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IMF here to assess banking sector

NZ NewswireNZ Newswire 15/08/2016

A team of IMF officials is about to arrive to carry out "routine surveillance" of New Zealand's banking sector. © Hagen Hopkins/ Getty Images A team of IMF officials is about to arrive to carry out "routine surveillance" of New Zealand's banking sector. A team from the International Monetary Fund is about to arrive to assess the stability of the country's banking sector.

Finance Minister Bill English says they'll be here on Tuesday for "routine surveillance".

The last time they came here, in 2004, they concluded the banks were efficient and adequately supervised.

"New Zealand has a stable, well-capitalised banking sector that held up well in the face of the global financial crisis and I expect the IMF to comment favourably on both it and the improvements to the regulatory landscape since its last report," Mr English said.

However, there were some areas where he expects the IMF will identify differences between New Zealand's arrangements and international standards.

"Good reasons exist for these differences," he said.

"They include the structure of our financial system and the regulatory and supervisory system the Reserve Bank has developed to meet New Zealand conditions.

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