, l. ( 2020 ). a fundamental reshaping of finance. blackrock letter to the ceos. 11 reserve bank of new zealand. ( 2019c ). reserve bank confirms green bond investment. [ press release ] 12 the aotearoa circle sustainable finance report 13 reserve bank of new zealand. ( 2019e ). council of financial regulators sets work priorities for 2020. engagement ( whanaungatanga ) the third and final part of building our te ao maori capability is through engagement – both in person and with the economic data on the maori economy. 1. engaging in person to build and strengthen our understanding of the economy, we regularly meet with a range of partners and stakeholders to improve our understanding of industry practice and economic conditions. in september last year, reserve bank staff spoke with 63 businesses across the country. 14 among them were 11 maori organisations. we undertook these visits to better understand maori businesses and the maori economy, and start the process of building long - term relationships. from our business visits, we understand that while there are many different types of maori businesses ( figure 6 ), they often have a common world view and approach. maori businesses are often values - driven, and profit is not the only objective. kaitiakitanga ( environmental sustainability ), maoritanga ( cultural security ), manaakitanga ( social wellbeing ), and broader intergenerational outcomes are key considerations. figure 6. maori economic ecosystem source : reserve bank of new zealand 14 whangarei, auckland, hamilton, rotorua, tauranga, wellington, christchurch, queenstown, and invercargill. through our conversations with maori businesses, we recognise that the consequences from climate change may fall disproportionally on the primary industries in which maori businesses are concentrated. 15 we hear from you that collectively - owned assets pose challenges to accessing bank credit. while this may be seen as a disadvantage in the short term, in the long term, lower leverage can bring greater resilience to economic shocks and longer - term sustainability. this means, in the longer term, maori businesses with collectively - owned assets may have a stabilising effect on the economy as a whole. this could be an advantage that attracts investment partners. what we see as pivotal is the continued growth of forums where maori businesses can interact, exchange ideas, and lead the rest of the country. 16 with respect to this, we pay tribute to the federation of maori authorities,

##cr or bank capital requirements differently? my guess is that it is it unlikely to be that stark. our shift in focus will not be the one thing that prompts us to put up the ocr instead of putting it down ; or lower capital requirements instead of raising them. however, we have no doubt that a richer understanding of te ao maori will contribute to better policy making in the long run. building strong relationships and understanding right across the economy and society helps give us the best chance of making good policy decisions, and enables us to communicate our approach back to our wide range of partners and stakeholders to build confidence and trust. i think the best recent example of this is our recent work on the future of cash ( te moni anamata ). this involved an extensive consultation right across the country on the role of cash in our society, and prompted a huge reaction of over 2, 000 responses. 21 we received a clear see ‘ emerging challenges and lessons from the maori economic renaissance ’ https : / / www. rbnz. govt. nz / research - and - publications / speeches / 2019 / speech2019 - 09 - 27. 20 see, for instance, maori economy in the greater wellington region and maori economy in the waikato region. 21 reserve bank of new zealand. ( 2019d ). the future of cash use - te whakamahinga moni anamata. summary of responses and issues paper. message that while the majority of people no longer use cash as their primary method of payment, there was a strong preference to still have cash as an alternative method for a variety of reasons, including giving koha as a maori cultural custom. furthermore, there is a notable segment of society – young, old, rural, isolated, digitally and financially excluded ( figure 9 ) – that are still reliant on access to cash. maori are over - represented in this group. figure 9. digital inclusion in new zealand source : digital divide as a result of this work on the future of cash, we have proposed that the reserve bank is giving a formal stewardship – kaitiaki – role, with clear objectives, powers and tools to ensure new zealander have an effective cash system and access to cash. conclusion i ’ d like to express my thanks to mana taiao for hosting this event and for bringing together such an esteemed group. you are here this week as part of your journey to build maori investment capability. at the reserve bank we are on a journey to build