15 DECEMBER NEW ZEALAND GAZETTE 4441

where X_B = Risk adjusted exposures (expressed in dollars) of that Category B bank as at 30 June 1994.

(iii) Where a bank that has been registered on the basis of principles in paragraphs 15 and 23 of the ‘Statement of Principles’, the registered bank that is the holding company of the group shall pay on behalf of each bank in the group an amount that is determined in accordance with (i) and (ii) above, on the basis of the total risk adjusted exposures of the group, as reported in R.B. PS1 by the registered bank which is the holding company.

(iv) Where any bank has been registered for the purpose of acquiring or assuming the banking business of any registered bank that is related to or is an associated person of that first bank, the annual fee payable by in respect of each of those registered banks may be paid by either of those registered banks on behalf of the other or others, and shall be calculated in accordance with this paragraph as if those registered banks were one registered bank and the aggregate of the risk adjusted exposures of each of those banks, as reported in R.B. PS1, were the risk adjusted exposures of that one registered bank.

(v) Where a registered bank is the holding company of another registered bank and (iii) and (iv) of this subparagraph do not apply, a separate fee will normally be charged for each registered bank. Where a separate fee is charged, and the risk adjusted exposures reported in R.B. PS1 by the registered bank which is the holding company include the risk adjusted exposures of the other registered bank, the risk adjusted exposures of the subsidiary bank shall be deducted from the holding company’s risk adjusted exposures for the purpose of calculating the fee payable by the bank holding company.

(2) The amounts determined pursuant to subparagraph (1) of this paragraph shall be rounded to the nearest thousand dollars.

(3) Where the risk adjusted exposures of any registered bank are not derived or calculated as at 30 June 1994, the Reserve Bank may determine the date as at which the risk adjusted exposures of that bank shall be derived or calculated for the purpose of determining the annual fee payable by or on behalf of, that registered bank.

(4) The amounts determined pursuant to subparagraph (1) of this paragraph include goods and services tax.

[3] Period to which the annual fee relates—(1) Subject to subparagraph (2) of this paragraph the annual fee shall be payable in respect of the period commencing on 1 July 1994 and ending 30 June 1995.

(2) The amounts determined in accordance with this notice in respect of a Category A bank, or a Category B bank, shall be payable in respect of the period during which it is a Category A bank or a Category B bank, as the case may be. Where a Category A bank becomes a Category B bank, or vice versa, it shall, as from the date on which such change occurs, be liable to pay an annual fee calculated at the rate applicable in respect of that new situation.

(3) The annual fee shall be payable in 12 monthly instalments, each instalment becoming due on or before the 20th day of every month of the period covered by this notice.

(4) Where the risk adjusted exposures of a registered bank are reduced by reason of the fact that any subsidiary of that registered bank becomes a registered bank, the fee of the first registered bank for the period after the date of registration of that subsidiary shall be recalculated, in accordance with the formula set out in paragraph 2 (1) of this notice, after deduction of the risk adjusted exposures of that subsidiary as at 30 June 1994 (subject to paragraph [2] (3) above).

Explanatory Note:

This note is not part of the Notice but is intended to indicate its general effect and the basis on which the annual fee is calculated and its relationship to the anticipated costs of the Reserve Bank in exercising the powers conferred on it by Part V of the Act.

1. Pursuant to section 79 of the Act, in determining fees the Reserve Bank has had regard to the anticipated banking supervision costs for the bank’s 1994–95 financial year.

2. The basis for the proposed method of cost allocation is that the fee for individual banks should comprise a fixed element, representing a flat fee for basic supervision and policy development/maintenance, as well as a variable element which broadly relates to the intensity of supervision which different banks receive. This intensity varies according to the size of the bank and, in the case of international banks, on the allocation of supervisory responsibilities between New Zealand and overseas banking supervisors.

3. The fees payable pursuant to section 79 and determined in accordance with this notice will recover approximately 50 percent of the anticipated cost of the Reserve Bank’s banking supervision function for the Reserve Bank’s 1994–95 financial year.

Right Hon. W. F. BIRCH, Minister of Finance.

au9770

Telecom

The Telecommunications (Disclosure) Regulations 1990

The Telecommunications (Disclosure) Regulations 1990, Amendment No. 1

Pursuant to Regulation 3 of the Telecommunications (Disclosure) Regulations 1990, Telecom Corporation of New Zealand Limited advises that copies of the consolidated financial statements for its subsidiary company, Telecom New Zealand Limited, for the 6 months ended 30 September 1994, will be available from 31 December 1994 to any person on request at the following principal offices of the Corporation and Telecom New Zealand Limited:

Telecom House, 13–27 Manners Street, Wellington.

Telecom Networks House, 68 Jervois Quay, Wellington.

Telecom Tower, 16 Kingston Street, Auckland.

Telecom House, 109 Hereford Street, Christchurch.

M. E. WYLIE, Company Secretary.

au0118