New Zealand Gazette – 2011 – No. 87

Page 2228

✨ Banking Regulation Details

2228 NEW ZEALAND GAZETTE, No. 87 24 JUNE 2011

(2) If subclause (1) applies,—

(a) the title of the legislation or regulations involved;

(b) the nature of the subordination of the rights of creditors of the branch; and

(c) the nature and amount of each class of the branch’s liabilities that are affected.

4 Requirement to hold excess assets over deposit liabilities

If the registered bank is required by any statute to hold in New Zealand an excess of assets over deposit liabilities,—

(a) the title of the statute;

(b) a description of the requirement; and

(c) a statement whether or not, since the commencement of the full year accounting period, the registered bank has at all times complied with that requirement.

5 Requirement to maintain sufficient assets to cover ongoing obligation to pay deposit liabilities

If the registered bank is subject to any regulatory or legislative requirement in the registered bank’s country of domicile to maintain sufficient assets in that country to cover an ongoing obligation to pay deposit liabilities in that country,—

(a) the title of the legislation or regulations that impose the requirement;

(b) a description of the requirement; and

(c) a statement that the requirement has the potential to impact on the management of the liquidity of the New Zealand business of the registered bank.

6 Guarantees

(1) A statement on whether or not any material obligations of the registered bank are guaranteed as at the date its directors and New Zealand chief executive officer sign its disclosure statement.

(2) If any material obligations of the registered bank are guaranteed under a guarantee that is not a government guarantee, for each such guarantee the matters set out in clauses 7 and 8.

(3) If the registered bank has a government guarantee, for each such guarantee the matters set out in clauses 9 and 10.

(4) If any material obligations of the registered bank are guaranteed under a cross guaranteeing arrangement, the matters required by clause 11.

(5) Subclause (2) does not apply if subclause (4) applies.

7 Details of guarantor

(1) The name and address for service of the guarantor.

(2) A statement on whether or not the guarantor is a member of the registered bank’s banking group or its overseas banking group.

(3) Either—

    (a) the amount of the net tangible assets of the guarantor as shown in the most recent publicly available audited financial statements, together with any qualifications in the auditor’s report on those financial statements that

Next Page →