NZBA, Banking Ombudsman support RBNZ proposal on material breach reporting

Thu, 30 May 2019

By Jenny Ruth May 31 (BusinessDesk) - The New Zealand Bankers' Association and the Banking Ombudsman agree with the Reserve Bank that disclosure of banks’ breaches of their conditions of registration should be limited to “material” breaches only. Their submissions are two of only three on this proposal, the third being from Indian multinational Bank of Baroda which says it “welcomes the improvements suggested” but it doesn’t want five years’ worth of breaches disclosed. “We feel that publishing of breaches should be limited to the peri...

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