OBS_VALUE: Foreign banks may establish local branches on the condition they register with the New Zealand Reserve Bank. Where an applicant for registration is incorporated overseas, the  Reserve Bank will have regard to any aspects of the law and regulatory requirements in that country which could impact adversely on the operation of the applicant's business in New Zealand. These will be weighed against the benefits to be derived from the applicant's presence in the local market. If necessary, the applicant will be required to incorporate locally or will be made subject to a condition of registration limiting its ability to take retail deposits.