✨ Financial Regulations
1044 NEW ZEALAND GAZETTE, No. 40 27 FEBRUARY 2008
(2) The following information as at the off-quarter balance date
and in respect of the individual non-bank counterparties, and
groups of closely related counterparties of which a bank is not
the parent, referred to in clause 5(2):
(a) the total amount of credit exposures to those
counterparties that have a credit rating that is of
investment grade:
(b) the total amount of credit exposures to those
counterparties that have a credit rating that is below
investment grade:
(c) the total amount of credit exposures to those
counterparties that do not have a credit rating:
(d) the percentage each of the amounts referred to in
paragraphs (a) to (c) represents in relation to the
aggregate of the amounts referred to in those
paragraphs.
8 Meaning of credit rating
(1) For the purposes of clauses 2 and 7, credit rating means a
credit rating that meets the criteria in subclause (2) and that,—
(a) in the case of a group of closely related counterparties,
applies to the entity heading the group of closely related
counterparties; or
(b) in the case of an individual counterparty (excluding a
member of a group of closely related counterparties),
applies to the individual counterparty.
(2) The following criteria:
(a) a credit rating that applies to—
(i) the relevant entity’s long term senior unsecured
obligations payable in New Zealand, in New
Zealand dollars; or
(ii) the relevant entity’s long term senior unsecured
foreign currency obligations:
(b) a credit rating given by a rating agency that has been
approved by the Reserve Bank of New Zealand under
section 80 of the Act.
(3) If an entity has 2 or more credit ratings that meet the criteria in
subclauses (1) and (2) and those credit ratings are not the same,
then the lowest credit rating applies.9 Meaning of investment grade credit rating
For the purposes of this schedule, an investment grade credit
rating means a credit rating of BBB- or Baa3 or above, or its
equivalent.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 40
Gazette.govt.nz —
NZ Gazette 2008, No 40
✨ LLM interpretation of page content
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Schedule 5: Concentration of Credit Exposures to Individual Counterparties
(continued from previous page)
💰 Finance & RevenueCredit exposure, Banking group, Disclosure requirements, Internal limits, Comparative figures, Credit rating, Investment grade, Large exposures