September 28, 2017 / 9:46 PM / 10 months ago

RBNZ says NZ financial system sound, but risks remain in housing

WELLINGTON, Sept 29 (Reuters) - New Zealand’s financial system is on “sound footing” but risks sill remain in its previously red-hot housing market, the Reserve Bank of New Zealand said in a report released on Friday.

“Imbalances in housing continue to create risks to financial stability,” former Governor Graeme Wheeler wrote in the annual report.

Wheeler’s five-year term ended this week and Assistant Governor Grant Spencer has taken over on an acting basis for the next six months while the bank searches for its new top official. (Reporting by Charlotte Greenfield; Editing by Tom Brown)

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