Friday 7th September 2018
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The government has made three new appointments to the panel reviewing the Reserve Bank Act, as the "wide-ranging" review enters its second phase.
Finance Minister Grant Robertson announced that Barbara Chapman, Belinda Moffat and John Sproat will join the panel, which has three existing members: chair Suzanne Snively, Malcolm Edey and Girol Karacaoglu.
"As the terms of reference for Phase 2 are broader and more wide-ranging than Phase 1, the appointments announced today will enhance the existing panel by adding a mix of regulator and regulated and capital markets advisory experience," Robertson said.
Chapman is former managing director and chief executive of ASB Bank, and is now a director of Genesis Energy, NZME and Fletcher Building. Moffat is the current chief executive of the Broadcasting Standards Authority and was previously the director of enforcement and investigations at the Financial Markets Authority. Sproat is a former banking and finance partner at Chapman Tripp and is on the Independent Advisory Panel of the Provincial Growth Fund.
The government announced the review in November 2017. The first phase, which was led by Treasury with technical advice from the central bank, covered changes to the objectives of monetary policy to maximise employment alongside price stability and making provision for a committee decision-making model for monetary policy.
The terms of reference for the second phase were released in June and while the government doesn't plan to separate the Reserve Bank's monetary policy and prudential supervision responsibilities it wanted the review to hear submissions on the topic.
The second phase will cover a number of key topics, including overarching objectives of the legislation; institutional governance, and decision-making; Trans-Tasman co-ordination; prudential regulation; supervision and enforcement; resolution and crisis management; macro-prudential policy; and resourcing and funding.
This part of the review is being led by a joint Reserve Bank and Treasury team, and Robertson said the review team will shortly release details outlining the Phase 2 process.
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