Reserve Bank of New Zealand Act 1989

Interpretation relating to covered bonds

Heading: inserted, on 10 December 2013, by section 9 of the Reserve Bank of New Zealand (Covered Bonds) Amendment Act 2013 (2013 No 103).

139A Interpretation

In this section and in sections 139B to 139J, unless the context otherwise requires,—

cover pool, in relation to a covered bond programme, means assets that—

(a)

are owned by the relevant covered bond SPV; and

(b)

secure the obligations of that SPV under the covered bond programme

cover pool monitor means a person that meets the requirements of section 139I(1)

covered bond means a bond, note, or other debt security that has the following features:

(a)

it represents an unsecured obligation of the issuer; and

(b)

the principal and interest owing under the bond, note, or other debt security are guaranteed by a covered bond SPV; and

(c)

the obligations under that guarantee are secured by assets that are owned by that SPV

covered bond programme means any programme of covered bonds under which, on the security of a single cover pool, covered bonds may be issued

covered bond SPV has the meaning given to it by section 139B

issuer has the meaning given to it by section 139C

own includes holding a beneficial, or legal, interest or entitlement, and owned and owner have corresponding meanings

registered covered bond programme means a covered bond programme that has been registered under section 139G

SPV means a special purpose vehicle.

Section 139A: inserted, on 10 December 2013, by section 9 of the Reserve Bank of New Zealand (Covered Bonds) Amendment Act 2013 (2013 No 103).