✨ Financial Regulations Definitions
2468 NEW ZEALAND GAZETTE, No. 88 24 JUNE 2011
financial asset acquired through the enforcement of security has the same meaning as in NZ IFRS 7
financial instrument has the same meaning as in NZ IAS 32
financial liability has the same meaning as in NZ IAS 32
financial reporting group means the New Zealand business of all the members of the group (as that term is defined in section 2(1) of the Financial Reporting Act 1993) that comprises a reporting entity that is the overseas bank and its subsidiaries, as if the members of the group were companies formed and registered in New Zealand
first quarter accounting period means—
(a) the first 3 month period of an accounting period; or
(b) if clause 21 applies, the first quarter accounting period determined by the Reserve Bank
generally accepted accounting practice has the same meaning as in section 3 of the Financial Reporting Act 1993
government guarantee means a guarantee of all or some of a registered bank’s obligations, or a similar arrangement, provided—
(a) under the New Zealand deposit guarantee scheme;
(b) under another guarantee or similar arrangement provided by the New Zealand government; or
(b) by a sovereign authority in an overseas jurisdiction
group of closely related counterparties has the same meaning as in NZ IFRS 7
holding company has the same meaning as in section 5 of the Companies Act 1993
immediate relative, in relation to any person, means their spouse, civil union partner, or de facto partner (as defined in the Property (Relationships) Act 1976), and any parent, brother, sister or child, in each case whether or not adoptive, of that person or of their spouse, civil union partner, or de facto partner
independent director, in relation to an overseas bank, means a director who is not—
(a) an employee of the overseas bank; and
(b) a director, trustee, or employee of—
(i) a holding company of the overseas bank; or
(ii) any other entity capable of controlling or significantly influencing the overseas bank
individual credit impairment allowance means an allowance for credit impairment loss on individual assets
individually impaired asset means a financial asset that is individually determined to be impaired at reporting date in accordance with NZ IAS 39 paragraphs 58 to 62
insurance business, in relation to a registered bank, has the same meaning as in the conditions of registration for the registered bank
interest rate repricing date, in relation to the whole or part of a financial instrument, means the earlier of the date on which, in accordance with the terms of the financial instrument,—
(a) the interest rate reset date next occurs (being the date on which the rate of interest payable in respect of the whole or part (as applicable) of the financial instrument can or will alter); or
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NZ Gazette 2011, No 88
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Definitions for Banking Regulations
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💰 Finance & RevenueBanking regulations, Definitions, Financial instruments, Liabilities, Reporting