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Cabnet Paper DEV-20-SUB-0041: Reserve Bank Act Review: Further policy matters for the Institutional Bill
1.This paper seeks agreement on further matters relating to the institutional settings of the Reserve Bank (the Bank), in relation to the Reserve Bank Institutional Bill (the Bill), currently being drafted.
2.In December 2019 Cabinet agreed to replace the Reserve Bank of New Zealand Act 1989 (the Act) with a Reserve Bank Institutional Act and a Deposit Takers Act [CAB-19- MIN-0675]. Cabinet also agreed to the broad parameters of these Acts.
3.This paper seeks additional decisions in relation to the Reserve Bank Institutional Bill. It is intended that this Bill be introduced into Parliament in mid-2020. The Deposit Takers Bill is intended to be introduced into Parliament in 2021. The main additional decisions that this paper seeks are in respect of: the Bank’s powers to gather and share information, protections from liability and foreign exchange reserves management. Decisions are also sought on a number of more minor matters.