✨ Banking Regulation Details
24 JUNE 2011 NEW ZEALAND GAZETTE, No. 88 2437
4
Subordination of claims of creditors
(1) A statement whether there are any material legislative or regulatory restrictions in the overseas bank’s country of incorporation that, in a liquidation of the overseas bank, subordinate 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,—
(a) the title of the legislation or regulations involved; and
(b) the nature of the subordination of the rights of creditors of the registered bank; and
(c) the nature and amount of each class of the registered bank’s liabilities that are affected.
5
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; and
(b) a description of the requirement; and
(c) a statement whether, since the commencement of the accounting period, the registered bank has at all times complied with that requirement.
6
Requirement to maintain sufficient assets to cover ongoing obligation to pay deposit liabilities
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,—
(a) the title of the legislation or regulations that impose the requirement; and
(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 operations of the overseas bank.
7
Guarantees
(1) A statement on whether any material obligations of the overseas 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 overseas bank are guaranteed under a guarantee that is not a government guarantee, for each such guarantee the matters set out in clauses 8, 9, and 10.
(3) If the registered bank has a government guarantee, for each such guarantee the matters set out in clauses 9A, 9B and 10.
(4) If any material obligations of the overseas bank are guaranteed under a cross guaranteeing arrangement, the matters required by clause 11.
(5) Subclause (2) does not apply if subclause (4) applies.
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NZ Gazette 2011, No 88
✨ LLM interpretation of page content
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Registered Bank Disclosure Statement Order 2011
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💰 Finance & RevenueFinancial regulation, Disclosure statements, Banking terms, Publication requirements, Reserve Bank