IMF to assess New Zealand

The Reserve Bank said the IMF's Financial Sector Assessment programme would start later this year.

"New Zealand’s financial sector plays a very important role in supporting economic performance and the improvement in living standards for all New Zealanders. It is crucial that the various functions of the financial system – such as the allocation of funds from savers to borrowers, facilitating an efficient means of transacting, and mitigating economic risk – are equally supported by a robust regulatory framework that is appropriate for New Zealand conditions."

The IMF will examine how New Zealand’s financial institutions are prudentially regulated and supervised by the Reserve Bank, and how New Zealand’s capital markets and financial market conduct are regulated by the Financial Markets Authority (FMA).

A team from the IMF will visit New Zealand twice, in August and November, to meet and question New Zealand authorities and hold discussions with industry groups and financial sector entities that are subject to regulation.