The consultation will cover five topics, headline legislative objectives; governance; separating prudential supervision from the RBNZ; depositor protection; and the regulatory perimeter of bank regulation.
Two more rounds are set to follow in 2019, covering topics including supervision and enforcement, resolution and crisis management, macro-prudential policy, the bank’s own funding and resourcing.
Earlier this year, the government added employment to the central bank’s monetary policy mandate, alongside inflation targeting, after the first phase of the review.
On Friday, finance minister Grant Robertson added three members to the independent advisory panel overseeing the review. Ex-ASB Bank chief Barbara Chapman, Broadcasting Standards Authority head Belinda Moffat and former Chapman Tripp partner John Sproat joined the board.