NBDTNon-Bank Deposit Takers
NBDTNannette Brodie Dance Theatre (Long Beach, CA)
References in periodicals archive ?
Statutory provisions relating to NBDTs were later carved out into a separate Act--the NBDT Act 2013.
The number of banks and NBDTs and new market entrants into the New Zealand banking sector are examples of the choice available to depositors and other investors.
Insurers and NBDT relationships are emerging, characterised by high levels of familiarity, but lower levels of trust.
However, it introduces a licensing requirement for NBDTs, which includes the requirement for an NBDT to have suitable directors and senior officers.
Key parts of the consultation document include fine-tuning the definition of what constitutes an NBDT and ensuring the appropriate supervisory arrangements are in place for the sector.
Due to their smaller sizes and the lower levels of interconnectedness, the insurance and NBDT sectors are not of the same systemic importance as the banking sector.
The discussion document's main proposals include requiring NBDTs to disclose a standardised set of prudential information and for these disclosures to be updated six-monthly.
However, in the case of the NBDT sector, trustees act as the supervisors, unlike for banks and insurance companies where the Reserve Bank is both regulator and supervisor (see box 1).
Deputy Governor Grant Spencer said these proposals would give the Bank a number of powers covering licensing, fit and proper person requirements for directors and senior office holders of NBDTs, the ability to place restrictions on changes of ownership, as well as distress and failure management.
They outline the matters that an NBDT and trustee should consider in setting quantitative liquidity requirements," Mr Spencer said.
The consultation paper and information on the NBDT prudential regulatory regime can be accessed on the Bank's website (www.
The Reserve Bank Act requires the Bank to review the NBDT regime, including the role of trustees within four years.