NEW ZEALAND GAZETTE

No. 135

accepted accounting practice, or, where generally accepted accounting practice does not apply, means a statement, fact, or item which is of such a nature or amount that its inclusion or omission, or the method of treating its disclosure, would likely to influence a reasonable user of the Disclosure Statement.

‘Non-Accrual Asset’ means any Credit Exposure for which it is probable that the Registered Bank or a member of the Banking Group will not be able to collect all amounts owing in accordance with the terms of the contract with the Counterparty.

‘Non-Bank Connected Person’ has the same meaning as in the Conditions of Registration.

‘OECD Government’ means the central government of any of the countries specified in the list of OECD countries contained in Appendix One to the Reserve Bank document entitled “Capital Adequacy Framework” (BS2), as amended from time to time.

‘Off Quarter Balance Date’ means the last day of a First Quarter Accounting Period or Third Quarter Accounting Period.

‘Other Asset Acquired Through the Enforcement of Security’ means any Asset Acquired Through the Enforcement of Security, other than a Real Estate Asset Acquired Through the Enforcement of Security.

‘Other Security’ means a security which is not intended to be held for the long term or to maturity.

‘Overseas Bank’ means a financial institution incorporated outside New Zealand which has been authorised, registered, or licensed as a bank in its country of domicile by the appropriate banking supervisory authority.

‘Overseas Banking Group’ means an Overseas Bank and all other entities included in the group for the purposes of public reporting of group financial statements in the country of domicile of the Overseas Bank.

‘Past Due Asset’ means any Credit Exposure which has not been operated by the Counterparty within its key terms for at least 90 days and which is not a Non-Accrual Asset or a Restructured Asset.

‘Publication Date’, in respect of a Disclosure Statement, means the date the Disclosure Statement is Published in accordance with clause 3 of this Order.

‘Publish’ includes distribute, make available and disseminate.

‘Real Estate Asset Acquired Through the Enforcement of Security’ means a land or building Asset Acquired Through the Enforcement of Security.

‘Register’ means the register of Registered Banks maintained pursuant to section 69 of the Act.

‘Registered Bank’ means an entity which is entered on the Register.

‘Relevant Interest’ has the same meaning as in sections 5 and 6 of the Securities Amendment Act 1988.

‘Responsible Person’ means a person authorised in writing by a Director to sign the Disclosure Statement in accordance with section 82 of the Act.

‘Restructured Asset’ means any Credit Exposure which is not a Non-Accrual Asset and for which:

(a) the original terms have been changed to grant the Counterparty a concession that would not otherwise have been available, due to the Counterparty’s difficulties in complying with the original terms;

(b) the revised terms of the facility are not comparable with the terms of new facilities with comparable risks; and

(c) the yield on the asset following restructuring is equal to, or greater than, the average cost of funds of the Registered Bank or a member of the Banking Group, or that a loss is not otherwise expected to be incurred.

‘Specific Provision’ means any amount which has been created against identified credit losses or in respect of an identified deterioration in the value of any asset or class of asset attributable to an increase in Credit Risk.

‘Subsidiary’ means a subsidiary within the meaning of section 158 of the Companies Act 1955 or sections 5 to 8 of the Companies Act 1993 as appropriate.

‘Substantial Security Holder’ means a person who has a Relevant Interest in 5 percent or more of the Voting Securities of which the Registered Bank is the issuer.

‘Supplemental Disclosure Statement’ means that part of a Disclosure Statement which contains the information prescribed in Part V of this Order.

‘Third Quarter Accounting Period’ means:

(a) the first nine month period of an Accounting Period; and

(b) where an Accounting Period will be 15 months, the first 12 month period of an Accounting Period.

‘Tier One Capital’ in relation to:

(a) an Overseas Bank or Overseas Banking Group, means the amount of tier one capital held by the Overseas Bank or Overseas Banking Group determined in accordance with the requirements of the authority having the power to impose minimum capital requirements on that Overseas Bank or Overseas Banking Group in its country of domicile;

(b) a Banking Group, means the amount of tier one capital held by the Banking Group, determined in accordance with the Conditions of Registration.

‘Ultimate Holding Company’ means the body corporate which is the Registered Bank’s holding company (as that term is defined in section 5 of the Companies Act 1993) and which is not itself a Subsidiary of another body corporate and which is not a Bank.

‘Ultimate Parent Bank’ means any Bank which is the Registered Bank’s holding company (as that term is defined in section 5 of the Companies Act 1993) and which is not itself a Subsidiary of another Bank.

‘Voting Security’ has the same meaning as in section 2 of the Securities Amendment Act 1988.

‘Working Day’ means a day of the week on which the Registered Bank’s head office is open for business.

3. Form, Frequency and Distribution of Disclosure Statement

(1) Subject to the Act, every Registered Bank shall Publish, not later than three months after each Balance Date, a Disclosure Statement which shall:

(a) contain the information that is prescribed in Part II to Part V of this Order; and

(b) comply with the Act.

(2) Disclosure Statements shall be Published in the following manner:

(a) every Registered Bank shall prominently display the Registered Bank’s most recent Key Information Summary at the Registered Bank’s head office and every branch or agency of the Registered Bank;

(b) every Registered Bank shall provide to any person a copy of its most recent Key Information Summary immediately upon request and at no charge;

(c) every Registered Bank shall provide a copy of its