RBNZ seeks regulatory powers over payments system
Central bank says New Zealand’s High Value Clearing System currently poses significant risks
New Zealand’s central bank is seeking regulatory and supervisory powers over a payment system that deals with property settlements and interbank payments in the country.
The Reserve Bank of New Zealand (RBNZ) said on August 4 that it had proposed to the government that the High Value Clearing System (HVCS) be brought under its control. The central bank said this would prevent disruption to the country’s financial system if the system were substituted for another one – something the RBNZ said
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