TABLE OF CONTENTS

INTRODUCTION

PART I REGULATORY ISSUES

1. Regulation and The Financial Institution at the End of the Twentieth Century
2. The Context: Financial Intermediation and Regulation
3. Moral Hazard: A Problem for Regulators
4. Limiting the Risk Exposure of Banks: Disclosure
5. Key Points of the New Zealand System of Disclosure for Banks
6. Limiting the Risk Exposure of Banks: Capital
7. Limiting the Risk Exposure of Banks: Rules-based Regulation versus Judgement-based Regulation
8. Corporate Governance and OSFI
9. Consumer-related Issues
10. OSFI’s Ability to Carry Out its Mandate

PART II: OTHER ISSUES DISCUSSED WITH THE COMMITTEE

1. Size of Banks and Success
2. Community Banks
3. The Holding Company Structure
4. International Co-operation Among Regulators and Regulation of Foreign banks and Non-Banks
5. The Multiplicity of Regulators in the United States
6. The Community Reinvestment Act

QUESTIONS OF RISK MANAGEMENT

OVERVIEW:  ACCOUNTING AND DISCLOSURE

APPENDIX A (WITNESSES)

APPENDIX B: NOTES ON THE COMMITTEE TRIP TO EUROPE

APPENDIX C:  NOTES ON THE COMMITTEE TELECONFERENCE WITH PROFESSOR IAN HARPER, MELBOURNE BUSINESS SCHOOL, UNIVERSITY OF MELBOURNE, AND,MEMBER OF THE 1996 WALLIS INQUIRY INTO THE FINANCIAL SYSTEM IN AUSTRALIA, 2 JUNE 1998

APPENDIX D:  DRAFT NOTES ON COMMITTEE MEETINGS IN WASHINGTON, 27 APRIL TO 1 MAY, AND NEW YORK CITY, 10 JUNE TO 11 JUNE 1998

APPENDIX E:  BANKING IN THE UNITED STATES

APPENDIX F:  NOTES ON THE COMMITTEE TELECONFERENCE WITH THE GOVERNOR AND SENIOR OFFICIALS OF THE BANKING DEPARTMENT OF THE RESERVE BANK OF NEW ZEALAND AND THE CHAIRMAN OF THE COMMERCE COMMISSION OF NEW ZEALAND 12 MAY 1998