✨ Banking Regulation Amendments
10 NOVEMBER 2008 NEW ZEALAND GAZETTE, No. 173 4481
10B Details of obligations guaranteed by government guarantors
(1) A description of the obligations guaranteed by the government guarantor.
(2) A statement on whether there are any limits on the amount of the obligations guaranteed and, if so, a brief summary of the nature of those limits.
(3) A statement on whether there are any material conditions applicable to the guarantee other than non-performance by the principal obligor and, if so, a brief summary of those conditions.
(4) If the government guarantee has an expiry date,—
(a) a statement of the date the guarantee expires; and
(b) if the registered bank has an option to roll over or renew the guarantee, a statement explaining that option.”
11 Clause 11 of Schedule 2 amended
Replace clause 11 of Schedule 2 with:
“11 Availability of guarantee contracts
(1) If the guarantee is provided under a contract, a statement—
(a) that a copy of the registered bank’s guarantee contract is included in its most recent supplemental disclosure statement; and
(b) that its most recent supplemental disclosure statement is available at no charge—
(i) via an Internet site maintained by or on behalf of the registered bank;
(ii) immediately, if a request is made at the registered bank’s head office; and
(iii) within 5 working days of a request, if a request is made at another place specified by the registered bank.
(2) Subclause (1) does not apply if the full guarantee contract is included in the registered bank’s general disclosure statement.”
12 Clause 12 of Schedule 3 amended
In clause 12(3) of Schedule 3, replace “clause 10(2) to (5)” with “clause 10(2) to (6)”.
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REBECCA KITTERIDGE, Clerk of the Executive Council.
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Explanatory note
This note is not part of the order, but is intended to indicate its general effect.
This order, which comes into force on 17 November 2008, amends the Registered Bank Disclosure Statement (Off-Quarter—Overseas Incorporated Registered Banks) Order 2008, published in a Supplement to the New Zealand Gazette, 27 February 2008, No. 40, at page 1102, to provide for disclosures to be made in respect of the New Zealand deposit guarantee scheme first announced on 12 October 2008 and similar overseas schemes.
This order is administered by the Reserve Bank of New Zealand
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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
- REBECCA KITTERIDGE, Clerk of the Executive Council
💰 Explanatory Note on Banking Disclosure Amendments
💰 Finance & RevenueBanking, Regulation, Disclosure, Government Guarantee, Explanation