Reserve Bank of New Zealand Amendment Act 2008

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Reserve Bank of New Zealand Amendment Act 2008

Public Act2008 No 59
Date of assent9 September 2008
Commencementsee section 2


1 Title

2 Commencement

3 Principal Act amended

Part 1
Amendments outside Part 6 of principal Act

4 Long Title repealed

5 New section 1A inserted

6 Interpretation

7 New section 16 substituted

8 Foreign reserves

9 New section 33 substituted

10 Bank may require financial institution to supply information

11 Disqualification of Governor and Deputy Governor

12 Removal of Governor from office

13 Removal of Deputy Governor from office by Order in Council

14 Duties of Board

15 New section 68B inserted

16 Further matters that may be prescribed

17 New Part 5D inserted

Preliminary provisions

Credit ratings

Governance requirements

Risk management

Minimum capital requirement

Capital ratio requirement

Restrictions on related party exposures

Liquidity requirements

Other matters relating to trust deeds

Obligations of trustees to Bank

Investigation and enforcement powers of Bank

Confidentiality of information

Offences and penalties


Part 2
Amendments to Part 6 of principal Act

18 Section 158 repealed

19 Funding agreements

20 New section 162 substituted

21 New Part 6 heading substituted

22 New heading and sections 162AA and 162AB inserted

Accountability documents

23 New heading inserted

24 Content of statement of intent

25 Process for providing statement of intent to Minister

26 New heading inserted

27 Annual reports and accounts

28 New heading and section 165A inserted

Financial stability reports

29 New heading inserted

30 New Schedules 3 and 4 added

New Schedules 3 and 4 added

Legislative history

The Parliament of New Zealand enacts as follows: