Deposit Takers (Funding Conduits) Exemption Amendment Notice (No 2) 2011

  • expired
  • Deposit Takers (Funding Conduits) Exemption Amendment Notice (No 2) 2011: expired, on 1 April 2015, pursuant to clause 3 of the Deposit Takers (Funding Conduits) Exemption Notice 2010 (SR 2010/53)

Reprint as at 1 April 2015

Coat of Arms of New Zealand

Deposit Takers (Funding Conduits) Exemption Amendment Notice (No 2) 2011

(SR 2011/220)

Deposit Takers (Funding Conduits) Exemption Amendment Notice (No 2) 2011: expired, on 1 April 2015, pursuant to clause 3 of the Deposit Takers (Funding Conduits) Exemption Notice 2010 (SR 2010/53).

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This notice is administered by the Reserve Bank of New Zealand.

Pursuant to section 157G of the Reserve Bank of New Zealand Act 1989, the Reserve Bank of New Zealand gives the following notice (to which is appended a statement of reasons of the Bank).

Notice

1 Title

This notice is the Deposit Takers (Funding Conduits) Exemption Amendment Notice (No 2) 2011.

2 Commencement

This notice comes into force on the day after the date of its notification in the Gazette.

3 Principal notice amended
4 Further temporary exemption from requirement to have current credit rating

Clause 11(2) is amended by omitting “30 June 2011” and substituting “31 December 2011”.

Dated at Wellington this 17th day of June 2011.

Grant Spencer,
Deputy Governor.

Statement of reasons

This notice, which comes into force on the day after the date of its notification in the Gazette, amends the Deposit Takers (Funding Conduits) Exemption Notice 2010 (the principal notice). The principal notice exempts specified funding conduits from certain sections of the Reserve Bank of New Zealand Act 1989 (the Act), including section 157I, which requires deposit takers to have a current credit rating.

The amendment made by this notice extends, until 31 December 2011, the temporary unconditional exemption from section 157I of the Act granted to GPG Finance plc.

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), considers it appropriate to amend the exemption because extending GPG Finance plc’s temporary unconditional exemption from section 157I will allow time for GPG Finance plc or its specified parent to obtain the required credit rating.

These reasons are supplementary to the reasons supporting the original grant of an exemption to funding conduits.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 23 June 2011.

Reprints notes
1 General

This is a reprint of the Deposit Takers (Funding Conduits) Exemption Amendment Notice (No 2) 2011 that incorporates all the amendments to that notice as at the date of the last amendment to it.

2 Legal status

Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act. A printed version of the reprint produced directly from this official electronic version also has official status.

3 Editorial and format changes

Editorial and format changes to reprints are made using the powers under sections 24 to 26 of the Legislation Act 2012. See also http://www.pco.parliament.govt.nz/editorial-conventions/.

4 Amendments incorporated in this reprint

Deposit Takers (Funding Conduits) Exemption Notice 2010 (SR 2010/53): clause 3