced Financial Sector Assessment Programme, the Reserve Bank of New Zealand said on 31 October.
RBNZ can veto bosses in biggest ever bank merger
The RBNZ cleared New Zealand's biggest ever commercial deal, the takeover of the National Bank by ANZ, but added the condition that it could veto senior appointments of directors or senior management. It is the first time new prudential banking…
RBNZ leaves rates unchanged
The Reserve Bank of New Zealand left interest rates unchanged at 5 per cent on Thursday 23 October. "As noted in our September monetary policy statement, the New Zealand economy has been enjoying strong economic growth, with robust domestic demand…
Reserve Bank of New Zealand Bulletin, Sep 2003
The Reserve Bank of New Zealand published its quarterly Bulletin for September 2003. Among the articles is an annual review of developments affecting New Zealand's financial stability. In the review the RBNZ concludes that New Zealand's financial sector…
Bollard on Investing in a low inflation world
In a speech on 'Investing in a low inflation world' given on 14 October, Alan Bollard of the Reserve Bank of New Zealand warned that too many New Zealanders are taking higher risks than they realise in the way they borrow and invest. Dr Bollard said that…
Reserve Bank of New Zealand - Annual Report 2003
The Reserve Bank of New Zealand has published its Annual Report for 2003. For the currency function the year was a period of consolidation, Governor Alan Bollard said in his statement, making sure the system works well and embedding the new polymer notes…
RBNZ Board chair elected
The Reserve Bank of New Zealand's Board of Directors elected Dr Arthur Grimes as its chair on 18 September. The Board also elected Mrs Alison Paterson as the Board's Deputy Chair.
IMF set to criticise RBNZ
The IMF is expected to criticise the Reserve Bank of New Zealand when it visits New Zealand in November, according to Reuters The IMF is expected to be critical because the RBNZ has little control of banks. Most are foreign-owned by big Australian banks.
RBNZ Monetary Policy Challenge winner announced
Tawa College, Wellington, has won the Reserve Bank of New Zealand's 2003 Monetary Policy Challenge school competition, held on 16 September.
RBNZ Monetary Policy Statement, September 2003
The Reserve Bank of New Zealand has published its Monetary Policy Statement (MPS) for September 2003. Speaking at the release of the Monetary Policy Statement Reserve Bank Governor Alan Bollard said "New Zealand has enjoyed an extended period of strong…
Bollard issues warning to real estate buyers
Extract from an address to the Property Council of New Zealand on 9 September by Alan Bollard of the Reserve Bank of New Zealand. Bollard repeated his warning that people purchasing real estate in pursuit of capital gains face risks.
New Zealand leaves Official Cash Rate unchanged
The Reserve Bank of New Zealand has decided to leave the Official Cash Rate unchanged at 5 per cent, 4 September. Governor Alan Bollard said "Current monetary policy settings are consistent with medium-term inflation remaining comfortably within the…
RBNZ buys BIS shares
The Reserve Bank of New Zealand today announced that it had accepted an offer to become a shareholder in the BIS. The cost of the BIS shareholding is approximately NZ$100m (almost US$60m,) which has been raised from the Reserve Bank's balance sheet. In…
Reserve Bank of New Zealand Amendment Act
The Reserve Bank of New Zealand's Amendment Bill will change the RBNZ's arrangements slightly. The key governance change is that the Governor no longer chairs the Bank's Board of Directors, the chair being a non-executive director appointed by the non…