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NEW ZEALAND GAZETTE, No. 35

11 FEBRUARY 2005

(b) contain information which is the closest available alternative to that required to be disclosed pursuant to this Order.

(6) The comparative information required to be disclosed by this Order or by the requirements of the Financial Reporting Act 1993 for the previous corresponding period shall be restated so that it corresponds to the information presented for the current period. Where there has been a Material restatement of prior period amounts, the nature of, and the reason for, the restatement shall be disclosed.

(7) A Registered Bank need not disclose comparative information where this information is not readily available, provided that comparative information shall be deemed to be readily available 12 months after the date at which such information was first required to be Published.

(8) A Registered Bank shall disclose the currency used where financial statements, or information drawn from financial statements, are disclosed in a currency other than New Zealand dollars.

(9) Other than in the case of copies of guarantee contracts, all information disclosed in accordance with this Order shall be disclosed in English.

(10) Where a Registered Bank voluntarily adopts NZ IASs and NZ IFRSs over the period from 1 January 2005 to 31 December 2006 (both inclusive), all the requirements of this Order shall apply to that Registered Bank, using, as applicable, the following principles as a basis for the interpretation of the provisions of this Order:

(a) all the terms set out in subclause 2 (4) of Part I of this Order shall have the same meaning as in that subclause, unless they are modified by subclause 2 (5) of this Order;

(b) any reference in this Order to the phrase "provision for expected losses" is deemed to refer to an "Allowance for impairment loss" of the type defined in NZ IAS 30;

(c) any reference in this Order to the phrase "provision for diminution in asset value" is deemed to refer to an allowance for impairment loss created in respect of a non-financial asset";

(d) any reference in this Order to the term "pre-provision" is deemed to refer to the term "pre-allowance";

(e) information shall be disclosed using terminology deemed to apply by this subclause 4 (10) or by subclause 2 (5) of Part I of this Order, except that information relating to Specific Provisions shall be disclosed using the terminology "Allowance for impairment loss on individual assets", and information relating to General Provisions shall be disclosed using the terminology "Allowance for impairment loss on groups of financial assets".

Part II

Key Information Summary

5. Content of Key Information Summary—(1) Subject to subclause (2) of this clause, the Key Information Summary shall contain, in the same order and under the same headings, the information required to be disclosed pursuant to subclause (6) of this clause, as at the Registered Bank’s Off-Quarter Balance Date or for the First Quarter Accounting Period or Third Quarter Accounting Period, as the case may be, unless otherwise stated.

(2) If a Key Information Summary would be false or misleading as a result of stating the information required to be disclosed pursuant to subclause (6) of this clause, information and explanations that will make the Key Information Summary not false or misleading shall also be stated under the relevant heading.

(3) Where applicable, the information contained in the Key Information Summary shall be taken from the information contained in the General Short Form Disclosure Statement.

(4) The Key Information Summary may contain additional information, to which the information stated pursuant to subclause (6) of this clause may refer by way of note, provided that such information is set out after the information required to be disclosed pursuant to subclause (6) of this clause.

(5) The information required to be disclosed pursuant to subclause (6) (d) to (h) of this clause shall include comparative figures for the previous corresponding period.

(6) The Key Information Summary shall contain:

(a) Introductory information—

the following statement:

"The purpose of this Key Information Summary is to provide customers and potential customers with information about the financial condition of their bank.

Neither the New Zealand Government nor the Reserve Bank of New Zealand guarantees or insures bank deposits.

The information contained in the Key Information Summary is explained in the Reserve Bank publication ‘Your Bank’s Disclosure Statement – What’s In It For You?’ which can be obtained from the Reserve Bank."

(or at the option of the Registered Bank, "... from the Reserve Bank and the (name of bank).");

(b) Corporate information—

(i) the name of the Overseas Bank and its country of domicile;

(ii) if applicable, the name of any person that is the Ultimate Parent Bank of the Overseas Bank and its country of domicile;

(iii) if applicable, the name of any person that is the Ultimate Holding Company of the Overseas Bank and its country of domicile;

(c) Credit rating—

if the Registered Bank is required, by a notice given to it under section 80 of the Act, to obtain or maintain a rating of its creditworthiness or financial condition by a person nominated or approved by the Reserve Bank, with respect to each rating obtained or maintained by the Registered Bank that complies with the notice given under section 80:

(i) the name of the person who gave the rating;

(ii) the type of rating;

(iii) the current rating and all qualifications to that rating;