✨ Financial Regulation Amendments
NEW ZEALAND GAZETTE, No. 16 — 19 FEBRUARY 2015
associated with:
(i) financial instruments that are not credit-impaired financial assets;
(ii) financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired);
(iii) trade receivables, contract assets or lease receivables for which the loss allowances are measured under NZ IFRS 9;
(c) the charge (credit) to the statement of financial performance associated with financial assets that are purchased or originated credit-impaired."
- Clause 8 of Schedule 14 replaced
Replace clause 8 of Schedule 14 with:
"8 Aggregate amount of individual credit impairment allowances against credit exposures to connected persons
If the registered bank assesses credit impairment allowances in accordance with NZ IAS 39, a statement of the aggregate amount of the registered bank’s banking group’s individual credit impairment allowances provided against credit exposures to connected persons as at the reporting date."
- New Clause 8A in Schedule 14
After clause 8 of Schedule 14 insert:
"8A Loss allowance for credit-impaired credit exposures to connected persons (NZ IFRS 9)
If the registered bank measures loss allowances for financial instruments in accordance with NZ IFRS 9, a statement of the aggregate amount of the registered bank’s banking group’s loss allowance for credit exposures to connected persons that are credit-impaired at the reporting date."
- Clause 6 of Schedule 17 amended
In clause 6(1) of Schedule 17, after "paragraph 21" insert ", and paragraphs 35F and 35G (if applicable)".
M. L. C. WEBSTER, Clerk of the Executive Council.
Explanatory note
This note is not part of the order, but is intended to indicate its general effect.
This order comes into force on 31 March 2015. It amends the Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks) Order 2014, published in a Supplement to the New Zealand Gazette, 21 February 2014, No. 21, page 452. The purpose of this order is to update disclosure requirements for registered banks that are incorporated in New Zealand, to reflect the revised approach to financial asset impairment that the External Reporting Board has implemented by issuing a new version of the financial reporting standard NZ IFRS 9.
This order is administered by the Reserve Bank of New Zealand
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Registered Bank Disclosure Statements (Overseas Incorporated Registered Banks) Order 2014 Amendment Order 2015
Lt Gen The Rt Hon Sir JERRY MATEPARAE, Governor-General
Order in Council
At Wellington this 16th day of February 2015
Present:
The Rt Hon JOHN KEY
PRESIDING IN COUNCIL
Pursuant to section 81 of the Reserve Bank of New Zealand Act 1989, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council and on the advice of the Minister of Finance given in
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NZ Gazette 2015, No 16
✨ LLM interpretation of page content
💰
Registered Bank Disclosure Statements Amendment Order 2015
(continued from previous page)
💰 Finance & Revenue16 February 2015
Bank disclosure, Reserve Bank of New Zealand Act 1989, Financial regulation, NZ IFRS 9, Impairment methodology
- M. L. C. Webster, Clerk of the Executive Council
💰 Registered Bank Disclosure Statements (Overseas Incorporated Registered Banks) Order 2014 Amendment Order 2015
💰 Finance & Revenue16 February 2015
Bank disclosure, Overseas banks, Reserve Bank of New Zealand Act 1989, Financial regulation
- Lt Gen The Rt Hon Sir Jerry Mateparae, Governor-General
- The Rt Hon John Key, Presiding in Council