Reserve Bank of New Zealand Act 1989

80 Credit rating of registered banks

• (1) The Bank may, by notice in writing to any registered bank or to all registered banks or to all members of any class of registered banks, require each of those banks to—

  • (a) obtain a rating of its creditworthiness or financial condition by a person or organisation nominated or approved by the Bank; and

  • (b) maintain a current rating of the type referred to in paragraph (a).

  (2) The Bank may require a registered bank to publish the registered bank's current rating, and all the qualifications to that rating, in the manner and with the frequency that the Bank directs.

  (3) A person commits an offence if the person fails to comply with this section.

  (4) The penalty for an offence against this section is set out in section 156AC.

  Section 80: substituted, on 21 August 2003, by section 20 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).