Reserve Bank of New Zealand (RBNZ)
RBNZ sees no need to impose prescriptive cyber-security rules now
Head of prudential supervision at central bank says it is looking to market discipline to ensure high standards
RBNZ’s Bascand says banks now less reliant on offshore funding
New Zealand banks are attempting to reduce risk and respond to regulatory changes by tightening lending standards and “aggressively” competing for deposits, says RBNZ deputy
RBNZ considers cutting contingent instruments from capital regime
Central bank casts sceptical eye over debt instruments with in-built conversion triggers, following recent problems in Europe
RBNZ’s Hannah: central bank is working to close trust gap
Survey in 2014 showed how poor public understanding of the central bank’s work went hand in hand with low trust
OECD urges RBNZ to adopt debt-to-income restrictions
The OECD said adding a debt-to-income limit to the RBNZ’s macro-prudential instruments could increase the resilience of bank balance sheets
Wheeler hits out at commercial bank for unforgiving commentary
RBNZ governor says commentary threatens its integrity, damaging the central bank and financial markets; former RBNZ official says Wheeler overreacting
RBNZ consults on DTI limits with full macro-pru review scheduled for 2018
Central bank evaluates benefits of limit and how it would interact with current macro-pru policies; consultation offers reassurance to households about welfare costs
Inflation targeting three decades on
Former RBNZ governor Don Brash reflects on whether New Zealand’s experiment with inflation targeting has worked
Growth in offshore funding is creating risks – RBNZ
Financial stability report notes growing reliance of banks on offshore funding sources could become a problem; housing market risks require new prudential tools
Forecasting would improve with more regular data, says RBNZ’s McDermott
New Zealand is one of two advanced economies that uses quarterly data instead of monthly; current schedule has limited forecast improvements, RBNZ assistant governor says
IMF urges new macro-pru tools for RBNZ to tackle housing market
Debt-to-income tools would complement existing macro-prudential toolkit and help rein in household credit, fund says; RBNZ in pursuit of such powers but decision must come from government
New Zealand takes step towards new FMI framework
Reserve Bank of New Zealand and Financial Markets Authority in line for new regulatory powers under framework approved by cabinet; will be put to public before being introduced to parliament
RBNZ’s Krippner: term structure models can make for better policy
Central bank economist talks about his work on modelling monetary policy at the zero lower bound, and what comes next
People: RBNZ’s Bascand takes new role; Lithuanian deputy reappointed
Geoff Bascand becomes head of financial stability; Raimondas Kuodis gets a second term; Bank of Israel promotes two officials
Central Bank of Iceland picks SIA for payments overhaul
RTGS revamp will see a single system handle both high- and low-value payments; Italy-headquartered SIA wins contract
New Zealand government reviews monetary policy process
Opposition pledges it will make major changes to central bank mandate if elected
RBNZ paper develops ‘intuitive and reliable’ output gap measure
Authors turn to a “Beveridge-Nelson filter” to produce an output gap estimate that performs better than those produced by other filtering techniques
RBNZ paper sets out new house price indexes
Improved dataset allows design of three new indexes, all of which produce “credible-looking” outcomes
RBNZ to rethink capital requirements
Review will reassess country’s approach to Basel III implementation, after Australia decides to bolster its banks’ capital to be “unquestionably strong”
The winners of the 2017 Central Banking Awards
Bank of England wins Central Bank of the Year, while Carlos Fernández Valdovinos picks up Governor of the Year; Donald Kohn receives Lifetime Achievement Award; 15 more awards unveiled
RBNZ’s Wheeler: policy now has ‘neutral bias’
Risks to future rate movements “equally weighted”, governor says, though plenty of domestic and global risks could knock the outlook off course
RBNZ presses ahead with dashboard plan, despite bank concerns
Banks raise fears over the dashboard plan to publish disclosures on RBNZ website, but the central bank says it believes it can address all the concerns
Valdovinos is victorious in the first set of Central Banking’s 2017 awards
Paraguay’s governor Carlos Fernández Valdovinos scoops Governor of the Year; RBNZ’s Leo Krippner wins Economics; three more market practitioner awards announced
Economics in central banking: Leo Krippner
His work on term structure modelling has helped central bank policy-makers to track the effects of unconventional policies and it raises many interesting possibilities for future research