current processes will be formalised over time, the nature of our open engagement means there should not be surprises. we want to continue our open dialogue with the industry, allowing mutual goals to be achieved in a low key and non - prescriptive manner. the rapidly changing payments landscape provides challenges and opportunities. competition in payments is important but collaboration is also needed between financial institutions, new entrants and policy - makers. this is necessary to create the right environment for modernising the payments system and sensibly managing the risks that arise. effective innovation is often best achieved through collaboration and we encourage the industry to move in this direction. for the bank, the main focus is on preserving financial stability while also facilitating innovation and improved efficiency. to do this, we need to keep abreast of the changing technology environment and continue to assess the level of preparedness of the system to handle adverse shocks. the challenge for the reserve bank, and for all of us, is to understand the evolving financial services landscape, including its opportunities and vulnerabilities. as we move forward in this rapidly changing environment, it serves all our interests to first ensure the safety of the system. this is the foundation for achieving innovation and growth in the industry. 1 watson, a ( 2016 ), “ disruption or distraction? how digitisation is changing new zealand banks and core banking systems ’, rbnz bulletin, 78 ( 8 ). 2 based on microsoft ’ s malware infection index 2016. 4 / 5 bis central bankers'speeches 3 bank for international settlements ( bis ) - principles for financial market infrastructures ( pfmi ). 4 financial stability board ( fsb ) - key attributes of effective resolution regimes for financial institutions. 5 bank for international settlements ( bis ) - cpmi - iosco release guidance on cyber resilience for financial market infrastructures. 5 / 5 bis central bankers'speeches

why we embraced te ao maori speech delivered to the central banking global summer meetings 2022 adrian orr, governor written with emily laws on 13 june 2022 ref # x567560 v1. 17 in confidence embargoed until 11. 00pm 13 june tena koutou katoa e nga hau e wha, tena koutou ( i acknowledge those from all four winds ) ko tongariro te maunga ko taupo te moana ko atiu te motu kei te whanganui - a - tara ahau e noho ana kei te putea matua au e mahi ana ko adrian ahau no reira tena koutou, tena koutou, tena koutou katoa firstly, i want to thank kate minter and the team at central banking for inviting me here to speak. it is a privilege to be asked to speak on how the reserve bank of new zealand embraces our indigenous history and heritage, and applies a te ao maori – or maori world view – in what we do. we are recent adopters of this approach, so i must be humble in our experience and results so far. i will be using some te reo maori, or maori language - one of three official languages of new zealand – in my talk today. i will explain this as i go, starting with the maori name for our country – aotearoa. this means land of the long white cloud. the name for the reserve bank of new zealand is te putea matua. putea meaning money, while matua means primary source. in a te ao maori sense, we see ourselves as the kaitiaki of our financial system. kaitiaki in short means guardian, but it also means so much more and carries with it the long - term stewardship central to our role. our kaitiaki role is underpinned by our founding legislation, the reserve bank of new zealand act 20211. _ _ _ _ _ _ _ _ _ _ _ _ reserve bank of new zealand act 2021 https : / / www. legislation. govt. nz / act / public / 2021 / 0031 / latest / lms286978. html ref # x567560 v1. 17 in confidence embargoed until 11. 00pm 13 june our core legislative functions include : maintaining low and stable consumer price inflation while contributing to maximum sustainable employment. promoting and maintaining a sound