✨ Banking Regulation Amendments
4480 NEW ZEALAND GAZETTE, No. 173 10 NOVEMBER 2008
(2) directors and New Zealand chief executive officer sign its short form disclosure statement.
The following statement:
"[Name of registered bank] does not have a guarantee under the New Zealand deposit guarantee scheme as at [date]."
8 Clause 8 of Schedule 2 amended
Replace clause 8 of Schedule 2 with:
"8 Guarantees
(1) A statement on whether any material obligations of the overseas bank are guaranteed as at the date its directors and New Zealand chief executive officer sign its short form disclosure statement.
(2) If any material obligations of the overseas bank are guaranteed under a guarantee that is not a government guarantee, for each such guarantee the matters set out in clauses 9, 10, and 11.
(3) If the registered bank has a government guarantee, for each such guarantee the matters set out in clauses 10A, 10B and 11.
(4) If any material obligations of the overseas bank are guaranteed under a cross guaranteeing arrangement, the matters required by clause 12.
(5) Subclause (2) does not apply if subclause (4) applies."
9 Clause 10 of Schedule 2 amended
After clause 10(5) of Schedule 2 insert:
"(6) If the guarantee has an expiry date,—
(a) a statement of the date the guarantee expires; and
(b) if the overseas bank has an option to roll over or renew the guarantee, a statement explaining that option."
10 New clauses in Schedule 2 for government guarantees
After clause 10 of Schedule 2 insert:
"10A Details of government guarantors
(1) The name and address for service of the guarantor.
(2) A statement on how to obtain information about the government guarantee, for example, via an Internet site maintained by or on behalf of the government guarantor.
(3) To the extent the government guarantee is provided by means other than a contract, a statement of how to obtain the legislation, regulations or other documents that set out the terms and conditions of the government guarantee.
(4) A statement on how to obtain the most recent audited financial statements of the government guarantor, for example, via an Internet site maintained by or on behalf of the government guarantor.
(5) The government guarantor’s issuer credit ratings in respect of its long term obligations payable in the currency of its jurisdiction and for each rating—
(a) the name of the person who gave the credit rating;
(b) the current rating and all qualifications to that rating;
(c) each change made to the rating in the 2 years immediately before the balance date and the date on which that change occurred; and
(d) descriptions or explanations of all steps in the applicable rating scales."
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NZ Gazette 2008, No 173
✨ LLM interpretation of page content
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Amendment to Registered Bank Disclosure Statement Order
(continued from previous page)
💰 Finance & Revenue4 November 2008
Banking, Regulation, Disclosure, Government Guarantee, Amendment