Dated at Wellington this 22nd day of February 2010.
Statement of reasons
This notice comes into force on 1 March 2010, which is the day on which section 157I of the Reserve Bank of New Zealand Act 1989 (the Act) comes into force, and expires on 1 September 2010.
It exempts Goldman Sachs JBWere Capital Markets Limited (GSJBW CM), as a deposit taker within the meaning of Part 5D of the Act, from the requirement in section 157I of the Act to have a current credit rating. The exemption is not subject to conditions.
The Reserve Bank of New Zealand, after taking into account the principles set out in section 157F of the Act, and satisfying itself as to the matters set out in section 157G(2) of the Act, considers it appropriate to grant the exemption because—
the Bank is satisfied that the exemption is consistent with the maintenance of a sound and efficient financial system in that GSJBW CM intends to obtain a credit rating by 1 September 2010:
obtaining a credit rating by 1 March 2010 is unduly onerous in the particular circumstances of GSJBW CM:
the exemption is a short-term one that allows GSJBW CM to comply with section 157I of the Act within a reasonable time frame, and therefore the exemption is not broader than reasonably necessary to address the matters that give rise to it.