✨ Banking Disclosure Requirements
1074 NEW ZEALAND GAZETTE, No. 40 27 FEBRUARY 2008
9
Ranking of local creditors in liquidation
(1) A statement whether, in a liquidation of an overseas bank, there
are any material legislative or regulatory restrictions in the
overseas bank’s country of incorporation that subordinates the
claims of any class of unsecured creditors of the registered
bank on the assets of the overseas bank to those of any other
class of unsecured creditors of the overseas bank.
(2) If subclause (1) applies, the following information:
(a) the title of the legislation or regulations involved and a
summary of the nature of the subordination of the rights
of creditors of the registered bank:
(b) the nature and amount of each class of the registered
bank’s liabilities that are affected:
(c) if the registered bank is required by any statute to hold
in New Zealand an excess of assets over deposit
liabilities, the title of the statute and a description of the
requirement and a statement as to whether, since the
commencement of the accounting period, the registered
bank has at all times complied with that requirement:
(d) if the overseas bank is subject to any regulatory or
legislative requirement in the overseas bank’s country
of incorporation to maintain sufficient assets in that
country to cover an ongoing obligation to pay deposit
liabilities in that country:
(i) the title of the legislation or regulations that
impose the requirement; and
(ii) a description of the requirement; and
(iii) a statement that the requirement has the potential
to impact on the management of the liquidity of
the New Zealand operations of the overseas
bank.
10
Non-consolidated activities
(1) A statement whether the overseas bank carries on in New
Zealand any insurance business that is outside the banking
group.
(2) If subclause (1) applies, the following information:
(a) the total assets, total equity, and total profits before and
after tax of the insurance business on a consolidated
basis, and if the insurance business is carried on by an
overseas incorporated company, separately in respect of
the overseas company’s group and that group’s New
Zealand business:
(b) a statement that—
(i) the most recent publicly available financial
statements and group financial statements for the
insurance business are contained in the
registered bank’s supplemental disclosure
statement or general disclosure statement (state
which); and
(ii) copies of the registered bank’s supplemental
disclosure statement or general disclosure
statement (or that part of which, as applicable)
will be provided at no charge to any person
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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 2: Key Information Summary for Registered Bank Customers
(continued from previous page)
💰 Finance & RevenueBanking, Key Information Summary, Disclosure Requirements, Financial Condition, Capital Adequacy, Asset Quality, Credit Exposure, Liquidation, Local Creditors, Legislative Restrictions, Non-consolidated Activities