23 FEBRUARY 2007

NEW ZEALAND GAZETTE, No. 21

493

“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;

(f) Real Estate Asset Acquired Through the Enforcement of Security means a land or building asset acquired through the enforcement of security;

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

(i) “Other individually impaired asset” means any Credit Exposure that is individually determined to be impaired at reporting date in accordance with NZ IAS 39 paragraphs 58 to 62 but is not a Restructured asset or an Asset Acquired Through the Enforcement of Security;

(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 individually 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 or NZ IFRS 7, as applicable;

(ii) or where NZ IAS 30 or NZ IFRS 7 is not applicable, the corresponding definition, meaning, interpretation or guidance contained in any other NZ IAS or NZ IFRS.

(6) Notwithstanding any other provisions of this Order, if as a result of the date of registration of a Company in terms of the Companies Act 1993, or as a result of a change in the Balance Date of a Registered Bank or Company, an Accounting Period of a Registered Bank will be shorter or longer than 12 months, the Reserve Bank may, after consultation with the Company or the Registered Bank, determine the length of any First or Third Quarter Accounting Period relating to the shorter or longer Accounting Period.

3. Form, Frequency and Distribution of Short Form Disclosure Statement—(1) Subject to the Act, every Registered Bank shall Publish, after each Off-Quarter Balance Date, a Short Form 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) The Short Form Disclosure Statement shall be Published:

(a) not later than two months after each Off-Quarter Balance Date;

(b) where a General Short Form Disclosure Statement is subject to review or audit by an external auditor, and provided that the extent of review or audit is not less than that which is required in respect of a Disclosure Statement in terms of the Registered Bank Disclosure Statement (Full and Half-Year - Overseas Incorporated Registered Banks) Order 2007, not later than three months after each Off-Quarter Balance Date.