✨ Banking Regulation Amendments
10 NOVEMBER 2008 NEW ZEALAND GAZETTE, No. 173 4479
Crown in respect of certain financial institutions under section 65ZD of
the Public Finance Act 1989”
5 Clause 20 amended for government guarantees
(1) In clause 20(1)(a), replace “if paragraph (b) does not apply and” with “if” and
after “a person” insert “other than a government”.
(2) After clause 20(1)(a) insert:
“(aa) if the registered bank has a government guarantee that is provided by
means of a contract, a copy of the guarantee contract:”
6 Clause 1 of Schedule 1 amended
Replace clause 1 of Schedule 1 with:
“1 Introductory statement for customers of registered bank
The following statements:
“The purpose of this key information summary is to provide
customers and potential customers with information about the
financial condition of their bank.
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? This publication can
be obtained from the [Reserve Bank] [Reserve Bank and the
[name of registered bank]].”
*Delete if not applicable”
7 New clauses in Schedule 1 for government guarantees
After clause 3 in Schedule 1 insert:
“3A Government guarantees
(1) This clause applies if the registered bank has 1 or more government
guarantees on the day its directors and New Zealand chief executive
officer sign its short form disclosure statement.
(2) A registered bank must make the statements in this clause for each
such guarantee.
(3) The following statement:
“[Name of registered bank] has a guarantee under [description
of the guarantee – for example, ‘the New Zealand deposit
guarantee scheme’].”
(4) Statements:
(a) on how to obtain information about the government guarantee,
for example, via an Internet site maintained by or on behalf of a
government guarantor; and
(b) to direct the reader to more information on the registered
bank’s government guarantee in the registered bank’s general
disclosure statement and, if applicable, its supplemental
disclosure statement.
3B No New Zealand government deposit guarantee
(1) This clause applies if the registered bank does not have a guarantee
under the New Zealand deposit guarantee scheme on the day its
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NZ Gazette 2008, No 173
✨ LLM interpretation of page content
💰
Amendment to Registered Bank Disclosure Statement Order
(continued from previous page)
💰 Finance & Revenue4 November 2008
Banking, Regulation, Disclosure, Government Guarantee, Amendment