NZ Banking Association’s Roger Beaumont expects the Reserve Bank’s proposed levy to be appropriate, effective and well-targeted. (Image: Supplied)The Reserve Bank of New Zealand has begun consultation about the fine detail of its proposed $209 million prudential levy, which was announced at the time of Budget 2026 in May.It would apply to banks, non-bank deposit takers, insurers and financial market infrastructures (FMI), and was proposed to begin from mid-2027, Reserve Bank of NZ (RBNZ) said.The indicative levy cost would total $209m over the 2027/28 ($68.1m), 2028/29 ($69.5m) and 2029/30 ($70.9m) years, with the proposed allocation being 54% deposit takers, 39% insurers and 7% FMI.