NZ regulator warns over Basel II

Alan Bollard, Reserve Bank of New Zealand governor, lambasted the 'matrix management' arrangements, under which reporting and accountability lines of local managements to their local boards may be weakened by direct reporting lines to overseas head-office managements". The Reserve Bank is implementing a new requirement that a board of a foreign-controlled bank must carry prime responsibility for oversight of the bank in New Zealand, and that the bank's chief executive must be appointed by

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