财政部长和新西兰央行行长同意更新宏观审慎政策的谅解备忘录

文稿:寒梅
翻译:Darren
编辑:申睿霖

8月3日新西兰财政部消息,财政部长格兰特·罗伯逊和储备银行行长阿德里安·奥尔更新了关于宏观审慎政策的谅解备忘录,以进一步保护金融体系和支持政府的住房目标。
  格兰特·罗伯逊说:”这一变化将确保储备银行能够灵活应对新兴的金融稳定风险,并根据需要部署适当的工具。我已基本同意财政部和储备银行提出的增加偿债工具的谅解备忘录更新建议,但正如我在6月份所指出的那样,这一延期不应对首次购房者产生不当影响。因此,我们同意谅解备忘录中的进一步措辞,即:在设计和实施偿债能力限制时,储备银行需要尽可能避免对首次购房者产生负面影响,只要符合该法第 5 部分的宗旨和职能”。
  格兰特·罗伯逊 “我相信,这一商定的措辞将明确提高公众的期望,同时保持储备银行的运营独立性。考虑到这种情况,它选择引入任何限制,仍由储备银行决定。
  储备银行已宣布,它打算就收紧贷款标准的方法进行磋商,理由是担心不可持续的房价和金融稳定的风险。
  它建议将银行可以做到的贷款额从20降至10,贷款比率高于80的高贷款价值比率(LVR)。咨询将于本月晚些时候开始与银行进行,以期从2021年10月1日起推出。
世界银行还打算在10月份开始就实施债务收入限制和/或利率下限进行协商。
  储备银行就旨在确保金融体系稳定和健全的贷款规则进行磋商是明智的。根据今年早些时候推出的改革措施,储备银行还必须考虑政府的住房政策,以支持更可持续的价格,包括抑制投资者对现有住房存量的需求,这将提高首次购房者的承受能力。必须指出,任何引入DI的决定只有在经过充分的公众咨询和监管影响评估之后才会做出,这至少需要三个月的时间。
  政府已经采取了一系列措施,为住房市场降温,使房价更具可持续性,使平衡向首次购房者倾斜,包括扩大亮线测试和取消利息扣除。这些举措将产生真正的影响。然而,住房的可负担性没有灵丹妙药,货币和财政政策需要共同努力,实现可持续的住房市场”。

Finance Minister and RBNZ Governor agree to update MOU on macro-prudential policy
 
Finance Minister Grant Robertson and Reserve Bank Governor Adrian Orr have updated the Memorandum of Understanding (MoU) on macro-prudential policy to further protect the financial system and support the Government’s housing objectives.
 
“This change will ensure that the Reserve Bank has the flexibility to respond to emerging financial stability risks and deploy appropriate tools as required,” Grant Robertson said.
 
“I have largely agreed to the Treasury and Reserve Bank’s proposed update to the MOU to add debt serviceability tools, but as I indicated in June this extension should not unduly impact first home buyers. As such, we have agreed on further wording in the MOU that states:
 
·         “In the design and implementation of a debt serviceability restriction, the Reserve Bank will need to have regard to avoiding negative impacts, as much as possible, on first home buyers, to the extent consistent with the Bank’s purposes and functions under Part 5 of the Act.”
 
“I believe this agreed wording will set clear public expectations while maintaining the operational independence of the Reserve Bank. It is still up to the Reserve Bank how it chooses to introduce any restrictions, having had regard to this condition.”
 
The Reserve Bank has announced its intent to consult on ways to tighten lending standards, citing concern about unsustainable house prices and the risks to financial stability.
 
It has proposed reducing the number of lending banks can do above a high Loan-to-Value Ratio (LVR) of 80 per cent, from 20 per cent to 10 per cent of all new loans. The consultation will start with banks later this month, with a view to introducing this from 1 October 2021.
 
The Bank also intends to start consultations in October on implementing Debt to Income (DTI) restrictions and/or interest rate floors.
 
“It’s sensible for the Reserve Bank to consult on lending rules designed to ensure the stability and soundness of the financial system. Under changes introduced earlier this year, the Reserve Bank also has to have regard for the Government’s housing policy to support more sustainable prices, including by dampening investor demand for existing housing stock, which would improve affordability for first-home buyers.
 
“It is important to note that any decision to introduce DTIs would only happen after a full public consultation and Regulatory Impact Assessment, which would take a minimum of three months.
 
“The Government has already put in place a number of measures to cool the housing market to make house prices more sustainable and tilt the balance in favour of first home buyers, including extending the bright-line test and removal of interest deductibility.
 
“These initiatives will make a real difference. However, there is no silver bullet to housing affordability and monetary and fiscal policy need to work together to achieve a sustainable housing market,” Grant Robertson said.

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