68B Bank to have regard to directions about government policy objectives

(1)

The Minister may direct the Bank to have regard to a government policy that relates to the Bank’s functions under this Part and Parts 5B and 5C.

(2)

The Bank must have regard to every direction given by the Minister under this section.

(3)

The Minister must consult with the Bank before giving a direction.

(4)

A direction must—

(a)

be set out in a written statement signed by the Minister; and

(b)

as soon as practicable after it is given, be—

(i)

presented to the House of Representatives by the Minister; and

(ii)

published in the Gazette.

(5)

The Minister may not give a direction that requires the performance or non-performance of a particular act by the Bank, or any employee or office holder of the Bank, or the bringing about of a particular result, in respect of a particular person.

(6)

A direction may be amended, revoked, or replaced in the same way as it may be given.

Compare: 2004 No 115 ss 104(1), 113(1)(b), 114, 115(2)

Section 68B: inserted, on 10 September 2008, by section 15 of the Reserve Bank of New Zealand Amendment Act 2008 (2008 No 59).

Section 68B(1): amended, on 1 May 2014, by section 92(1) of the Non-bank Deposit Takers Act 2013 (2013 No 104).