November 26, 2019 / 8:14 PM / 13 days ago

RBNZ says elevated financial vulnerabilities warrant more effort

WELLINGTON, Nov 27 (Reuters) - The Reserve Bank of New Zealand (RBNZ) said on Wednesday that vulnerabilities in the country’s financial system were elevated and it would take a more intensive approach to supervising banks and insurers.

“Financial system vulnerabilities remain elevated and more effort is required to ensure that the system remains resilient over the longer-term,” said governor Adrian Orr in the bank’s financial stability review, which is held twice a year.

The bank has signalled it plans to ramp up banks’ capital requirements to reduce risk to the economy and will release its final decision next week. (Reporting by Charlotte Greenfield in WELLINGTON and Wayne Cole and John Mair in SYDNEY)

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