Reserve Bank of New Zealand Act 1989

Accountability documents

Heading: inserted, on 10 September 2008, by section 22 of the Reserve Bank of New Zealand Amendment Act 2008 (2008 No 59).

162AA Purpose of accountability documents

The purpose of the 3 accountability documents required under this Part is as follows:

(a)

statement of intent: to promote the public accountability of the Bank by—

(i)

enabling the Crown to participate in the process of setting the Bank’s medium-term intentions and undertakings; and

(ii)

setting out for the House of Representatives those intentions and undertakings; and

(iii)

providing a base against which the Bank’s actual performance can be later assessed:

(b)

annual report: to—

(i)

report on the activities of the Bank during the previous year; and

(ii)

assess those activities against the intentions and undertakings set out in the latest statement of intent; and

(iii)

ensure the accountability of the Bank for the funds available to it:

(c)

financial stability report: to—

(i)

report on matters relating to the soundness and efficiency of the financial system and other matters associated with the Bank’s statutory prudential purposes; and

(ii)

allow assessments to be made of the effectiveness of the Bank’s use of its powers to achieve its statutory prudential purposes.

Compare: 2004 No 115 s 138

Section 162AA: inserted, on 10 September 2008, by section 22 of the Reserve Bank of New Zealand Amendment Act 2008 (2008 No 59).