who owns the reserve bank of new zealand
New Zealand Government
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institutions. Unlike the United States Federal Reserve, the Reserve Bank does not have elements of private ownership; according to its website, "The Reserve Bank of New Zealand has been wholly owned by the New Zealand Government since 1936. Although it has statutory independence to carry out its functions under the Reserve Bank of New Zealand Act 1989, the Reserve Bank is accountable to Parliament, and provides an annual dividend to the Government." The Reserve Bank's primary function, as defined by the Reserve Bank of New Zealand Act 1989 is to provide "stability in the general level of prices." The Reserve
Reserve Bank of New Zealand
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institutions. Unlike the United States Federal Reserve, the Reserve Bank does not have elements of private ownership; according to its website, "The Reserve Bank of New Zealand has been wholly owned by the New Zealand Government since 1936. Although it has statutory independence to carry out its functions under the Reserve Bank of New Zealand Act 1989, the Reserve Bank is accountable to Parliament, and provides an annual dividend to the Government." The Reserve Bank's primary function, as defined by the Reserve Bank of New Zealand Act 1989 is to provide "stability in the general level of prices." The Reserve
Reserve Bank of New Zealand
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Overseas Investment Commission The Overseas Investment Commission was a New Zealand government agency responsible for regulating foreign direct investment into New Zealand. The Commission was administratively part of the Reserve Bank of New Zealand (New Zealand's central bank). This link recognises a historical foreign exchange control role of the Commission. The Commission was responsible for high value investments (2005: NZD $50m+), investments in sensitive land and investments in fishing quota. The Commission was replaced by the Overseas Investment Office from 25 August 2005. The Office is part of Land Information New Zealand, the New Zealand Government Agency responsible for survey,
Overseas Investment Commission
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policy and financial-sector matters, the external sector and foreign investment. Deane later became the inaugural winner of the NZIER Qantas "Economist of the Year" Award. In 1984, with the election of the Fourth Labour government, Deane led those elements within the Reserve Bank calling for a devaluation of the New Zealand dollar. Speculation on international markets that the new New Zealand government would devalue the currency led to the Reserve Bank needing to defend the fixed currency in the markets, causing losses of hundreds of millions of dollars. The defeated Prime Minister, Muldoon, refused to devalue the currency; a constitutional
Roderick Deane
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land valuation, land titles and mapping. This link recognises that the majority of the Office's work relates to the control of sensitive land. Overseas Investment Commission The Overseas Investment Commission was a New Zealand government agency responsible for regulating foreign direct investment into New Zealand. The Commission was administratively part of the Reserve Bank of New Zealand (New Zealand's central bank). This link recognises a historical foreign exchange control role of the Commission. The Commission was responsible for high value investments (2005: NZD $50m+), investments in sensitive land and investments in fishing quota. The Commission was replaced by the Overseas
Overseas Investment Commission
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1990s in other business activities including: Richwhite personally chaired a steering committee which advised the New Zealand government on the sale of the state-owned Post Bank and was Deputy Chairman of the New Zealand Business Round Table from 1990 to 1997. In the late 1990s Fay Richwhite was sold to various partners. Throughout the 1990s Richwhite was consistently listed as one of New Zealand's wealthiest businessmen with an estimated personal wealth of NZD$660 million. He now co-owns Great Mercury Island with business partner Sir Michael Fay. In 1994, a Commission of Inquiry was undertaken in New Zealand to investigate claims
David Richwhite
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DFC New Zealand Limited DFC New Zealand Limited was a state-owned enterprise that existed from 1964 to 1991, to provide venture capital and financial advice to industry. The Development Finance Corporation was established in 1964 as a joint venture between the New Zealand Government, the Reserve Bank of New Zealand, and the major trading banks of the time. In 1973, the Kirk Labour government assumed full control. DFC operated two venture capital funds: the Applied Technology Programme and the Small Business Venture Capital Fund, which were both later merged into a single DFC Ventures fund. Under the State Owned Enterprises
DFC New Zealand Limited
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on insurance business in New Zealand. The Reserve Bank of New Zealand was established from 1 August 1934 by the Reserve Bank of New Zealand Act 1933. The Reserve Bank first issued banknotes in 1934, see New Zealand pound. The following have served as governors of the Reserve Bank: Reserve Bank of New Zealand The Reserve Bank of New Zealand (RBNZ, ) is the central bank of New Zealand. It was established in 1934 and is constituted under the Reserve Bank of New Zealand Act 1989. The Governor of the Reserve Bank is responsible for New Zealand's currency and operating
Reserve Bank of New Zealand
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Reserve Bank of New Zealand The Reserve Bank of New Zealand (RBNZ, ) is the central bank of New Zealand. It was established in 1934 and is constituted under the Reserve Bank of New Zealand Act 1989. The Governor of the Reserve Bank is responsible for New Zealand's currency and operating monetary policy. The Bank's current Governor is Adrian Orr. Employees of the bank operate under the framework of a managerial hierarchy. The Reserve Bank of New Zealand does not offer financial services to the public nor does it offer deposit insurance, and its website refers people to other financial
Reserve Bank of New Zealand
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tender. The Coins are sold for the Reserve Bank via New Zealand Post's business unit. The Reserve Bank also acts to supervise the New Zealand banking system to ensure that the system remains healthy, however it does not guarantee that a bank will not fail, or face problems. As of February 2016 there are 25 registered banks. All registered banks operating in New Zealand must issue a quarterly disclosure statement, and the Reserve Bank supervises these. The purpose of these disclosure statements is to: The summary comprises: More information, see list of registered banks at the RBNZ website. Under Part
Reserve Bank of New Zealand
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Banknotes of the New Zealand dollar This article concerns the banknotes of the New Zealand dollar Banknotes of the New Zealand dollar have all been issued by the Reserve Bank which also had two pre-dollar issues. Consequently, the first dollar issue is the third Issue of banknotes by the Reserve Bank. Prior to 10 July 1967, the New Zealand pound, using the £sd system, was the main currency of New Zealand. Since 1934, banknotes of the New Zealand pound were issued by the Reserve Bank of New Zealand, and came in denominations of 10s, £1, £5, £10, and £50. The
Banknotes of the New Zealand dollar
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5D of the Reserve Bank of New Zealand Act 1989 (the "Act"), the RBNZ is charged with the enforcement of the credit rating and prudential requirements applying to non-bank deposit takers (NBDTs) in New Zealand. These functions were introduced by the enactment of the Reserve Bank of New Zealand Amendment Act 2008. Further amendments to Act have been foreshadowed to complete the regulatory framework for the NBDT sector. Under section 12 of the Insurance (Prudential Supervision) Act 2010, the RBNZ is charged with the prudential supervision of the New Zealand insurance industry. This includes the licensing of persons to carry
Reserve Bank of New Zealand
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Sterling Exchange Suspension Notice that suspended provisions of a 1936 amendment of the 1933 Reserve Bank of New Zealand Act. In 1964, the Reserve Bank of New Zealand Act restated that only notes issued by the Reserve Bank were legal tender. The Act also ended the right of individuals to redeem their bank notes for coin, effectively ending the distinction between coin and notes in New Zealand. The Act came into force in 1967 establishing as legal tender all New Zealand dollar five dollars banknotes and greater, all decimal coins, the pre-decimal sixpence, the shilling, and the florin. Also passed
Legal tender
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influence short term demand in the New Zealand Economy and use this to control prices. Adjustments to the official cash rate are made eight times a year. It can make unscheduled adjustments but does not usually do so. Like all modern monetary systems, the monetary system in New Zealand is based on fiat and fractional-reserve banking. In a fractional-reserve banking system, the largest portion of money created is not created by the Reserve Bank itself, 80% or more is created by private sector commercial banks. The Bank by virtue of the Reserve Bank Act has the sole right of issuing
Reserve Bank of New Zealand
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the overall gain from migration was just 40,000. It was not until the 1930s that New Zealand established its own central bank titled The Reserve Bank of New Zealand, it was established in 1934 and was constituted under the Reserve Bank of New Zealand Act of 1989 with its primary purpose being to provide "stability in the general level of prices". Before then, all monetary policy was decided in the United Kingdom and New Zealand Pound, which was the currency until 1967, was issued by independent, private banks. One of the very first measures the new central bank took was
Economic history of New Zealand
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New Zealand legal tender notes and coins. The Reserve Bank controls the issuing of currency to banks and also replaces used and damaged money from circulation. In March 2005 the bank decided to remove the 5 cent coin from circulation (the following year), as well as reducing the size of 10, 20 and 50 cent coins. The Reserve Bank accepts all New Zealand currency for payment at face value. This applies to all demonetised or withdrawn currency, however such currency need not be accepted by money changers as it is no longer legal tender. All decimal notes are legal tender
Reserve Bank of New Zealand
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except $1 and $2 notes as these have been withdrawn. Damaged notes are still worth something so long as they are recognisable. The Reserve Bank website notes that as a rule of thumb if there is more than half a bank note they will pay its full value. To receive payment people have to turn in the note to either the Reserve Bank in Wellington or any bank. The Reserve Bank from time to time produces limited runs of legal tender coins for collectors and have a New Zealand theme and design. These coins do not circulate, but are legal
Reserve Bank of New Zealand
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has served as Vice Chancellor at the University of Canterbury. Rod Carr (administrator) Roderick Marshall Carr is a New Zealand businessman and administrator. He is currently Vice-Chancellor of the University of Canterbury and chairman of the board of the Reserve Bank of New Zealand, a director of Lyttelton Port Company, Taranaki Investment Management and Canterbury Employers’ Chamber of Commerce. Carr has been legally blind since at least school age. Carr has held executive positions at the Bank of New Zealand and the National Australia Bank and multiple roles at the Reserve Bank of New Zealand. Running Jade Software Corporation was
Rod Carr (administrator)
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Rod Carr (administrator) Roderick Marshall Carr is a New Zealand businessman and administrator. He is currently Vice-Chancellor of the University of Canterbury and chairman of the board of the Reserve Bank of New Zealand, a director of Lyttelton Port Company, Taranaki Investment Management and Canterbury Employers’ Chamber of Commerce. Carr has been legally blind since at least school age. Carr has held executive positions at the Bank of New Zealand and the National Australia Bank and multiple roles at the Reserve Bank of New Zealand. Running Jade Software Corporation was Carr's first exposure to the technology industry. Since 2009, Carr
Rod Carr (administrator)
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Issue was the only banknote issuing body. Public distrust of these notes soon led to their redemption with Union Bank notes. The discovery of gold in 1861 encouraged competing banks into New Zealand leading to a variety of note issue. By 1924, public demand for convenience in usage led to the six remaining issuing banks agreeing a "Uniform" standard size and colour for each denomination. When the Reserve Bank of New Zealand was established on 1 August 1934 by the Reserve Bank of New Zealand Act 1933, it became the sole issuer of notes. This government agency introduced notes for
New Zealand pound
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banks authorised to issue bank notes must redeem them on demand for gold (the gold standard). In 1933, the Coinage Act created a specific New Zealand coinage and removed legal tender status from British coins. In the same year the Reserve Bank of New Zealand was established. The bank was given a monopoly on the issue of legal tender. The Reserve Bank also provided a mechanism through which the other issuers of legal tender could phase out their bank notes. These banknotes were convertible into British legal tender on demand at the Reserve Bank and remained so until the 1938
Legal tender
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1984 New Zealand constitutional crisis The New Zealand constitutional crisis of 1984 was an important constitutional and political event in the history of New Zealand. The crisis arose following the 1984 general election, and was caused by a major currency crisis. The crisis led the incoming government to review New Zealand's constitutional structures, which resulted in the Constitution Act 1986. Prior to 1985 the New Zealand dollar was controlled centrally by the Reserve Bank of New Zealand at an exchange rate fixed to the United States dollar. In early 1984 the Deputy Governor of the Reserve Bank, Roderick Deane, became
1984 New Zealand constitutional crisis
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note, of which there are four. For instance, if a $5 note is ripped in half vertically, two "5" symbols will still be visible on each half, and the amount exchanged will be $2.50 for each half. To receive payment people can return in the note to any commercial bank or the Reserve Bank in Wellington. Banknotes of the New Zealand dollar This article concerns the banknotes of the New Zealand dollar Banknotes of the New Zealand dollar have all been issued by the Reserve Bank which also had two pre-dollar issues. Consequently, the first dollar issue is the third
Banknotes of the New Zealand dollar
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particularly for longer terms – are also affected by the interest rates prevailing offshore since New Zealand financial institutions are net borrowers in overseas financial markets. Movements in overseas rates can lead to changes in interest rates even if the OCR has not changed. Official cash rate The official cash rate (OCR) is the term used in Australia and New Zealand for the bank rate and is the rate of interest which the homogeneous central bank charges on overnight loans to commercial banks. This allows the Reserve Bank of Australia and the Reserve Bank of New Zealand to adjust the
Official cash rate
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New Zealand ten-dollar note The New Zealand ten-dollar note is a polymer banknote. It was issued in 1999 from the Reserve Bank of New Zealand. Two commemorative banknotes have also been issued. One of the notes was to celebrate New Zealand's Treaty of Waitangi and was released in 1990. Another polymer banknote was issued in 1999 to celebrate the new millennium. A ten-dollar note was issued by the Reserve Bank of New Zealand to celebrate New Zealand's Treaty of Waitangi in 1990. The front of the bill has a portrait of Kate Sheppard. To the right of the portrait is
New Zealand ten-dollar note
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New Zealand one hundred-dollar note The New Zealand one-hundred-dollar note was issued on May 3, 1999. The Reserve Bank of New Zealand issued the note because it will last four times longer than its counterpart, the paper banknote. The "Bank" also said the notes are non-porous, meaning they don't absorb liquids and are therefore much cleaner. The notes have much better features than the paper notes which also deters counterfeiters. On the front is The Lord Rutherford of Nelson, who is "The Father of the Atom". Current understanding of the atom is based on Lord Rutherford's discoveries. To the left
New Zealand one hundred-dollar note
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be owed to the fact that its establishment occurred when the Kingdoms of England, Scotland and Ireland were separate entities (at least in name), and therefore pre-dates the merger of the Kingdoms of England and Scotland, the Kingdom of Ireland's absorption into the Union and the formation of the present day United Kingdom), Bank of Canada, Bank of Mexico, Bank of Thailand. The word "Reserve" is also often included, such as the Reserve Bank of India, Reserve Bank of Australia, Reserve Bank of New Zealand, the South African Reserve Bank, and Federal Reserve System. Other central banks are known as
Central bank
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Official cash rate The official cash rate (OCR) is the term used in Australia and New Zealand for the bank rate and is the rate of interest which the homogeneous central bank charges on overnight loans to commercial banks. This allows the Reserve Bank of Australia and the Reserve Bank of New Zealand to adjust the interest rates that apply in each country's economy. The OCR cannot be changed by transactions between financial institutions as this does not change the supply of money, only its location. Only transfers between the central bank and an institution can affect the OCR. As
Official cash rate
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Roderick Deane Sir Roderick Sheldon Deane (born 8 April 1941) is a New Zealand economist, public sector reformer, and businessman. He has served as deputy governor of the Reserve Bank of New Zealand, and as CEO and chairman of the country's largest telecommunications company, Telecom New Zealand. Born in Auckland, Deane grew up in Opunake and went to New Plymouth Boys' High School. He completed a Bachelor of Commerce degree with first-class honours in economics and a doctorate in economics at Victoria University of Wellington in 1968. During his doctoral research, Deane began corresponding with future Reserve Bank Governor Don
Roderick Deane
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order to create the needed supply of dairy farming. The Reserve Bank of New Zealand was established as New Zealand's central bank on 1 August 1934. Up until that time New Zealand's monetary policy had been set in the United Kingdom, and the New Zealand Pound was issued by private banks. A separate central bank gave New Zealand's government control of monetary policy for the first time, although New Zealand remained part of the Sterling area by pegging its pound to the British Pound until the introduction of the New Zealand Dollar in 1967, when the dollar was instead pegged
Economy of New Zealand
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same British-derived sizes, which led to coins from other currencies, particularly older coins, being accepted by vending machines and many retailers. On 23 March 2015, the Reserve Bank of New Zealand issued its first commemorative circulating coin to mark the centenary of the Gallipoli landings. The coin was also New Zealand's first colour circulating coin. 1 million coins, with a denomination of 50c, were minted. On 1 October 2018 the Reserve Bank of New Zealand issued its second commemorative circulating coin to mark the centenary of Armistice day. The coin was also New Zealand's second colour circulating coin. 2 million
New Zealand dollar
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(R Act 1934 sec.49 ) The Reserve Bank of India also provides short term loans to its clients (keeping collateral) at what is called the repo rate. This rate is revised periodically. However, there is no predetermined schedule. The repo rates are changed reactively depending on the economy. As in other countries, repo rates affect the money flow into the nation's economy and affect the inflation and commercial banks' lending or interest rate. The Indian bank rate is 6.75%, which is same as the rate for Marginal Standing Facility. In New Zealand, the Reserve Bank of New Zealand sets the
Bank rate
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to the Reserve Bank of New Zealand when it was formed in 1934. He had risen to deputy Governor of the Reserve Bank when he was invited by a visitor to New Zealand, John Gibson Jarvie, to join his banking group in London, United Dominions Trust Limited where Ross rose to be appointed chairman in 1963. Ross was also a director, and later, chairman from 1970 to 1975 of Australia and New Zealand Banking Group then headquartered in London. Other posts included deputy chairman of Eagle Star Insurance and director of Whitbread Investment Trust. Sir Alexander Ross, eldest son of
Alex Ross (rower)
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until 1997 he was a staff economist at the International Monetary Fund in Washington DC. In February 2005, he was a recipient of a Leadership Development Centre Fellowship award. On 12 February 2013 Bascand announced his resignation at Statistics New Zealand, finishing there on May 24, 2013. He has accepted a position at the Reserve Bank as Deputy Governor and Head of Operations. Geoff Bascand Geoff Bascand is the Deputy Governor and Head of Operations at the Reserve Bank of New Zealand. He was Government Statistician and the Chief Executive of Statistics New Zealand until May 2013. Bascand is a
Geoff Bascand
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when the large U.S. investment banks such as Bear Stearns failed. The mint does not produce bank notes or coins of the New Zealand dollar - those coins are minted primarily at the Royal Mint and Royal Canadian Mint for the Reserve Bank of New Zealand. New Zealand Mint New Zealand Mint () is a privately owned company in Auckland, New Zealand. It is the only privately owned mint in New Zealand, purchasing refined gold from international sources to produce coins. The company trades in precious metals including gold bullion, and is a physical storage provider. Using the tag-line "Minters
New Zealand Mint
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notes to the numismatic trade was Leon Morel, Fellow of the Royal Numismatic Society of New Zealand of Melbourne, Victoria. The corporation later shifted their base of operations to Waitangi. The face value of the notes was pegged at the same rate as the New Zealand dollar, They are unusual in that the ist series included $3 and $15 dollar notes, while the second series includes an $8 note. The Reserve Bank of New Zealand clarified that these notes are not legal tender. The Reserve Bank Deputy Governor Murray Sherwin mentioned that " Whilst these Chatham Island dollars are a
History of Chatham Islands numismatics
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1991, they have also been subject to supervision by the Federal Reserve Board. Holding companies For purposes of the Banking Law, a bank holding company is an entity (or natural person) that owns 10% or more of the voting stock, or otherwise controls, two or more New York banks or trust companies or national banks whose principal offices are located in New York State. Regulation of bank holding companies under Article III-A of the Banking Law is designed to prevent undue concentration of bank ownership. Consequently, unlike the Federal Reserve Board, which regulates all holding companies, even if they control
New York State Banking Department
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Finance company collapses, 2006–2012 (New Zealand) Between May 2006 and the end of 2012 there were sixty-seven finance company collapses in New Zealand; including companies entering into liquidation, receivership or moratoria. An inquiry by the New Zealand Parliament estimated losses at over $3 billion that affected between 150,000 and 200,000 depositors. The most high-profile collapses were South Canterbury Finance, Hanover Finance and Bridgecorp Holdings. The collapse radically reduced the size and importance of the non-bank finance sector in New Zealand. According to the Reserve Bank, at the height of financial expansion prior to the 2007 crisis, non-bank lenders had assets
Finance company collapses, 2006–2012 (New Zealand)
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instrumentalities whose profits belong to the federal government, but this interest is not proprietary. Each member bank (commercial banks in the Federal Reserve district) owns a nonnegotiable share of stock in its regional Federal Reserve Bank. However, holding Federal Reserve Bank stock is unlike owning stock in a publicly traded company. The charter of each Federal Reserve Bank is established by law and cannot be altered by the member banks. Federal Reserve Bank stock cannot be sold or traded, and member banks do not control the Federal Reserve Bank as a result of owning this stock. They do, however, elect
Structure of the Federal Reserve System
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Peter Nicholl Peter Nicholl, QSO (born 1944) is a New Zealand economist. He was born in Hamilton, New Zealand and was educated at Victoria University of Wellington where he completed a BCA. He joined the Reserve Bank of New Zealand where he worked for 22 years. He was chief economist for five years and deputy governor and deputy chief executive from 1990-1995. In 1995 he became an executive director on the World Bank board representing New Zealand, Australia, Korea, Cambodia, Mongolia and seven Pacific island nations Nicholl is currently a member of the governing board at the Central Bank of
Peter Nicholl
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for the inflation outcome. It was the Reserve Bank Act 1989 which established this contractual relationship (based on price stability targets) between the Bank and the Government, rather than giving direct control to Ministers of Finance. Changes took place in the currency used in New Zealand during Brash's tenure, notably the introduction of polymer banknotes, and the replacement of Queen Elizabeth's face on most of the banknotes. , many banknotes in circulation still carry the signature of Brash from his term as governor. There is a range of opinion on Brash's performance as Reserve Bank governor. The New Zealand Association
Don Brash
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joined the Reserve Bank in 1938. He became assistant economist in 1949, economic adviser in 1951, assistant governor in 1960, and deputy governor (under Gilbert Wilson) in 1962. Low was Governor of the Reserve Bank from 21 July 1967 to 11 February 1977. Low was a member of various New Zealand delegations to international conferences, including Havana (Cuba, 1947/48), Annecy (France, 1949), London (Great Britain, 1951), and Sydney (Australia, 1954). He published various articles in economic journals. He was a director of the National Bank of New Zealand. In the 1977 Silver Jubilee and Birthday Honours, Low was appointed a
Alan Low
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10s, £1, £5 and £50. In 1940, £10 notes were added. Only two series of £1 notes were printed. The first (1934–40) featured the portrait of Matutaera Te Pukepuke Te Paue Te Karato Te-a-Pōtatau Tāwhiao, the second (1940–67) featured Captain James Cook. Notes in circulation when the dollar was introduced were: Coins and uncancelled notes issued by the six private trading banks operating in 1934 as well as the Reserve Bank of New Zealand are still redeemable at the RBNZ offices in Wellington. The RBNZ has an obligation to redeem private bank notes. Under the 1933 Reserve Bank Act the
New Zealand pound
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de Mexico, the Reserve Bank of New Zealand, Norges Bank, the Monetary Authority of Singapore, Sveriges Riksbank, and the Swiss National Bank. The FOMC authorized these liquidity swap lines through October 30, 2009. By November 2011, swap agreements were extended until February 2013, at lower interest rates. These swaps involve two transactions. When a foreign central bank draws on its swap line with the Federal Reserve, the foreign central bank sells a specified amount of its currency to the Federal Reserve in exchange for dollars at the prevailing market exchange rate. The Federal Reserve holds the foreign currency in an
Central bank liquidity swap
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banks, political science professor Michael D. Reagan has written that: A member bank is a private institution and owns stock in its regional Federal Reserve Bank. All nationally chartered banks hold stock in one of the Federal Reserve Banks. State chartered banks may choose to be members (and hold stock in their regional Federal Reserve bank) upon meeting certain standards. The amount of stock a member bank must own is equal to 3% of its combined capital and surplus. However, holding stock in a Federal Reserve bank is not like owning stock in a publicly traded company. These stocks cannot
Federal Reserve
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issued on May 3, 1999. The Reserve Bank of New Zealand issued the updated note because it is expected to last four times longer than its counterpart, the paper banknote. The bank has also noted that the notes are non-porous (they do not absorb liquids) and are therefore much cleaner. The notes have much better features than the paper notes, which also deters counterfeiters. Ngata, a member of New Zealand's Parliament for 38 years, who had an important role in Māori Renaissance, is now on the front. To the left of the portrait is Porourangi Meeting House, at Waiomatatini Marae
New Zealand fifty-dollar note
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coverage and enough assets and resources to get a full banking licence. On 12 December 2012, the Reserve Bank of New Zealand announced that Heartland Building Society has been registered as a bank and the organisation changed its name to Heartland Bank. In May 2013 ratings agency, Standard & Poor's placed Heartland Bank, together with seven other small New Zealand financial institutions on a credit rating downgrade watch, citing potential risks from overexposure to New Zealand's highly inflated housing market. In October 2014, Heartland's rating was raised to BBB (outlook stable) in October 2014. In October 2015, Fitch, another credit
Heartland Bank
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on the Swiss sovereign-money initiative for details). The main arguments for keeping the current system of money creation based on credit or fractional reserve banking are listed below: Many of the arguments for and against monetary reform have been met with counter-arguments. An evaluation of the validity of the arguments and counter-arguments is outside the scope of the present Wikipedia article. To regulate credit creation, some countries have created a currency board, or granted independence to their central bank. The Reserve Bank of New Zealand, the Reserve Bank of Australia, the Federal Reserve, and the Bank of England are examples
Monetary reform
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Monetary Policy Committee Unit. Her innovative ideas and publications on monetary policy practices and strategies, were launched at prestigious international conferences of the National Bureau of Economic Research, the Federal Reserve and the European Central Bank, she acted as consultant for the Reserve Bank of New Zealand, the South African Reserve Bank, the Bank of Canada and the Czech National Bank, among others, for which she became External Member of the Research Committee in 2001 –a position she held for four consecutive terms until 2011. In 2002 she was invited as Visiting Researcher by the Directorate Research of the European
Nicoletta Batini
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the sole control of the Reserve Bank Governor. From then on the Reserve Bank focused on keeping inflation low and stable, using the Official Cash Rate (OCR) – the price of borrowing money in New Zealand – as its primary means to do so. As a result, inflation rates fell to an average of 2.5% in the 1990s, compared to 12% in the 1970s. However, the tightening of monetary policy contributed to rising unemployment in the early 1990s. The Labour Party was greatly divided over Rogernomics, especially following the 1987 sharemarket crash and its effect on the economy, which slumped
Economy of New Zealand
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interest usually at the official cash rate. Banks that offer loans at interest higher than the official cash rate will be undercut by Banks that offer cheaper loans, and banks that loan out lower than the official cash rate will make less compared to other banks which can simply deposit their money in the Reserve Bank with a higher rate of return. The Reserve Bank borrows and offers loans with no limit on volumes in order to ensure that the interest rate in the market remains at the Official Cash rate level. Through controlling this, the Reserve Bank can then
Reserve Bank of New Zealand
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the Sethia fraud and default and the Reserve Bank of India required it to transfer its branches. In 2007 BoI acquired 76% of Indonesia-based PT Bank Swadesi. BoI established a wholly owned subsidiary, Bank of India (New Zealand) Ltd., in Auckland, New Zealand on 6 October 2011. Then BoI established a wholly owned subsidiary, Bank of India (Uganda) Ltd., on 18 June 2012. Most recently, BoI opened its wholly owned subsidiary Bank of India (Botswana) Ltd., on 9 August 2013. The board of Bank of India is examining the possibility of merger with other banks, based on the synergy in
Bank of India
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Reserve Bank of New Zealand. In 1936 Nash departed for England to conduct trade negotiations. He also visited Berlin and Moscow. Nash resisted the immigration of Jewish refugees to New Zealand, citing a concern that "anti-Semitism, never far from the surface, was very apt to emerge in the case of the talented race whose members can often beat us at our own game, especially the game of money making." After returning to New Zealand he became involved in disputes within the Labour Party about economic policy. In particular he was heavily criticised by supporters of the social credit movement who
Walter Nash
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FASTER (NZX) FASTER settlement is a New Zealand-based financial settlement system operated by the New Zealand Exchange (NZX). It is based on the principles of delivery versus payment with simultaneous irrevocable transfer of securities and cash. FASTER is not a full central securities depository (CSD), because it does not record the holdings of all the shareholders. Only holdings belonging to participants are recorded in FASTER, holdings related to individual shareholders who are not participants are delegated to a number of registries. The alternative settlement system in New Zealand is NZClear (previously known as Austraclear) system operated by the Reserve Bank
FASTER (NZX)
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the right. When held up to the light the window will show a "100" in its center, and images of ferns printed on each side will line up perfectly. When the note is put under ultraviolet light a yellow patch should appear with the number "100" through the use of fluorescent dyes. New Zealand one hundred-dollar note The New Zealand one-hundred-dollar note was issued on May 3, 1999. The Reserve Bank of New Zealand issued the note because it will last four times longer than its counterpart, the paper banknote. The "Bank" also said the notes are non-porous, meaning they
New Zealand one hundred-dollar note
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seeks to establish joint ventures or subsidiaries. The bank has received Reserve Bank of India approval to open offices in the Maldives, and New Zealand. It is seeking approval for operations in Bahrain, South Africa, Kuwait, Mozambique, and Qatar, and is establishing offices in Canada, New Zealand, Sri Lanka, Bahrain, Saudi Arabia, and Russia. It also has plans to extend its existing operations in the United Kingdom, the United Arab Emirates, and Botswana. The tagline of Bank of Baroda is "India's International Bank". IndiaFirst Life Insurance Company is a joint venture between Bank of Baroda (44%) and fellow Indian state-owned
Bank of Baroda
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rapidly, often with little due diligence carried out. The 1987 sharemarket crash hit New Zealand especially hard, with the NZSE dropping around 60% from its peak. Many investors who lost heavily in the 1987 crash never returned to the sharemarket, instead opting for the safer option of property investment. During the same period, immigration rules were relaxed and changed to skills-based criteria, leading to the largest increases in immigration to New Zealand in years. In 1989, the Reserve Bank Act was passed with an emphasis on keeping a lid on inflation and interest rates, which in turn reduced the costs
New Zealand property bubble
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football sides played the New Zealand All Whites at North Ipswich Reserve in 1922, and the Chinese national football team in 1923 North Ipswich Reserve North Ipswich Reserve presently known as Qld Group Stadium and formally Bendigo Bank Oval due to naming rights. It is based in Ipswich, Queensland and is home to the Ipswich Jets, who play in the Queensland Wizard Cup. On occasion the venue plays host to National Rugby League trial matches, most recently when the Sydney Roosters played the Jets. In 2010 Brisbane Roar played an Ipswich invitation side made up of players from Ipswich Knights,
North Ipswich Reserve
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Bank of Australia issues its dealing intentions at the start of each day, and banks and other financial institutions will act prior to the actual rate being achieved. The rate is set by the central banks regularly, usually every month in Australia and every six weeks in New Zealand and forms one of the main tools to manage monetary policy. In New Zealand, the official cash rate (OCR) is set by the Reserve Bank of New Zealand to meet the inflation target specified in the Policy Targets Agreement. The current agreement, signed in December 2008, defines price stability as annual
Official cash rate
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measure of the money supply. The European Central Bank's definition of euro area monetary aggregates: The Reserve Bank of Australia defines the monetary aggregates as: The Reserve Bank of New Zealand defines the monetary aggregates as: The Reserve Bank of India defines the monetary aggregates as: In 1967, when sterling was devalued, the dollar's peg to the pound was increased from 1 shilling 3 pence to 1 shilling 4½ pence (14.5455 dollars = 1 pound) although this did not entirely offset the devaluation. In 1972 the Hong Kong dollar was pegged to the U.S. dollar at a rate of 5.65
Money supply
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International Industrial Bank International Industrial Bank (in Russian: Международный Промышленный Банк, often abbreviated as Mezhprombank, Межпромбанк, or MPB, МПБ) is one of the largest Russian banks founded in 1992 by Sergey Pugachyov and Sergey Veremeyenko. On July 6, 2010, IIB failed to pay €200 million in maturing eurobonds. The bank is in discussions with bondholders, the Central Bank of Russia, and depositors to stabilize its deteriorating liquidity position. On 30 November 2010, a Moscow court declared the bankruptcy and the insolvency of this bank. In 2006, the bank uncovered that OPK Trust Company based in New Zealand owns 100 percent
International Industrial Bank
2240564
director at the New Zealand Kiwifruit Authority, which oversaw the export of kiwifruit (he grows kiwifruit as a hobby). In 1986 he became general manager of Trust Bank, a newly established banking group. In 1988 Brash became governor of the Reserve Bank of New Zealand, a position which he held for the next 14 years. Brash consistently met Government-set targets to keep inflation within 3% during his time as governor, and during his tenure interest-rates dropped from double-digit to single-digit percentages. Aside from monetary policy, Brash presided over significant changes in banking supervision, with the New Zealand approach emphasising public
Don Brash
10552850
real estate agents, United Realty, which is now part of the Ray White Group. On 29 June 1990 United Building Society of New Zealand transformed itself into a limited liability company and was renamed United Banking Group Limited. The new company was registered as a bank with the Reserve Bank of New Zealand and was purchased by the State Bank of South Australia in 1990, for NZ$150 million. The Auditor-General of South Australia stated that the price represented the total amount of capital in United Banking Group. At the time the Building Society was engaged in mortgage and commercial lending,
United Building Society
20898483
business districts of each of the state capital cities, as well as in Canberra and Darwin during the 1960s and 1970s. A number of purpose designed office buildings were erected to designs by the Commonwealth Department of Works Banks and Special Projects Branch as part of the initial establishment of the Reserve Bank of Australia. The buildings in Darwin and Brisbane have been sold. The Reserve Bank still owns the buildings in Perth and Hobart (sold 2001), Adelaide, Canberra, and Melbourne. The buildings constructed throughout Australia by the Bank during the 1960s reflected a confidence in things Australian and in
Reserve Bank of Australia building, Sydney
9569321
incoming government. On the morning of Sunday 15 July, Reserve Bank officials (Reserve Bank Governor Spencer Russell, deputy Roderick Deane, and Treasury Secretary Bernie Galvin) met with the head of the Prime Minister's Department Gerald Hensley, and agreed that the currency market could not open on Monday unless there was a devaluation. Contacted by Hensley, Muldoon refused to meet that afternoon but told him that they could close the market on Monday if they liked, and agreed to meet them at 8:30 am on Monday 16 July. Russell closed the market on Sunday evening. The Reserve Bank officials also wrote
1984 New Zealand constitutional crisis
13640306
systems. Section 28 of the "Reserve Bank of New Zealand Act 1989" makes it an offence to wilfully deface, disfigure, or mutilate any bank note in New Zealand. The penalty is a fine of up to NZD 1000.00. Intentionally damaging coins or notes, and rendering them unusable, is fined up to 5 times the nominal value of such coins or notes. In Turkey, defacement or destruction of banknotes can be punished with fines or with prison sentences. The Currency and Bank Notes Act 1928 is an Act of the Parliament of the United Kingdom relating to banknotes. Among other things,
Money burning
11955702
MONIAC computer that is currently on loan to the Reserve Bank of New Zealand museum. New Zealand Institute of Economic Research The New Zealand Institute of Economic Research (NZIER) is the largest independent think tank in New Zealand. It is non-profit incorporated society and was established in 1958. It seeks to take a centrist, politically neutral position. It has a staff of more than 30 people and is probably the largest economic research unit in New Zealand outside of government. Most of its work is commercial microeconomic consultancy for businesses. It also does public good work. Past directors include Alan
New Zealand Institute of Economic Research
10041276
steel to make them lighter. The reasons given were: After a three-month public submission period that ended on 4 February 2005, the Reserve Bank announced on 31 March it would go ahead with the proposed changes. The changeover period started on 31 July 2006, with the old coins usable up until 31 October 2006. The older 50, 20, 10 and 5c pieces are no longer legal tender, but are still redeemable at the Reserve Bank. In August 2005, the Royal Canadian Mint, which has minted Canadian coins in plated steel in the past, was selected by the Reserve Bank to
Coins of the New Zealand dollar
20167325
(OECD), Bank of Canada, the Reserve Bank of Australia, the Reserve Bank of New Zealand, and the International Project Link, the latter led by Nobel Laureate, Lawrence Klein. (For a history of how central banks, and especially the Bank of Canada, developed macro econometric models in the 1960s and 1970s, see the Bank of Canada Review publication "From Flapper to Bluestocking: What Happened to the Young Woman of Wellington Street?"). During his tenure at Harvard from 1991–1996 as a Mackenzie King Chair of Canadian Studies between 1991–1994, and Fulbright Fellow and Chair of the Canada Seminar 1995–1996, he conducted research
John F. Helliwell
10367346
Geoff Bascand Geoff Bascand is the Deputy Governor and Head of Operations at the Reserve Bank of New Zealand. He was Government Statistician and the Chief Executive of Statistics New Zealand until May 2013. Bascand is a graduate of the University of Otago and the Australian National University with a BA (Honours) degree in Geography and a master's degree in Economics. Bascand has worked for the New Zealand Treasury, the International Monetary Fund in Washington, and the New Zealand Department of Labour. He was appointed one of three Deputy Government Statisticians for Statistics New Zealand in July 2004 and was
Geoff Bascand
15129383
New Zealand bank account number New Zealand bank account numbers in NZD follow a standardised format of 16 digits: While the New Zealand format is similar to Australia's Bank State Branch, the two systems are not interchangeable. New Zealand bank account numbers in foreign currencies vary by bank. The origins of the format lay in the establishment of the Databank Systems Limited, a company set up by a consortium of competing New Zealand banks, to provide computing resources (development and operational) for the consortium members. Bank codes are coordinated by Payments NZ who administer the Bulk Electronic Clearing System (BECS).
New Zealand bank account number
20950955
entry into society after the Europeans arrived. The first one, The Union Bank of Australia, made its first appearance in Britannia in 1840. It did not take long for others to follow suit and soon there were a large number of banks, state and foreign-owned, that emerged. At first, there was no central authority to regulate or administer the currency and so all banks operated independently and issued their own currency. Today, banks must be registered with the Reserve Bank of New Zealand, which the nation's central bank and issues all the currency. In 1851 the government opened the Colonial
Economic history of New Zealand
20190680
as "too big to fail", and supports a deposit insurance scheme in the event of a banking collapse caused by a property crash. The Reserve Bank of New Zealand has estimated that the total value of housing loans has increased from just under $60 billion in 1999 to over $220 billion in 2016. New Zealand property bubble The New Zealand property bubble is an ongoing issue in New Zealand, where house prices have risen considerably faster than incomes. Since the 1980s, various factors including deregulation, immigration and politics have contributed to these rising house prices, with considerable debate over how
New Zealand property bubble
16008723
percent above its target, and income was growing at nearly five percent. The Federal Open Market Committee of the US Federal reserve discussed the possibility of a nominal income target on September 21, 2010. The Reserve Bank of New Zealand, the pioneer of inflation targeting, responded directly to a Scott Sumner report on Income targeting, stating "The Reserve Bank said that nominal GDP targeting was a complex, technical approach to monetary policy. GDP was subject to large revisions, making policy difficult to communicate." Jeffrey Frankel's reasons for a developing country to target its NGDP were: Countries that target NGDP, Frankel
Nominal income target
5343013
His older brother Jim Fletcher was murdered at his holiday home in the Bay of Plenty in 1993. Fletcher played a major role in developing New Zealand industry as chief executive of Fletcher Challenge following in the footsteps of his father and grandfather Sir James Fletcher. Fletcher was a New Zealand Representative on the Trilateral Commission. In 2002, he was appointed to the board of the Reserve Bank of New Zealand. He was subsequently reappointed in 2007. He is also Chair of the board of directors of IAG New Zealand and a board director of Fletcher Building and Vector Limited.
Hugh Fletcher
20950969
as Rogernomics, named after the Minister of Finance, Roger Douglas, who carried them out. There were a large number of changes to the economy and how it was run during Douglas' time as Minister of Finance, some of the changes included making the Reserve Bank independent of political decisions, subsidy-free agriculture, loosening import regulations, removing controls on interest rates, and more. These changes continued to be implemented under two different governments, helping to solve a wide range of economic restructuring and governmental problems, as well as generating a substantial amount of social change. New Zealand relied heavily on privatization to
Economic history of New Zealand
12634062
In 1769 Captain James Cook, the first European to have set foot on New Zealand soil, also landed here. The Cook Landing Site is protected as a national reserve. The name "kaiti" comes from Māori words meaning "to eat the edible parts of cabbage trees". Kaiti, New Zealand Kaiti is a suburb of the New Zealand city of Gisborne. It is located immediately to the east of the city centre, on the opposing bank of the Waimata River. Kaiti Hill or Titirangi overlooks Poverty Bay with Young Nick's Head (Te Kuri O Paoa) across the Bay. Titirangi also overlooks the
Kaiti, New Zealand
18473717
Museum of New Zealand Te Papa Tongarewa, The Dowse Art Museum, and the Christchurch Art Gallery Te Puna o Waiwhetu. He created a large scale ceramic wall mural for the 1970 World Expo in Osaka, and a mural for the foyer of the Reserve Bank of New Zealand in Wellington. Another mural, "Modern Madonna", was commissioned for the Wellington Cathedral of Saint Paul. Roy Cowan James Robson "Roy" Cowan (5 January 1918 – 17 July 2006) was a New Zealand potter, illustrator, and printmaker. His wife Juliet Peter was also a New Zealand potter, printmaker, and sculptor. Roy Cowan, the
Roy Cowan
17346515
Graeme Wheeler Graeme Paul Wheeler (born 30 October 1951) was the Governor of the Reserve Bank of New Zealand from 2012 to Sept 2017. He succeeded Alan Bollard in this role on 26 September 2012 and was succeeded by Grant Spencer. Educated at the University of Auckland, Wheeler began working at the New Zealand Treasury in 1973 as an adviser. From 1984 to 1990 he was economic and financial councillor for the New Zealand delegation to the Organisation for Economic Co-operation and Development, eventually becoming director of macroeconomic policy at the New Zealand Treasury in 1990. In 1997, he went
Graeme Wheeler
16066654
a red circle with a bird with the year "1990" underneath the circle. The back shows the treaty being signed by a group of people. To the right of the treaty being signed reads "New Zealand 1990 commemorating the signing of the Treaty of Waitangi 1840". The bill is made of cotton and the most prominent color is purple. The value is around $20(USD) to a collector. The Reserve Bank of New Zealand issued a note in 1999 to celebrate the new millennium in New Zealand. The ten-dollar bill is a polymer banknote, which is more secure than the cotton
New Zealand ten-dollar note
14044636
work to have the country become a republic. Sir Jerry Mateparae, the Governor-General of New Zealand, unveiled New Zealand's Diamond Jubilee emblem on 27 November 2011 and announced at that time that a full programme would be forthcoming. New Zealand Post and the Reserve Bank of New Zealand stated in January 2012 the release a silver proof dollar coin to celebrate the Queen's Diamond Jubilee and, the following month, the Ministry for Culture and Heritage added Crown-related entries to and an essay on the jubilee to NZ.History.net.nz. The New Zealand post also issued sets of Diamond Jubilee stamps showing images
Diamond Jubilee of Elizabeth II
12392298
trust with the media, the Reserve Bank has elected to discontinue the media lockup prior to future releases of the OCR. MediaWorks New Zealand MediaWorks New Zealand is a New Zealand-based television, radio and interactive media company entirely owned by Oaktree Capital Management. It operates playout services from Auckland and Wellington studios via Kordia's microwave network for Newshub, Three, and Bravo, ten national radio brands, eighteen websites and three locally operated radio stations. In 2004, CanWest Global Communications combined television company "TV3 Network Services" and radio company "RadioWorks" to form the new MediaWorks company. On 29 July 2004, 30% of
MediaWorks New Zealand
4430170
were corporatised under the Trustee Banks Restructuring Act 1988 and ownership of each bank was vested in a regional community trust. At this stage Taranaki Savings Bank (who became TSB Bank Ltd) and Trustbank Westland (who renamed itself "Westland Bank") also left the group. The remaining 9 banks merged into one bank (Trust Bank New Zealand) although they continued to trade under their regional names. The community trusts remained as individual shareholders in the new organisation, with shares distributed as a percentage of shareholder funds. Finally, in 1996 the community trusts sold Trust Bank New Zealand to Westpac Banking Corporation
Trust Bank (New Zealand)
1404658
currency trading, and is among the 10 most-traded currencies. On 11 June 2007 the Reserve Bank sold an unknown worth of New Zealand dollars for nine billion USD in an attempt to drive down its value. This is the first intervention in the markets by the Bank since the float in 1985. Two suspected interventions followed, but they were not as successful as the first: the first appeared to be initially effective, with the dollar dropping to approximately US$0.7490 from near US$0.7620. However, within little more than a month it had risen to new post-float highs, reaching US$0.8103 on 23
New Zealand dollar
4294442
been built at the rear of the building. The Beehive has, since 1992, featured as part of the design of the New Zealand twenty-dollar note. A survey commissioned by the Reserve Bank of New Zealand found that the Beehive is "a New Zealand icon and as such is readily recognisable". The top floor is occupied by the Cabinet room, with the Prime Minister's offices on the ninth floor (and part of the eighth). Other floors contain the offices of cabinet ministers. Other facilities within the building include function rooms and a banqueting hall on the first floor of the Beehive,
Beehive (New Zealand)
14553995
front of Parliament House and a light show depicting the history of Wellington projected onto the front of the building. The main act was musician Dave Dobbyn, supported by Wellington's Orpheus Choir. The crowd was addressed by the Speaker of the House, David Carter, and the Mayor of Wellington, Celia Wade-Brown. Several national organisations, including the New Zealand Symphony Orchestra, the Royal New Zealand Ballet, and the New Zealand Opera, offered free performances for the anniversary. Over 30 national institutions opened their collections to the public; this included the Supreme Court, the Reserve Bank, the Katherine Mansfield Birthplace, and the
Capital of New Zealand
17346517
match for Wellington in the 1981-82 season. Graeme Wheeler Graeme Paul Wheeler (born 30 October 1951) was the Governor of the Reserve Bank of New Zealand from 2012 to Sept 2017. He succeeded Alan Bollard in this role on 26 September 2012 and was succeeded by Grant Spencer. Educated at the University of Auckland, Wheeler began working at the New Zealand Treasury in 1973 as an adviser. From 1984 to 1990 he was economic and financial councillor for the New Zealand delegation to the Organisation for Economic Co-operation and Development, eventually becoming director of macroeconomic policy at the New Zealand
Graeme Wheeler
6405674
privately held gold was confiscated and paid for in RBNZ banknotes. In all cases, the currency's value to collectors is now far higher than its face value, due to its rarity. A prime example is a first issue Union Bank £1 from the 1840s returned to New Zealand in 1934, for redemption at face value, by its owner in the United States. Today a similar note would be valued in excess of £10,000 sterling. £50 notes of the Reserve Bank are also extremely rare and fetch a high price from collectors. The note signed by Chief Cashier T. P. Hannah
New Zealand pound
4430171
for $1.2 billion. The two banks merged as WestpacTrust, although the word trust was phased out by 2002. From this time, ASB Bank (who had taken over Westland Bank) and TSB Bank became the only remaining "regional" banks. All of the community trusts still exist, although only one retains any shares in the bank that they were established from. Each community trust distributes money to the communities that they served within the boundaries of the former regional banks. The trusts are: Trust Bank (New Zealand) Trust Bank New Zealand Ltd was a registered bank that operated in New Zealand between
Trust Bank (New Zealand)
12926983
the $5 note. Hillary was one of the few living non-heads of state to ever feature on a banknote in the world, and this remained true until his death on 11 January 2008. The banknote redesign was supposedly needed because when the Reserve Bank governor Don Brash told the existing printer that the bank proposed to put the printing of banknotes (its largest cost) out to tender, the firm said that they owned the copyright on the plates. ""Apparently, when we went to decimal currency in 1967, somebody in the Treasury or the Reserve Bank had signed away the copyright
Banknotes of the New Zealand dollar
2240565
disclosure by banks regarding the nature of their assets and liabilities. Under his governorship, the Reserve Bank of New Zealand established a new model of the relationship between government and central bank – not totally independent, like the Bundesbank in Germany, and not dominated by government, as was typical of most central banks at the time, but one where government and central bank agreed in public about the inflation rate to be delivered by the central bank, where the central bank had full independence to run monetary policy to deliver that, and where the central bank's governor was held accountable
Don Brash
2315342
to adding a painted design to more than three million coins, the Mint was required to identically orient the design on every coin. To accomplish this, the Mint, in collaboration with Canadian robotic equipment manufacturer PharmaCos Machinery, developed its own robotic arm to “pick and place” each coin on the painting line, creating a new technical capability unique to the Royal Canadian Mint. The Mint has also supplied 230 million low-denomination coins to the Reserve Bank of New Zealand in 2006. The Reserve Bank chose to reduce the size of its existing 50-, 20- and 10-cent coins and manufacture them
Royal Canadian Mint
19551437
(effective from July 2011). In January 2016, SIA acquired 69% of UBIQ, a startup born in 2012 from a spin-off of Parma University, specialized in designing and developing innovative technological solutions, particularly in the field of promotions, where it operates with the brand Ti Frutta. In April 2016, Reserve Bank of New Zealand (RBNZ), New Zealand’s central bank, chose SIA to develop the new Real-Time Gross Settlement (RTGS) system, to create the new domestic interbank payments system, replacing the Exchange Settlement Account System (ESAS). On June 2, 2016, SIA and Raphaels Bank, an issuing bank known for enabling innovation in
SIA S.p.A.
9101483
Management at Victoria University of Wellington, which awarded him an honorary Doctorate of Laws. Roderick Deane Sir Roderick Sheldon Deane (born 8 April 1941) is a New Zealand economist, public sector reformer, and businessman. He has served as deputy governor of the Reserve Bank of New Zealand, and as CEO and chairman of the country's largest telecommunications company, Telecom New Zealand. Born in Auckland, Deane grew up in Opunake and went to New Plymouth Boys' High School. He completed a Bachelor of Commerce degree with first-class honours in economics and a doctorate in economics at Victoria University of Wellington in
Roderick Deane
1255460
for the NHS, building new state schools, and maintaining the London Underground. These privatisations were never offered to the general public to buy shares, instead being offered to commercial companies only. New Zealand Governments adopted policies of extensive deregulation from 1984 to 1995. Originally initiated by the Fourth Labour Government of New Zealand, the policies of deregulation were later continued by the Fourth National Government of New Zealand. The policies had the goal of liberalising the economy and were notable for their very comprehensive coverage and innovations. Specific policies included: floating the exchange rate; establishing an independent reserve bank; performance
Deregulation
1932011
1840, when the Governor of New South Wales by proclamation annexed New Zealand, or from 14 January 1840 when Captain Hobson Royal Navy was sworn in as Lieutenant-Governor. The English Laws Act 1858 subsequently confirmed that English legislation passed prior to 14 January 1840 was and had been the law of New Zealand, as applicable to local circumstances. The (UK) Coinage Act 1816 therefore applied and British coins were confirmed as legal tender in New Zealand. Unusually, until 1989, the Reserve Bank did not have the right to issue coins as legal tender. Coins had to be issued by the
Legal tender
2201679
by National Party leader and Reserve Bank Governor Don Brash for the 2011 general election. The party's current leader and only member of parliament is David Seymour. During the 2017 general election, ACT kept its sole seat in Epsom and gained 0.5% of the popular vote. ACT bases its philosophy on individual freedom and on personal responsibility. ACT sets out its values: Former leader Don Brash promised to focus the party on controlling government debt, equality among all New Zealanders, and rethinking the New Zealand Emissions Trading Scheme. Under previous leader Rodney Hide, ACT New Zealand had primarily focused on
ACT New Zealand
16058487
The colours and Elizabeth II's portrait were the only major changes. The old notes were completely overhauled and have the same portraits and design as the fourth issue. There is a metallic strip, and a latent image was added as well; these do not appear on the newer notes. This note is different from the fourth series because it was issued in cotton, not polymer. The Reserve Bank of New Zealand issued a plastic note intended to last four times longer than the former cotton paper paper banknote. The Bank stated that plastic notes are non-porous, meaning that they will
New Zealand five-dollar note
6048199
New Zealand bank rate known as the official cash rate, which is reviewed by the Reserve Bank Board approximately every six weeks. In Singapore, the Monetary Authority of Singapore strategically reviews its Monetary Policy to promote price stability as a sound basis for sustainable economic growth. In the United Kingdom, bank rates are set by the Bank of England's Monetary Policy Committee. The key interest rate is called the official bank rate, which is the lowest rate at which the Bank acts as lender of last resort to the money markets. In the United States, the bank rate is the
Bank rate
14481637
Bank of East Asia (東亞銀行), Lee Kum Kee (李錦記), Hang Lung Properties, Maxim's Catering (美心), Li & Fung (利豐), Beijing Air Catering Ltd, Hysan Development (希慎興業) and many others. Lui Che-woo once the second richest man in Asia. Famous overseas Taishanese businessmen includes Loke Yew, the richest man of Malaysia in his time and who made significant impact in the growth of Kuala Lumpur, and was one of founder fathers of Victoria institution. Jack Yan who founded his company Lucire, is a magazine publisher in New Zealand and he also owns a software firm that created over 100 typeface designs
Taishanese people
17714859
InvoCare InvoCare Limited (InvoCare) is an Australian public company with funeral interests in Australia, New Zealand and Singapore. InvoCare is the largest private provider of funeral homes, cemeteries and crematoria in the Asia-Pacific. InvoCare employs around 1,800 people globally and has a current turnover of approximately $400 million a year. InvoCare Limited was created in 2001 as part of a divestment by Service Corporation International who sold an 80% stake of their Australian funeral division to a consortium led by Macquarie Bank. In 2003 InvoCare Limited was floated on the Australian Securities Exchange. InvoCare owns and operates a number of
InvoCare