Establishment of Joint Trans-Tasman Council on Banking Supervision

In February, the Minister of Commerce announced the establishment of a Joint Trans-Tasman Council on Banking Supervision, but emphasised that there was no agreement to a single banking regulator.

"Last week we committed to establish a Joint Trans-Tasman Council on Banking Supervision comprising the two Treasuries, the Australian Prudential Regulation Authority and the Reserve Bank of New Zealand. But let me stress that this is not a commitment to a single trans-Tasman banking regulator.

"The Council will look at ways to enhance cooperation; review trans-Tasman crisis response preparedness; provide policy advice on the principles of policy harmonisation; and report on possible legislative changes to ensure the Australian Prudential Regulation Authority and the Reserve Bank of New Zealand can support each other in the performance of their current regulatory responsibilities.

"We also undertook to explore what legislative changes may be necessary to ensure APRA and the RBNZ can support each other in the performance of their current regulatory responsibilities at least regulatory cost."

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