Preliminary work is underway at the moment for the first meeting of the council, which is scheduled to happen soon. The first key output of the Council is to report to Ministers in late May on any legislative changes that may be required to ensure APRA and RBNZ can support each other in the performance of their current regulatory responsibilities at least regulatory cost.
There are other significant early gains that could be made for the Council over the coming year. For example, we anticipate good progress on the home-host coordinated implementation of Basel II that I outlined in the Terms of Engagement earlier. We also think good progress can be made on gaining a clearer understanding of trans-Tasman bank failure management strategies and coordination.