468 NEW ZEALAND GAZETTE, No. 21 23 FEBRUARY 2007

"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 an Impaired Asset, and for the sake of clarity, includes an asset for which, in relation to the contracted terms, conditions, or limits which applied to the asset immediately before non-performance commenced:

(a) any payment of principal, interest, or other forms of monies owing is overdue, or has not been paid in accordance with the asset’s terms and conditions, for at least 90 days; or

(b) amounts owing under revolving facilities have been continuously outside of limits for at least 90 days.

"Premises" means any staffed premises of the Registered Bank or an agency of the Registered Bank to which the Registered Bank’s customers or potential customers have access in order to conduct banking business.

"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.

"Rate Insensitive Retail Assets" means that amount of the Financial Assets held by the Banking Group which the Registered Bank reasonably believes is unlikely to be diminished or increased as a result of a Material change in market interest rates if the interest rate applicable to that Financial Asset (which may be zero) does not change or does not change Materially.

"Rate Insensitive Retail Liabilities" means that amount of the Financial Liabilities held by the Banking Group which the Registered Bank reasonably believes is unlikely to be diminished or increased as a result of a Material change in market interest rates if the interest rate applicable to that Financial Liability (which may be zero) does not change or does not change Materially.

"Rate Insensitive Retail Product" means either or both of a Rate Insensitive Retail Asset or a Rate Insensitive Retail Liability.

"Real Estate Asset Acquired Through the Enforcement of Security" has the same meaning as in FRS-33, as amended from time to time.

"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 was 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 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.

"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 Disclosure Statement which contains the information prescribed in Part V of this Order.

"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 has adopted NZ IASs and NZ IFRSs:

(aa) "Allowance for impairment loss" means an 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 as set out in NZ IAS 39 paragraphs 58 to 62;

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

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

(c) 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 or NZ IFRS 7, as applicable;

(d) Equity refers to and has the same meaning as "Equity" in the "New Zealand Equivalent to the IASB Framework for the Preparation and Presentation of Financial Statements" approved by the Accounting Standards Review Board as amended from time to time;

(e) Asset Acquired Through the Enforcement of Security means any asset which is legally owned as the result of enforcing security, other than a building occupied by the bank;