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TRANS-TASMAN PRUDENTIAL HARMONISATION
– ABA SUBMISSION RELEASED ON WEBSITE
Sydney, 31 March, 2005: The Australian Bankers’ Association (ABA) released on its website today its submission to the Reserve Bank of New Zealand (RBNZ) regarding the central bank’s proposed outsourcing policy.
There are three documents constituting the ABA’s submission:
- Covering letter;
- A report prepared for the ABA by economic consultancy firm Charles River; and
- An opinion letter from Boston Consulting Group (BCG) on the issue of efficiency costs.
ABA is very positive about the potential economic benefits to both Australia and New Zealand from efforts by both countries to pursue closer economic ties through the Single Economic Market (SEM) objective.
Harmonised prudential regulations are a key step in the SEM objective, as already the Trans-Tasman banking market is highly integrated. Effective harmonisation of regulations will be an impetus to further efficiency, competition and innovation, and will also improve the crisis and failure management arrangements for both countries.
The RBNZ received a request for a copy of ABA’s submission through New Zealand’s Official Information Act (OIA) which is equivalent to Australia’s Freedom of Information Act (FOI). ABA did not oppose the RBNZ releasing its submission to the person requesting the documents under the OIA, and is releasing it today so it is available to all interested parties.
For further information:
Heather Wellard
Director, ABA Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
ENDS
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