NEW ZEALAND GAZETTE

No. 126

A bank is required to calculate market risk exposures using either the method specified in the Order, or a different method provided that such method does not give a result which would be materially lower than that arrived at by the method specified in the Order.

The General Short Form Disclosure Statement required by this Order in Council is an abbreviated version of the General Disclosure Statement required by the Registered Bank Disclosure Statement (Full and Half-Year—New Zealand Incorporated Registered Banks) Order 1998.

Each bank must also publish a Supplemental Disclosure Statement, unless the information it would include is contained in the General Short Form Disclosure Statement. The Supplemental Disclosure Statement must be made available free of charge, immediately if the request is made at a bank’s head office, or within five working days if the request is made at a bank branch or at any customer-accessible bank premises other than the head office. This Order in Council requires the following information to be contained in a Supplemental Disclosure Statement:

a the conditions of registration imposed by the Reserve Bank on the registered bank pursuant to section 74 of the Reserve Bank of New Zealand Act;

b the contract of guarantee and financial statements of any guarantor, where the material obligations of the registered bank are guaranteed;

c where the registered bank has entered into any material cross guaranteeing arrangements, a copy of the full guarantee contract if there is a contract which sets out, or is representative of, the rights and obligations of all the cross guarantors.

A bank has two months from its off-quarter balance date to publish the disclosure statements required by this Order in Council. The exceptions to this are:

a where a bank elects to have its General Short Form Disclosure Statement audited by an external auditor; or

b where a bank has not previously published a disclosure statement under the new disclosure arrangements;

in which case the bank has three months to publish its disclosure statement.

The disclosure statements published pursuant to this Order in Council are not required to be audited nor to be subject to a limited review by an external auditor.

The disclosure statements required by this Order in Council must be signed by all the directors of the bank. A director may authorise in writing another person to sign on his or her behalf.

The Reserve Bank of New Zealand Act provides for criminal and civil penalties where a bank’s disclosure statement is found to be false or misleading.

This Order in Council is administered in the Reserve Bank of New Zealand.

Registered Bank Disclosure Statement (Full and Half-Year—Overseas Incorporated Registered Banks) Order 1998

ORDER IN COUNCIL

At Wellington this 24th day of August 1998

Present:
His EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

Pursuant to section 81(1) of the Reserve Bank of New Zealand Act 1989, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, and on the advice of the Treasurer given in accordance with a recommendation of the Reserve Bank of New Zealand, hereby makes the following Order.

A n a l y s i s

Part I—Preliminary

1. Title, Application and Commencement

Part I—Preliminary

2. Interpretation

3. Form, Frequency and Distribution of Disclosure Statement

4. General Provisions Relating to Content of Disclosure Statement

Part II—Key Information Summary

5. Content of Key Information Summary

Part III—General Disclosures to be Contained in General Disclosure Statement

6. General Matters

7. Guarantee Arrangements

8. Registered Bank: Directorate and Auditors

9. Conditions of Registration

10. Pending Proceedings or Arbitration

11. Credit Ratings

Part IV—Financial and Supplementary Disclosures to be Contained in General Disclosure Statement

12. Content of Financial and Supplementary Disclosures

13. Historical Summary of Financial Statements

14. Members of Banking Group

15. Auditor’s Report

16. Other Material Matters

17. The Directors’ Statement

18. Financial Statements of the Overseas Bank and Overseas Banking Group

Part V—Supplemental Disclosure Statement

19. General Matters

20. Guarantors

21. Conditions of Registration

22. Financial Statements of the Overseas Bank and Overseas Banking Group

Schedules

1. Supplementary Financial Disclosures, and Asset Quality

2. The Size and Nature of Business of the Registered Bank and Banking Group

3. Capital Adequacy of the Overseas Bank and Overseas Banking Group

4. Concentration of Credit Exposures to Individual Counterparties

5. Securitisation, Funds Management and Other Fiduciary Activities

6. Risk Management Policies

7. Exposures to Market Risk

8. Measurement of Market Risk Exposure

O r d e r

1. Title, Application and Commencement—(1) This Order may be cited as the Registered Bank Disclosure Statement (Full and Half-Year—Overseas Incorporated Registered Banks) Order 1998.

(2) This Order applies to every Registered Bank incorporated overseas.

(3) This Order shall come into force on the 1st day of October 1998 and replaces the Registered Bank Disclosure Statement (Full and Half-Year—Overseas Incorporated Registered Banks) Order 1995 which is hereby consequentially revoked.