June 24, 2019 / 4:02 AM / in a month

NZ to introduce deposit protection regime, ramp up bank oversight - finmin

WELLINGTON, June 24 (Reuters) - New Zealand Finance Minister Grant Robertson said on Monday the government would introduce a deposit protection regime and begin work to strengthen oversight of the banking sector.

“New Zealand has been an outlier for many years in that we don’t have a formal deposit protection regime to support Kiwis if a bank were to fall over,” Robertson said in a statement.

The government also planned to do work on whether bank executives’ accountability should be ramped up and the central bank’s supervisory role strengthened after the abrupt resignation of ANZ Bank’s New Zealand chief executive and the bank losing permission to run its own risk assessments. (Reporting by Charlotte Greenfield; Editing by Richard Borsuk)

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