✨ Bank Disclosure Requirements
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NEW ZEALAND GAZETTE, No. 40
27 FEBRUARY 2008
(e) descriptions of the banking group’s policies and systems for
managing risks in respect of a new category of risk not
previously incurred by the banking group:
(f) the conditions of registration imposed by the Reserve Bank on
the registered bank under section 74 of the Reserve Bank of
New Zealand Act:
(g) statements signed by the directors of the bank, including an
attestation as to whether the directors are satisfied that the
banking group had systems in place to monitor and control
adequately the group’s material business risks and whether the
controls have been properly applied over the reporting period,
and a statement that the disclosure statement is not false or
misleading.
The general short form disclosure statement required by this Order in
Council is an abbreviated version of the general disclosure statement
required by the Registered Bank Disclosure Statement (Full and
Half-Year—New Zealand Incorporated Registered Banks) Order 2008.
Each bank must also publish a supplemental disclosure statement,
unless the information it would include is contained in the general
short form disclosure statement. The supplemental disclosure statement
must be made available free of charge, immediately if the request is
made at a bank’s head office, or within 5 working days if the request is
made at a bank branch or at any customer-accessible bank premises
other than the head office. It must also be readily available on the
bank’s internet website. This Order in Council requires the following
information to be contained in a supplemental disclosure statement:
(a) the contract of guarantee and financial statements of any
guarantor, where the material obligations of the registered bank
are guaranteed:
(b) if the registered bank has entered into any material cross
guaranteeing arrangements, a copy of the full guarantee
contract if there is a contract which sets out, or is representative
of, the rights and obligations of all the cross guarantors:
(c) a copy of any bilateral netting agreement the bank has entered
into with a connected person.
A bank has 2 months from its off-quarter balance date to publish the
disclosure statements required by this Order in Council. The exception
to is where a bank elects to have its general short form disclosure
statement audited by an external auditor, in which case the bank has
three months to publish its disclosure statement.
The disclosure statements published pursuant to this Order in Council
are not required to be audited nor to be subject to a limited review by
an external auditor.
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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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Explanatory note on Registered Bank Disclosure Statement Order
(continued from previous page)
💰 Finance & RevenueBanking, Disclosure, Order, Basel II, Capital Adequacy, Risk Management, Supplemental Disclosure, Audit Requirements