Reserve Bank decides on capital instrument for mutual banks

Wed, 07 Dec 2022

The Reserve Bank of New Zealand (RBNZ) has decided that it will proceed with its preferred option for mutual banks to issue capital instruments and is seeking feedback on how these instruments will be structured.Mutually owned entities include building societies, co-operative companies, credit unions or other entities that are owned by their members. Unlike other shareholder-owned banks, members of mutuals don’t contribute capital and derive their voting and profit-sharing rights through their customer relationship.The RBNZ said this stru...

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