The Reserve bank of New Zealand responsible for check in and supervision for by banks in New Zealand, declared that can soon try to change rules according to which foreign banks work in New Zealand. Change would mean that in certain circumstances the foreign banks having branches in New Zealand, would be obliged to rename the branches into the New Zealand branches. Now, banks registered in New Zealand, can work as a subsidiary of a foreign bank.
The Reserve bank offers, that the foreign banks having branches in New Zealand were obliged to name these branches, as the New Zealand branches, at hit under following conditions:
The Branch carries out activity in New Zealand which is great enough, so, that the branch is important for a financial system of New Zealand as a whole, or
The branch has essential level of retail deposits in New Zealand, and its offshore parent is registered in the country which or allows banks to work with low level of public disclosing of the financial information or gives paramount significance to investors in case of financial crisis.
Offered changes urged to formalize assets of the property of the New Zealand branches of offshore banks and to protect these assets from possible foreign claims which can take now a priority (in case of bankruptcy of branch) according to the jurisdiction legislation in which the branch is registered. The vvedenoe rule, will assist creditors in jurisdiction definition in which bank assets are spent.
The Reserve bank of New Zealand carries out now process of consultations of banks which can be mentioned and yet has not made the final decision about when changes will be made.