IMF in NZ to assess banking sector

  • 16/08/2016
Finance Minister Bill English
Finance Minister Bill English

A team from the International Monetary Fund is about to arrive to assess the stability of the country's banking sector.

Finance Minister Bill English says they'll be here on Tuesday for "routine surveillance".

The last time they came here, in 2004, they concluded the banks were efficient and adequately supervised.

"New Zealand has a stable, well-capitalised banking sector that held up well in the face of the global financial crisis and I expect the IMF to comment favourably on both it and the improvements to the regulatory landscape since its last report," Mr English said.

However, there were some areas where he expects the IMF will identify differences between New Zealand's arrangements and interNational Standards.

"Good reasons exist for these differences," he said.

"They include the structure of our financial system and the regulatory and supervisory system the Reserve Bank has developed to meet New Zealand conditions.