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TOR for Development of a Framework for Closer Integration of Trans Tasman Banking Regulation

Date:

Wednesday, 5 May 2004

Content ID:

823

Abstract:

On 30 January 2004, the Australian Treasurer, the Hon Peter Costello, and the New Zealand Minister of Finance, the Hon Dr Michael Cullen, announced a proposal to move towards closer harmonisation and mutual recognition of banking regulation across the Tasman.

A working party of the Australian and New Zealand Treasuries, and the relevant financial sector supervisory agencies, the Reserve Bank of New Zealand, the Reserve Bank of Australia and the Australian Prudential Regulation Authority, has been formed to develop policy options for closer integration of trans-Tasman banking regulation. Officials are due to jointly report back to their respective Ministers by 30 June 2004.

The terms of reference for the working party, as agreed by Australian Treasurer and the New Zealand Minister of Finance, can be viewed below.

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