Despite Governor Anna Breman having lunch with bank executives the day before the consultation was released, they weren’t given prior warning of the magnitude of the Reserve Bank’s proposal. However, the Reserve Bank said the query would be treated as a request under the Official Information Act, as others had asked the same question, and the bank had told them it would be considered under the act. “While facilitating cash services is in the Reserve Bank mandate, under some circumstances the measure it is consulting on would require specific legislation or regulation,” she said. The Reserve Bank estimated banks would spend more than $100 million a year to meet its proposed standard. She specialises in government and Reserve Bank policymaking, economics and banking.

Source: New Zealand Herald April 10, 2026 08:41 UTC