Australian-owned banks operating in New Zealand are being required to meet new global capital adequacy rules two years ahead of their trans-Tasman parents.
The Reserve Bank of New Zealand rejected submissions from banks that they should have until January 2016 to get ready for new capital adequacy rules that are being imposed in the wake of the global financial crisis.
The RBNZ will adopt the Basel III framework from January 2014.
The bank regulator has also held firm on its intention to move to a "counter-cyclical buffer" approach to capital adequacy from 2014, despite...
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