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Taken together, the indicators we have examined paint a picture of an NBDT sector that appears to have adjusted reasonably well to increased regulation since 2010.
While the article does not consider non-bank deposit takers (NBDTs) separately, the implications of FinTech for the Reserve Bank's role as the regulator of NBDTs can mostly be inferred from the analysis of how FinTech may affect banks.
Despite this, CLS's loan/deposit ratio remains ahead of most of its NBDT peers, although it does not have access to the Reserve Bank of New Zealand's repo facility.
Note, the Minister is not involved in the cancellation of an insurer or NBDT licence.
In addition to these banks, NBDTs offer consumers deposit taking and related services as an alternative to banks.
Insurers and NBDT relationships are emerging, characterised by high levels of familiarity, but lower levels of trust.
The Act does not eliminate the risk of a NBDT failing.
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.
Reserve Bank Deputy Governor Grant Spencer said disclosure of standardised prudential information will provide investors with a framework for analysing an NBDT's risks, and allow investors to compare risks between NBDTs more easily.
In recommending regulations for the NBDT sector, the Reserve Bank has used the banking regime as a point of reference.
The Bank today released a consultation paper seeking comment on policy proposals for a second Bill to complete the legislative framework for the Bank's regulation of the NBDT sector.
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