RBNZ Governor destroys banking lobby rentiers (plus APRA and RBA)
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At a press conference yesterday, RBNZ Governor, Adrian Orr, publicly lashed the New Zealand Bankers’ Association (NZBA) for claiming that taxpayers should bail the sector out in the event of a crisis, and has used these comments as justification for the RBNZ’s capital reforms. From Interest.co.nz:
Orr was answering a question about NZBA’s claim that the Reserve Bank’s proposals to increase banks’ regulatory capital requirements could cost households, businesses and the economy about $1.8 billion a year.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.