Press Release – Bank of New Zealand
Revised disclosure requirements for banks coming into effect today will make information more accessible for investors, depositors and analysts, Reserve Bank Deputy Governor Grant Spencer said. Bank information more accessible
Revised disclosure requirements for banks coming into effect today will make information more accessible for investors, depositors and analysts, Reserve Bank Deputy Governor Grant Spencer said.
The changes to shorter disclosure statements will also mean a significant reduction in compliance costs.
This marks the completion of a major review of the disclosure regime initiated in October 2009.
The changes follow two new Orders-in-Council setting out the new disclosure requirements, which were published in the New Zealand Gazette on 28 February. Banks’ next disclosure statements, covering the period up to 31 March 2011, will mostly be on the new basis.
A transitional arrangement allows banks to continue disclosure on the previous basis as at end-March and end-June this year, in case any of them need extra time to make necessary adjustments to their reporting processes. However, the major banks at least will be taking advantage of the new regime immediately.
Further detail on the nature of the changes is in an earlier policy outcome document (http://www.rbnz.govtnz/finstab/banking/regulation/4233985.pdf), and also in a Regulatory Impact Statement (http://www.rbnz.govt.nz/finstab/banking/regulation/4350179.pdf) which is published today. Both can be downloaded from the Reserve Bank’s website.