We have stressed in our submissions to the Basel Committee that assessing compliance with any international standard needs to be focussed on looking at whether the substance, rather than the form, of the standard is being met. I should add that, notwithstanding these concerns, New Zealand strongly supports the introduction of international standards.
We consider international harmonisation and co-operation as very important in what is rapidly becoming a ‘borderless’ global financial system. Our plea is that the implementation of such standards be done with the appropriate degree of flexibility to adequately cater for the individual circumstances of each country.