May 30, 2018 / 2:24 AM / in a year

NZ central bank says no need for banking sector inquiry for now

SYDNEY, May 30 (Reuters) - New Zealand’s central bank said preliminary findings of a review of its banking and insurance sector showed there is no need to call a misconduct inquiry similar to the powerful investigation its neighboring country Australia is currently running.

In a statement on Wednesday, the Reserve Bank of New Zealand said that future research “may test” that view, adding that it would report on its findings in October.

“The RBNZ and the FMA are committed to undertaking a rigorous review of operations within banks and life insurers to gain the best possible assurance that there are no material conduct and culture issues in New Zealand,” the bank and the Financial Markets Authority said in a joint statement. (Reporting by Paulina Duran; Editing by Shri Navaratnam)

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