In particular, New Zealand’s supervisory framework: did not involve the licensing or supervision of deposit-taking or the business of banking - only those entities wishing to use the word “bank” in their name were subject to supervision; did not feature deposit insurance; did not seek to protect depositors per se - instead, it sought to protect the financial system as a whole; and BIS Review /1997  -2-  did not involve any form of on-site examination of banks.
These distinguishing features continue to apply under the new supervisory framework. In late 1991 we commenced a major review of our banking supervision arrangements. The review was motivated by a number of concerns.