Impact on Related Work
29. The trans-Tasman Council on Banking Supervision was established by the Minister of Finance and the Australian Treasurer in 2005 as a forum to progress trans-Tasman issues in banking regulation, including supervisory cooperation, policy coordination, and joint crisis preparedness.
30. In December 2005, Cabinet agreed in principle, that the scope of the trans-Tasman Council for Banking Supervision be expanded to cover co-ordination on trans-Tasman issues in prudential supervision in the financial sector more broadly, subject to further work.
31. Cabinet directed the interdepartmental working group, chaired by Treasury, to report to back to Cabinet by 30 November 2006 on details of how the trans-Tasman Council for Banking Supervision could be expanded to include co-ordination on prudential supervision more generally, taking into account the directions of the Review of Financial Products and Providers and discussions with Australian officials [CBC Min (05) 18/29 refers].
32. Consideration of extending the role of the trans-Tasman Council for Banking Supervision is closely related with policy decisions being taken on the Review of Financial Products and Providers. Therefore on 3 May 2007, it was agreed to extend the report back date until 28 September 2007 [EDC Memo (07) 8/1 refers].
33. As this paper directs officials to report back to Cabinet by 30 November 2007 on the second stage of the Review of Financial Products and Providers, including the regulation of insurance, I propose that the report back date on expansion of the role of the trans-Tasman Council for Banking Supervision be extended correspondingly to 30 November 2007.
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