Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018

Coat of Arms of New Zealand

Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018

Public Act
2018 No 59
Date of assent
20 December 2018
see section 2


3Principal Act
4Section 1A amended (Purpose)
5Section 2 amended (Interpretation)
6New section 3A inserted (Transitional, savings, and related provisions)
3ATransitional, savings, and related provisions
7Section 5 amended (Reserve Bank of New Zealand)
8Sections 8 to 15 replaced
8Function to formulate monetary policy through MPC
9Function to implement monetary policy
10Remit for MPC
11Other matters relating to remit
12Order providing for different economic objective or objectives
13Order must include replacement remit
14Effect of order on current remit
15Period may be extended
15ARevocation of order
15BFunctions under sections 8 and 9 not affected
15CRegular reports on monetary policy
15DLonger-term report on formulation and implementation of monetary policy
9Section 19 replaced (Effect of directions on policy targets)
19Effect of directions on operational objectives
10Section 20 replaced (Effect of directions on monetary policy)
20Effect of directions on monetary policy
11Section 41 amended (Duties of Governor)
12Section 42 amended (Conditions of employment of Governor)
13Sections 43 to 45 replaced
43Deputy Governor
44Term of appointment and conditions of appointment of Deputy Governor
45Extension of term of Governor or Deputy Governor
45AValidity of appointments
14Section 46 amended (Disqualification of Governor and Deputy Governor)
15Section 47 amended (Incapacity of Governor and Deputy Chief Executive)
16Section 48 replaced (Vacancy in office of Governor)
48Vacancy in office of Governor
48ADeputy Governor may act pending appointment
48BVacancy in office of Deputy Governor
17Section 49 amended (Removal of Governor from office)
18Section 50 amended (Removal of Deputy Governor from office by Order in Council)
19Section 51 amended (Delegation)
20Section 53 amended (Duties of Board)
21Section 53A amended (Board must prepare annual report)
22New sections 53B and 53C inserted
53BBoard must supply reports or other information to Minister
53CBank must supply reports or information to Board
23Section 54 amended (Membership of Board)
24Section 58 amended (Disqualification of non-executive directors)
25Section 59 amended (Removal from office of non-executive directors)
26Section 59A replaced (Chairperson of Board)
59AChairperson and deputy chairperson of Board
27Section 60 amended (Meetings of Board)
28Section 60C amended (Who presides at meetings of Board)
29New sections 63A to 63N and cross-headings inserted
63AEstablishment of monetary policy committee
63BFunctions of MPC
63CMembership of MPC
63EContent of charter
63FReplacement charter
63GConsultation about replacement charter
63HPublication of charter
63IStatus of charter
63JCode of conduct
63KContent of code
63LPublication and status of code
63MOther matters
63NAppointment procedure
30Section 159 amended (Funding agreements)
31Section 162B amended (Content of statement of intent)
32Section 163 amended (Annual reports and accounts)
33Section 165 amended (Management statements)
34Section 178 amended (Evidence)
36Schedule 1 replaced
37Schedule 2 replaced
Legislative history
Administrative information

The Parliament of New Zealand enacts as follows: