engagements with maori more broadly. no two projects are the same, and we want to make sure maori voices are heard when our work impacts maori communities. for example, our central bank digital currency and cash monitoring consultations are coming up in 2025, 20 and our exchange settlement account system ( esas ) access review is already underway. 21 finally, our membership in the central bank network for indigenous inclusion is an invaluable platform for us to hear from indigenous communities internationally – including here in aotearoa. 22 the central banks of canada, the united states, australia and new zealand are involved, as well as indigenous networks across these countries. improving maori access needs collaboration and capability te putea matua has the mandate to help address maori access to capital, but we will not succeed alone. success requires the whole system to work towards improving the current situation, which involves the government, private sector financial institutions, iwi and maori decision makers being in the same waka paddling together. there are signs this is occurring, but it remains early day. we have seen some great work happening in recent years across the ecosystem : iwi chairs, pou tahua, 23 have been working to get an iwi - led financial intermediary, rauawa, running. it would be a maori intermediary that would act as a conduit between capital seekers and providers, supporting effective capital allocation and risk management. the tasks include identifying opportunities and matching them with capital, while providing investment support and capability to drive success. some retail banks are also taking positive steps. policies to enable lending on whenua maori are progressing, alongside building internal capability and capacity to work with maori businesses. it is this type of progress we want to showcase in the dashboard discussed. we have the already mentioned tawhia maori bankers ropu - a brave group of bankers who are championing the cause collectively, and within their organisations, on improving maori financial inclusion. 24 _ _ _ _ _ _ _ _ _ _ _ _ berl. ( 2021 ). te ohanga maori – the maori economy 2018. te ohanga maori – the maori economy 2018 ( rbnz. govt. nz ) reserve bank of new zealand. ( n. d. ). digital cash. digital cash - reserve bank of new zealand - te putea matua ( rbnz. govt. nz ) reserve bank of new zealand. ( 2023 ). exchange settlement account system ( esas ) access review.

to take ultimate responsibility for the management of risks. i ’ ll give three brief examples where we ’ ve used the flexibility in global standards to adapt to local conditions. • first, farm lending, and especially dairy farming, accounts for a large share of risks faced by new zealand banks. we ’ ve adapted the basel capital framework to account for the high correlation in bank farm lending losses, and the vulnerability of the new zealand farm sector to shifts in a narrow subset of global commodity prices. bis central bankers ’ speeches • second, our banks have historically relied on short - term funding from offshore counterparties. we developed our bank liquidity requirements ahead of the basel iii requirements, but they achieve very similar outcomes. our mismatch ratios are very similar to the liquidity coverage ratio, and our core funding ratio is similar to the net stable funding ratio. grant spencer, our deputy governor and head of financial stability, will be talking about our liquidity policy during tomorrow ’ s panel discussion. • and third, the leverage ratio we feel is an unnecessary addition to the risk - based basel ii capital regime. our banking system is relatively vanilla and we closely monitor risk weights on key assets. actual leverage is well ahead of the proposed regulatory backstop. concluding comments small countries are not represented in the main basel regulatory committees, the financial stability board, or the membership of the g20. nor do they have global banks. but they do follow the basel debates carefully through their relationships in the regulatory community. they know the issues are complex – be they related to cross - border resolution and too - big - to - fail ; assessing bank capital adequacy and acceptable tolerances for leverage ; or addressing issues around complexity, compliance, and adjustment paths. and they understand the responsibilities all countries carry to close the regulatory net and avoid the regulatory arbitrage opportunities that would otherwise exist. on the regulatory front, large countries associate with many of the smaller countries as home supervisors, regulators of international infrastructures, and participants in peer reviews and other assessments. in these roles, it ’ s helpful if larger countries recognise small country differences, as well as the mandate of small country regulators to protect their national interests. large countries should support the approaches taken by smaller countries to implement reforms – when they support the intended outcomes of global standards, but in ways that may deviate from large country norms in order to meet local country conditions. bis central bankers ’ speeches