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Mr. John Mendzela

the full cost of operations. There was also a bias towards control, tradition, and highest possible quality. With little business experience, RBNZ staff were at a disadvantage in negotiations with external suppliers. A stream of comprehensive cost information flowed from new systems. Innovative accounting techniques captured and reported the full costs of resources, particularly staff remuneration and benefits. Many internal services were charged for directly, by usage. Even the remaining “overheads” were charged and reported on a unit basis which facilitated

International Monetary Fund. Statistics Dept.

scheme used to map the accounts in the general ledger to the different items of the SRF 1SR . The bridge table format has been shared with RBNZ staff, as indicated in Appendix II. FSG corrected the positions in the accounts below. Reclassified accounts related to FX Swaps (70206 and 70306) from Account A822222 (Settlement Accounts - Nonresidents) to A7581 (Financial Derivatives Nonresidents). Reclassified accounts related to retained earnings (91100, 91101, 91102, 91103, 92204) from Account L94 (General and Special Reserves) to Account L92 (Retained earnings

Mr. John Mendzela
This paper examines how major efficiency gains and improved effectiveness were simultaneously achieved at the Reserve Bank of New Zealand over a five-year period. It identifies the business management concepts that were used to transform the organization, outlines how they were applied, and evaluates the benefits obtained. The paper concludes that substantial real efficiency gains were achieved, while effectiveness was maintained or enhanced. Looking more widely, the business management concepts used to achieve these benefits could be applied to other central banks.
International Monetary Fund. Statistics Dept.
At the request of the Reserve Bank of New Zealand (RBNZ), and with the support of the IMF’s Asia & Pacific Department (APD), a monetary and financial statistics (MFS) technical assistance (TA) mission visited Wellington, New Zealand during October 1–12, 2018.1 The mission’s main objectives were to assist the RBNZ to: (i) complete the central bank Standardized Report Form (SRF 1SR); (ii) review the source data and bridge table used to produce Other Depository Corporations (ODCs) Standardized Report Form (SRF 2SR);(iii) assist the RBNZ to produce additional historical data in the SRFs 1SR and 2SR for the past five years; (iv) review the available source data for the compilation the Other Financial Corporations (OFCs) Standardized Report Form (SRF 4SR); (v) prepare metadata for the central bank, ODC, and OFC surveys; and (vi) agree on a timetable for RBNZ’s SRF-reporting of its MFS.
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of the stability of the financial system in New Zealand. Imbalances in the housing market, banks’ concentrated exposures to the dairy sector, and their high reliance on wholesale offshore funding are the key macro-financial vulnerabilities. The banking sector has significant exposure to real estate and agriculture, is relatively dependent on foreign funding, and is dominated by four Australian subsidiaries. A sharp decline in the real estate market, a reversal of the recent recovery in dairy prices, deterioration in global economic conditions, and tightening in financial markets would adversely impact the system. Despite these vulnerabilities, the banking system is resilient to severe shocks. Strengthening the macroprudential framework is important.
International Monetary Fund
This paper presents key findings of the Financial System Stability Assessment for New Zealand, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, and Securities Regulation. The assessment reveals that New Zealand has a profitable and well-functioning financial system, operating in a framework of well-developed financial markets. Short-term risks to stability appear low, given the favorable macroeconomic outlook, and sound and transparent financial policies. Stress tests for systemically important banks show resilience consistent with the sector’s relatively high levels of capital and profits.
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of Observance of the Basel Core Principles for Effective Banking Supervision (BCP) in New Zealand. The supervisory approach of the Reserve Bank of New Zealand (RBNZ) reflects the characteristics of the local banking industry and the authorities’ goal to limit moral hazard by relying on market discipline and not offering deposit insurance. Banks offer traditional products in a highly concentrated market. Since the most recent Financial Sector Assessment Program, the RBNZ has increased attention to strengthening regulatory discipline. The current approach to supervision is limited by the heavy weight the RBNZ places on market discipline compared with regulatory discipline. Better compliance with the BCP and enhanced effectiveness of the RBNZ three-pillar approach are recommended.
Mr. Niklas J Westelius
The Bank of Japan has used unconventional monetary policies to fight deflation and stabilize the financial system since the late 1990s. While the Bank of Japan’s reflation efforts have evolved over time, inflation and inflation expectations have remained stubbornly low. This paper examines the evolution of monetary policy in Japan over the past twenty years, in order to draw relevant lessons and propose ways to strengthen the Bank of Japan’s policy framework. In doing so the analysis focuses on three aspects of monetary policy: objectives and goals; policy strategies; and the communication framework. Moreover, the paper discusses coordination between monetary, fiscal, and financial policies, and how the corresponding institutional design could be strengthened.