NEW ZEALAND GAZETTE, No. 35

11 FEBRUARY 2005

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

"Registered Bank" means the New Zealand Business of the entity which is entered on the Register, as if that entity’s business were conducted by a company formed and registered in New Zealand.

"Responsible Person" means a person authorised in writing by a Director or the New Zealand Chief Executive Officer to sign the Short Form 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.

"Retail Deposit" has the same meaning as in the Conditions of Registration.

"Short Form Disclosure Statement", in relation to a Registered Bank, means a document Published by that Registered Bank under sections 81 or 83 of the Act which shall comprise a General Short Form Disclosure Statement, Key Information Summary and Supplemental Disclosure Statement.

"Specific Provision" has the same meaning as in FRS-33, as amended from time to time.

"Subsidiary" means a subsidiary within the meaning of sections 5 to 8 of the Companies Act 1993.

"Supplemental Disclosure Statement" means that part of a Short Form Disclosure Statement which contains the information prescribed in Part V of this Order.

"Third Quarter Accounting Period" means, subject to the application of subclause 2 (6):

(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 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.

"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.

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

(5) Where a Registered Bank voluntarily adopts NZ IASs and NZ IFRSs over the period from 1 January 2005 to 31 December 2006 (both inclusive):

(a) a Specific Provision is deemed to refer to and have the same meaning as an "Allowance for impairment loss", as defined in NZ IAS 30, which has been allocated to an individual financial asset;

(b) a General Provision is deemed to refer to and have the same meaning as an "Allowance for impairment loss", as defined in NZ IAS 30, which has been allocated to groups of financial assets;

(c) a Group of Closely Related Counterparties is deemed to refer to and have the same meaning as "Group of closely related counterparties", as defined in NZ IAS 30;

(d) Equity is deemed to refer to and have the same meaning as "Equity" in the New Zealand Framework of the Institute of Chartered Accountants of New Zealand;

(e) Asset Acquired Through the Enforcement of Security is deemed to refer to and have the same meaning as "Asset acquired through the enforcement of security", as defined in NZ IAS 30;

(f) Real Estate Asset Acquired Through the Enforcement of Security is deemed to refer to and have the same meaning as "Real estate asset acquired through the enforcement of security", as defined in NZ IAS 30;

(g) a Non-Accrual Asset and a Restructured Asset are deemed to refer to an "Other impaired asset" and a "Restructured asset" respectively, which shall be defined as follows:

(i) "Other impaired asset" means any Credit Exposure for which an impairment loss is required in accordance with NZ IAS 39 paragraphs 58 to 62 but is not a Restructured asset;

(ii) "Restructured asset" means any Credit Exposure for which:

(A) the original terms have been changed to grant the Counterparty a concession that would not have otherwise 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 institution’s average cost of funds, or that a loss is not otherwise expected to be incurred;

where, in this subclause 2 (5) (g), the term Credit Exposure shall have the same meaning as in subclause 2 (4) of Part I of this Order;

(h) Impaired Asset is deemed to mean an "Other impaired asset", a "Restructured asset", or an "Asset acquired through the enforcement of security";

(i) any other definition contained in FRS-33, except for the definition of Counterparty, is deemed to refer to and have the meaning of:

(i) the corresponding definition, meaning, interpretation or guidance contained in NZ IAS 30;