Cabinet memos: RBNZ warned the govt of "intensive lobbying" by banks

Mon, 11 Mar 2019

By Jenny Ruth March 12 (BusinessDesk) - The Reserve Bank realised the banks were not expecting higher capital requirements of the scale the central bank has decided to impose and it warned the government to expect “intensive lobbying” from the big four banks. In a memo dated Dec. 6 to Prime Minister Jacinda Ardern, Finance Minister Grant Robertson and Commerce and Consumer Affairs Minister Kris Faafoi, the Reserve Bank said the banks did know it was likely to require them to hold higher levels of capital. “However, we do not believe th...

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