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The Minister of Finance is poised to gain new powers over bank lending, with economists warning the surprise move challenges the Reserve Bank’s independence.
[…] So far the Government has given little detail about how the powers would be used, other than that the Deposit Takers Bill will propose allowing the Minister of Finance to make regulations on bank lending standards.
The move caught the banking sector by surprise, with several economists warning it challenged the Reserve Bank’s independence and blurred its responsibilities for maintaining a sound financial system with the objectives of the Government of the day.
NZ Herald
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