Reserve Bank of New Zealand Act 1989

162C Process for providing statement of intent to Minister

(1)

To provide a statement of intent under section 162A, the Bank must—

(a)

prepare a draft statement of intent and provide it to the Minister not later than 30 days before the start of each financial year; and

(b)

consider the Minister’s comments (if any) on the draft and provide the final statement of intent to the Minister on or before the start of the financial year.

(2)

If the Minister’s comments include comment on the financial sector regulatory outcomes set out in the Bank’s draft statement of intent, the Bank must, when providing its final statement of intent to the Minister, also provide a response to the Minister’s comments that demonstrates how the Bank has taken those comments into account in formulating its objectives.

Section 162C: inserted, on 25 January 2005, by section 37(1) of the Public Finance Amendment Act 2004 (2004 No 113).

Section 162C(2): inserted, on 10 September 2008, by section 25 of the Reserve Bank of New Zealand Amendment Act 2008 (2008 No 59).