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RNZ News
4 hours ago
- Business
- RNZ News
Wide Reserve Bank restructure to follow executive and funding changes
The Reserve Bank has already been restructuring its executive team, with a number of its higher ups departing, and the latest news of a wider restructure comes after a major funding cut. Photo: RNZ / Samuel Rillstone A broad restructuring is on the cards at the Reserve Bank, less than two months after the government announced it would cut its budget . RBNZ said it would consult with staff about potential "broader organisational changes" later this month, but refused to provide additional details. RNZ understands certain backroom functions were being reviewed, as the central bank faced a 25 percent cut to its budget in the new financial year. It comes amid a restructure of its executive leadership team, with the departure of another assistant governor. It said Sarah Owen had left the RBNZ, following the earlier departures of Kate Kolich, Greg Smith, Nigel Prince and Simone Robbers. In May, the RBNZ said it would halve its executive leadership (excluding the governor) to four. After slimming down the executive, it said the leadership team below the executive also faced changes. The new leadership structure would come into place from 16 June, and would be made up of 20 director roles under four groups - financial stability, money, enterprise services and operations. "This is a critical time for Te Pūtea Matua (RBNZ), and the changes we're making are more than just structural," governor Christian Hawkesby said. "We want to ensure that we're match-fit for the changing environment and context we're operating in," he said. However, the RBNZ was tight-lipped about the broader organisational restructure. "We will soon be going into consultation with our staff as part of this next phase," a spokesperson said. "Out of care for our people, we have no further details to share externally at this time." The RBNZ has faced a period of uncertainty in recent months, with the reduction in government funding arriving after the abrupt departure of former governor Adrian Orr. It has previously faced criticism over a sharp increase in staff numbers, with the number of full-time equivalent employees increasing from 255 in 2018 to 641 in September 2024. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Scoop
29-05-2025
- Business
- Scoop
10 Cent Coin With King Charles III Image Now In Production
Press Release – The Reserve Bank of New Zealand Updating our currency with the new sovereign takes several years because we always hold sufficient stock to deal with demand spikes or supply issues. We make enough coins and banknotes just in case – not just in time, says Ian Woolford, Director … The Reserve Bank of New Zealand – Te Pūtea Matua has quality checked and approved the 10 cent coin with the effigy of King Charles III, King of New Zealand (KCIII), for production and New Zealanders can expect to see it in their change around 2027. Photos of the quality checking were released today giving people the first look at the actual coin. 'We received pre-production samples of the coin to check and approve before starting the full production run. We check the coins for quality, weight, size, security properties and that they match the design we ordered,' says Ian Woolford, Director of Money and Cash – Tari Moni Whai Take. 2024 is stamped on the coin which is the year RBNZ placed the order with the Royal Canadian Mint. New Zealand does not have a mint, so our coins are produced overseas. The King's effigy was designed for the Royal Mint by illustrator and designer Dan Thorne to be used on all New Zealand's coins. The Royal Numismatic Society of New Zealand provided advice on the 10 cent coin before it went into production. The King faces to the left in keeping with the convention that the direction changes between sovereigns. 'The reverse (or tails) side of the 10 cent coin still features an image of a koruru – the carved face on the gable of a meeting house – designed by James Berry as a part of the 1967 decimal coin series,' says Mr Woolford. 'All existing circulating coins, and $20 banknotes, bearing images of Queen Elizabeth II continue to be legal tender. We order notes and coins infrequently and do not plan to destroy stock or withdraw them early from circulation as this would be wasteful and poor environmental practice.' Minting the 20 cent, 50 cent, $1 and $2 coins with the KCIII image is likely to be around 2027. Coins then typically enter circulation around two years after production. 'Updating our currency with the new sovereign takes several years because we always hold sufficient stock to deal with demand spikes or supply issues. We make enough coins and banknotes just in case – not just in time,' says Mr Woolford. 'We will let everyone know when the KCIII coins are due to enter circulation as the time nears.' Banks, retailers, consumers and anyone using or handling cash will not need to do anything differently when we introduce the coins bearing the image of the King. We will work with the cash industry to make sure there are no glitches with cash handling machines like self-service checkouts, vending and change machines accepting and issuing the new and old coins.
Scoop
29-05-2025
- Business
- Scoop
10 Cent Coin With King Charles III Image Now In Production
The Reserve Bank of New Zealand – Te Pūtea Matua has quality checked and approved the 10 cent coin with the effigy of King Charles III, King of New Zealand (KCIII), for production and New Zealanders can expect to see it in their change around 2027. Photos of the quality checking were released today giving people the first look at the actual coin. 'We received pre-production samples of the coin to check and approve before starting the full production run. We check the coins for quality, weight, size, security properties and that they match the design we ordered,' says Ian Woolford, Director of Money and Cash – Tari Moni Whai Take. 2024 is stamped on the coin which is the year RBNZ placed the order with the Royal Canadian Mint. New Zealand does not have a mint, so our coins are produced overseas. The King's effigy was designed for the Royal Mint by illustrator and designer Dan Thorne to be used on all New Zealand's coins. The Royal Numismatic Society of New Zealand provided advice on the 10 cent coin before it went into production. The King faces to the left in keeping with the convention that the direction changes between sovereigns. 'The reverse (or tails) side of the 10 cent coin still features an image of a koruru - the carved face on the gable of a meeting house - designed by James Berry as a part of the 1967 decimal coin series,' says Mr Woolford. 'All existing circulating coins, and $20 banknotes, bearing images of Queen Elizabeth II continue to be legal tender. We order notes and coins infrequently and do not plan to destroy stock or withdraw them early from circulation as this would be wasteful and poor environmental practice.' Minting the 20 cent, 50 cent, $1 and $2 coins with the KCIII image is likely to be around 2027. Coins then typically enter circulation around two years after production. 'Updating our currency with the new sovereign takes several years because we always hold sufficient stock to deal with demand spikes or supply issues. We make enough coins and banknotes just in case - not just in time,' says Mr Woolford. 'We will let everyone know when the KCIII coins are due to enter circulation as the time nears.' Banks, retailers, consumers and anyone using or handling cash will not need to do anything differently when we introduce the coins bearing the image of the King. We will work with the cash industry to make sure there are no glitches with cash handling machines like self-service checkouts, vending and change machines accepting and issuing the new and old coins.
Scoop
21-05-2025
- Business
- Scoop
Depositor Compensation Scheme Transitional Provisions Standard Published
The Reserve Bank of New Zealand - Te Pūtea Matua has published a Transitional Standard, outlining how deposit takers must collect and store customer information in the event of a deposit taker failure so that they can ensure timely payments. The Deposit Takers (Depositor Compensation Scheme Transitional Provisions) Standard 2025 comes into force on 1 July 2025 and sets out how deposit takers should gather alternate bank details from depositors in the event of a failure, so that Depositor Compensation Scheme (DCS) payments can be made as quickly as possible. Deposit takers that provide online software for their depositors to view or manage their accounts, such as internet or mobile applications, must have a pre-positioned DCS depositor page that can be easily accessed on these platforms in the event of a failure. This requirement comes into effect on 1 July 2025 for non-mobile based platforms, and on 31 December 2025 for mobile-based applications. The DCS depositor page will be used to collect customers' alternate bank account details so that DCS payments can be made into an active bank account at another deposit taker. Having a prepositioned DCS depositor page improves the user experience in the event of a failure as depositors will be able to verify their identity through their normal online process and enter their alternate account details. This should make the payment process faster and reduce risks associated with having to verify the identity of depositors on a separate platform. The Transitional Standard also sets out an alternate model for collecting customer data if deposit takers can collect the required information more efficiently using a different approach. Deposit takers have the option to submit a written proposal to the RBNZ that outlines their proposed alternate method for collecting depositor information securely from authorised individuals other than via a DCS depositor page. The RBNZ consulted on a draft of this Transitional Standard between 6 December 2024 and 7 February 2025 and received 10 submissions from a combination of deposit takers and industry bodies.
Scoop
14-05-2025
- Business
- Scoop
Examining Māori Access To Capital
Press Release – The Reserve Bank of New Zealand The Bulletin highlights barriers specific to Mori, including legislative constraints that make it challenging to use Mori land as loan collateral and low trust and awareness between Mori and banks. The Reserve Bank of New Zealand – Te Pūtea Matua has published a Bulletin article which discusses the barriers Māori face in accessing capital that may be associated with market failures or imperfections. The Bulletin highlights barriers specific to Māori, including legislative constraints that make it challenging to use Māori land as loan collateral and low trust and awareness between Māori and banks. Māori are also more likely to live in rural areas and face market failures common to rural credit markets. The market failures that tend to be associated with these financing gaps are all forms of information failure or asymmetry. Assistant Governor Simone Robbers says that Māori face persistent barriers to accessing capital, many of which stem from market failures or imperfections. 'These barriers contribute to ongoing financial exclusion which has broader economic consequences. It can weaken the financial system's ability to allocate capital efficiently and limit the potential of the New Zealand economy, especially given the growing significance of the Māori economy,' says Ms Robbers. Various initiatives have been introduced to address information gaps and improve access to capital for Māori. These include better data collection, cultural training, and financial literacy programmes. Steps have also been taken to facilitate lending on Māori land and develop tailored bank products, though uptake remains low. Although the Māori economy has grown significantly and business financing gaps between Māori and non-Māori appear to be narrowing, further efforts are needed to completely close the gap and unlock the full potential of the Māori economy. Improved data collection, innovations in the financial system, AML/CFT reforms, and further legislative changes have been identified as ways that could ease barriers and support development in a way that recognises and promotes the cultural and economic significance of Māori. 'Identifying where market failures exist is important for informing targeted and effective public policy interventions that support more inclusive and efficient financial outcomes,' says Chief Economist Paul Conway. This research builds on the Reserve Bank's 2022 'Improving Māori Access to Capital' Issues Paper. It continues our commitment to exploring and addressing structural challenges in the financial system in line with our Financial Policy Remit and 2024 Letter of Expectations.
