15  Legislative Change to Align with these Growing Expectations In many ways, the current reform of the Reserve Bank of New Zealand Act 2021 (the Act), and other legislative changes, play catch up to these broadening expectations on us, providing us with the legislation, mandate, tools and powers to fulfil our role as a modern, agile and transparent prudential regulator.
First, the Reserve Bank was, till recently, de facto obliged to provide money to the government whenever needed, be it through overdrafts or through private placement of government debt with the Reserve Bank or through participation in the primary issues.