If the order is not revoked under subsection (1), the order is revoked on the close of the last day of the period specified in the order or of any extension of that period under section 15. nothing in subsection (1) limits or prevents the exercise of any right referred to in paragraphs (d) to (f) of that subsection in respect of any property of that registered bank to the extent that the right is exercised to enforce, or to assist in enforcing, the due performance, by that registered bank, of obligations entered into by that registered bank under a recognised multilateral netting agreement (within the meaning of section 310A of the Companies Act 1993). Section 156ZP: inserted, on 24 November 2009, by section 6 of the Reserve Bank of New Zealand Amendment Act 2009 (2009 No 53). Section 122(7)(c): replaced, on 21 August 2003, by section 35(2) of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46). Section 175A: inserted, on 21 August 2003, by section 44 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46). Section 113: replaced, on 21 August 2003, by section 30 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).

The Minister and the Governor may enter into a funding agreement that specifies the amount of the Bank’s income that may be paid or applied in meeting the operating expenses incurred by the Bank in each financial year in carrying out its functions and exercising its powers under—. The statutory manager may, with the approval of the Bank, apportion the costs, charges, and expenses referred to in subsection (1) between the registered bank and any associated person or subsidiary of the registered bank that is also subject to statutory management in the amounts that the statutory manager considers just and equitable.

If a remit is issued under section 10 (or clause 3 of Schedule 1), the Bank must publish a copy of the remit on an Internet site maintained by, or on behalf of, the Bank. Section 157ZX: repealed, on 1 May 2014, by section 92(1) of the Non-bank Deposit Takers Act 2013 (2013 No 104). the chairperson is present, but is unwilling or unable to preside. Section 132(2)(b): amended, on 1 July 1994, by section 2 of the Company Law Reform (Transitional Provisions) Act 1994 (1994 No 16). The penalty for an offence against this section is set out in section 156AC. all other amendments made by this Act apply on and from the date of the application. The Bank must not make a recommendation under section 117 unless—, it is satisfied on reasonable grounds that 1 or more of the circumstances listed in section 113(1)(a) to (e) exist; or.

Section 68B: inserted, on 10 September 2008, by section 15 of the Reserve Bank of New Zealand Amendment Act 2008 (2008 No 59). Section 144(5)(a): amended, on 26 April 1999, by section 7(c) of the Reserve Bank of New Zealand Amendment Act 1999 (1999 No 22). The Board must supply to the Minister any reports or other information relating to the performance of its duties that the Minister requests. a person appointed under section 99(2)(b), section 101, or section 119.

the current rating of each registered bank under section 80 (if any); and. published on an Internet site maintained by, or on behalf of, the Bank. Section 152(3): repealed, on 1 January 2016, by section 14 of the Legislation (Confirmable Instruments) Amendment Act 2015 (2015 No 120).

The Bank is not a Crown entity for the purposes of the Crown Entities Act 2004. The Minister may, from time to time, by notice in writing to the Bank, vary or revoke any direction given under subsection (1). This Act is the Reserve Bank of New Zealand (Covered Bonds) Amendment Act 2013. avoiding significant damage to the financial system that could result from the failure of a registered bank. The registered bank shall, within 7 days of giving that notice, give public notice of the fact that it had given the notice to the Bank. The Bank must keep a public register of registered covered bond programmes. Section 67A: inserted, on 15 December 2006, by section 5 of the Reserve Bank of New Zealand Amendment Act 2006 (2006 No 51).

The information, data, or forecasts that a home country supervisor may be authorised to obtain may include, without limitation, information about the affairs of a particular customer or client of a person to whom this section applies. For the purposes of this Part, the Bank may, by notice in writing to any registered bank or by notice in the Gazette that applies to any specified class of registered banks, require the registered bank or, as the case may be, registered banks of that class to supply to the Bank any information, data, or forecasts about—. uses any name, title, trade mark, style, designation, or description that represents or implies that the person is a registered bank. Subject to subsection (7), all the provisions of the Building Societies Act 1965 and all rules and regulations under that Act shall, so far as they are applicable, and with the necessary modifications, apply to a registered bank that is a building society within the meaning of section 2 of that Act and that is subject to statutory management. There shall continue to be a bank called the Reserve Bank of New Zealand.

Either of the joint regulators may, independently of the other joint regulator and without having received an application under section 156ZG, begin a review to determine whether to recommend a variation or revocation of a designation made under section 156N. Without limiting any other provision of this Act, the Bank shall have the rights, powers, and privileges of a natural person. The appointment of a person under clause 8 is not invalid only because a defect existed in the appointment of the person.

The Bank shall pay into a Crown Bank Account any exchange gains (whether realised or unrealised) made by the Bank as a result of dealing in foreign exchange under sections 17 and 18.

Section 55(2): repealed, on 1 April 2019, by section 35 of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 157L: repealed, on 1 May 2014, by section 92(1) of the Non-bank Deposit Takers Act 2013 (2013 No 104).

Section 114(3): inserted, on 21 August 2003, by section 41 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46). Section 48B: inserted, on 1 April 2019, by section 16 of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59). A person referred to in subsection (1)(e)(i) or (e)(ii) must, if required to do so by a registered bank, supply information relating to that person in order to enable the registered bank to comply with a notice under this section. the need to maintain public confidence in the operation and soundness of the financial system: the need to avoid significant damage to the financial system: to the extent not inconsistent with the considerations referred to in paragraphs (a) and (b), the need to resolve as quickly as possible the difficulties of that registered bank: to the extent not inconsistent with the considerations referred to in paragraphs (a), (b) and (c), preserving the position of creditors and maintaining the ranking of claims of creditors: consult with the Bank, to the extent required by the Bank, as to the exercise of those powers: provide the reports that the Bank may require as to the state of the affairs, business, and statutory management of the registered bank to persons specified by the Bank (including, but not limited to, the Bank) in the form and with the frequency that the Bank may require: provide the information that an advisory committee appointed under section 119 may reasonably require as to the affairs, business, and statutory management of the registered bank.

A direction given under section 113 is taken to have been given on delivery to the head office, registered office, principal place of business in New Zealand, or address for service of the registered bank or associated person of the registered bank.

Section 5(2): amended, on 1 April 2019, by section 7 of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59). An issuing officer (within the meaning of section 3 of the Search and Surveillance Act 2012) who is satisfied, on application made in the manner provided in subpart 3 of Part 4 of that Act, that there are reasonable grounds for believing—, that a registered bank has failed to publish information that it is required to publish in a disclosure statement under section 81 or section 83; or, that any information or data supplied to the Bank by a registered bank pursuant to section 93 is false or misleading in a material particular; or, that a registered bank has failed to comply with any requirement to supply information, data, or forecasts pursuant to section 93; or, that a person has failed to comply with any requirement to supply information, data, or forecasts to a registered bank under section 93B, or to the Bank under section 93C as the case may be; or, that a registered bank has failed to comply with section 95—.

Heading: replaced, on 24 November 2009, by section 6 of the Reserve Bank of New Zealand Amendment Act 2009 (2009 No 53). The Bank must ensure that, as soon as practicable after the decision is given,—.