Reserve Bank of New Zealand Act 1989

53A Board must prepare annual report

(1)

The Board must prepare, for each financial year, a report setting out the Board’s assessment of the matters referred to in section 53(1).

(1A)

The report must—

(a)

include a statement as to whether, in the Board’s opinion, the MPC, the Governor, the Deputy Governor, and the other members of the MPC have adequately discharged their respective responsibilities during the financial year; and

(b)

describe how the Board has assessed the matter under paragraph (a).

(1B)

The statement must address (without limitation) whether, in the Board’s opinion, the MPC has formulated monetary policy consistent with the operational objectives set out in a remit over the financial year.

(2)

The report must—

(a)

be signed by the chairperson and 1 other non-executive director; and

(b)

be delivered to the Minister within 3 months after the end of the financial year.

(3)

The report stands referred, by virtue of this section, to the House of Representatives.

Section 53A: inserted, on 21 August 2003, by section 6 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).

Section 53A(1A): inserted, on 1 April 2019, by section 21 of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 53A(1B): inserted, on 1 April 2019, by section 21 of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).

Section 53A(3): replaced, on 25 January 2005, by section 37(1) of the Public Finance Amendment Act 2004 (2004 No 113).