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![Quote](images/misc/quote_icon.png) Originally Posted by Balance
Have a heart - probably been having sleepless nights overseeing CBL.
To be fair, it is HARD to deal with any entity which chooses to disobey the law, regulation and instructions - especially when the RBNZ is sgown again to have little teeth to deal with such delinquencies.
Imagine having to apply to the court before action can be taken!
No job is easy and by no means do I believe RBNZ should take the blame for what CBL has done.
I do think, when it was apparent CBL was not co-operating, RBNZ and FMA through should have disclosed something... anything to the world to say.
"hey look, they aren't listening to us"... we found out almost a year later with no course for getting out.
Bad look for NZ, markets and insurance industry.
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