News Round Up
Monday, June 7th 2010, 8:52PM
New non-bank liquidity policy expected
Later this month the Reserve Bank will make its recommendation to cabinet on whether non-bank deposit takers need a regulated liquidity policy and, if so, to what extent.
The regulator called for submissions in a discussion document earlier this year, with a view that although NBDTs would probably end up with some type of required liquidity ratio, it would probably be lower than the benchmark set for banks due to non-bank lenders' bigger reliance on retail investors for cash.
Draft stamp lands Credit Sail in hot water with NZX
Failed CDO fund Credit Sail got in hot water with NZX Market Supervision after leaving a ‘draft' watermark on its financial statements in March, resulting in the suspension of its listed securities. The fund took a week to realise it had been suspended, and hastily re-filed its official statement to lift the suspension.
NZX Market Supervision settled with Credit Sail, letting it off with a public statement after the CDO fund agreed to pay costs incurred by the bourse regulator's tribunal.
BNZ gets new director of retail banking
The Bank of New Zealand has appointed Andy Symons as its new director of retail, who will begin work in August. Symons currently heads up Fly Buys, and will take over from Chris Bayliss, who was nabbed by BNZ's Australian parent to head up National Australia Bank's retail network.
| « Liquidity pressures and regulation will cause more fin coy failures | BNZ to launch country’s first covered bond programme » |
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