We will continue to develop the relationship with APRA but both sides are well aware of the differences in our circumstances and our different regulatory approaches. Over recent years we adopted most of the key Basel initiatives even when some have been less than ideally suited to New Zealand circumstances.
The Treaty requires that the NCB statutes provide for a minimum term of office of five years for the NCB governors[5]. These governors, too, may only be relieved from office in the aforementioned cases[6]. The Treaties also provide a powerful judicial remedy against arbitrary dismissals allowing the ECB and the governors to refer a dismissal to the Court of Justice of the European Union.