Deposit Takers (Persons Declared Not to be Deposit Takers) Regulations 2011

2011/359

Coat of Arms of New Zealand

Deposit Takers (Persons Declared Not to be Deposit Takers) Regulations 2011

Jerry Mateparae, Governor-General

Order in Council

At Wellington this 10th day of October 2011 

Present:
His Excellency the Governor-General in Council

Pursuant to section 157C(5) of the Reserve Bank of New Zealand Act 1989, His Excellency the Governor-General makes the following regulations, acting—

  • (a) on the advice and with the consent of the Executive Council; and

  • (b) on the advice of the Minister of Finance given in accordance with a recommendation of the Reserve Bank of New Zealand made after consultation in accordance with section 157E of that Act and taking into account the principles in section 157F of that Act.

Regulations

1  Title

  • These regulations are the Deposit Takers (Persons Declared Not to be Deposit Takers) Regulations 2011.

2  Commencement

  • These regulations come into force on the 28th day after the date of their notification in the Gazette.

3  Persons declared not to be deposit takers for purposes of Part 5D of Reserve Bank of New Zealand Act 1989

  • (1) The following building societies registered under the Building Societies Act 1965 are declared not to be deposit takers for the purposes of Part 5D of the Reserve Bank of New Zealand Act 1989 (the Act):

    • (a) General Equity Building Society:

    • (b) Kiwi Deposit Building Society:

    • (c) Safe and Sound.

    (2) The following credit unions registered under the Friendly Societies and Credit Unions Act 1982 are declared not to be deposit takers for the purposes of Part 5D of the Act:

    • (a) Credit Union New Zealand:

    • (b) New Zealand Association of Credit Unions.

Rebecca Kitteridge,
Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force 28 days after the date of their notification in the Gazette, declare the following entities not to be deposit takers for the purposes of Part 5D of the Reserve Bank of New Zealand Act 1989 (the Act), which relates to the prudential supervision of deposit takers:

The effect of the declaration is that Part 5D of the Act no longer applies to these entities.

Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 13 October 2011.

These regulations are administered by the Reserve Bank of New Zealand.