✨ Banking Regulations
24 JUNE 2011 NEW ZEALAND GAZETTE, No. 88 2373
(d) descriptions or explanations of all steps in the applicable rating scales.
7B 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.
8 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.
9 Material cross guarantees
(1) If a person has entered into a material cross guaranteeing arrangement with the registered bank, the matters set out in subclauses (2) to (4).
(2) A description of the guaranteeing group and the nature of the cross guaranteeing arrangement.
(3) The matters required to be disclosed under clause 7(2) to (6) as if those provisions applied to the guarantees of the obligations of the registered bank, as well as to the guarantees the registered bank has given in respect of the first-mentioned person’s obligations.
(4) If there is a single contract that sets out the rights and obligations of all the cross guarantors; or if there is a standard contract which is representative of the rights and obligations of each of the cross guarantors, a statement—
(a) that a copy of the registered bank’s most recent supplemental disclosure statement, which contains a copy of the full guarantee contract, will be provided
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NZ Gazette 2011, No 88
✨ LLM interpretation of page content
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Registered Bank Disclosure Statement (Off-Quarter—New Zealand Incorporated Registered Banks) Order 2011
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💰 Finance & Revenue20 June 2011
Banking regulations, Disclosure statement, Supplemental information, Financial statements, Guarantee contracts, Auditor’s report