The Reserve Bank is to cut the amount of paperwork it receives from banks about their financial strength to reduce costs for the sector.
It has issued a consultation document setting out two options to remove what it says is unnecessary information.
The current disclosure regime for banks was first put in place in 1996.
The Reserve Bank says the introduction of new international accounting rules and new capital reserve rules in the wake of the global financial crisis have increased the compliance burden faced by banks.
It found that not all the information collected added much value for the cost of producing it. Two options have been put forward for change:
First: it's suggesting scrapping the key information summary, saying it appears no one is using it, as well as introducing shortened quarterly General Disclosure Statements.
Second: it is producing a quarterly key information summary that includes useful information about the bank for retail depositors.
The changes reflect harmonising the Reserve Bank's requirements with banks' accounting practices.
The Reserve Bank says that should lead to a significant reduction in compliance costs without comprising the information the public has access to.
