Since the Non-Bank Deposit Takers Act 2013 was approved and became effective in May 2014, the Reserve Bank of New Zealand has licensed 31 non-bank deposit-takers (NBDTs).
“Licensing can’t prevent an NBDT from failing but it reduces the risk and aims to maintain minimum entry standards,” said Toby Fiennes, the Reserve Bank's head of prudential supervision.
The NBDT sector comprises finance companies and savings institutions (which include building societies, credit unions and PSIS Ltd).
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