Proposed amendments
Hon Grant Robertson, in Committee, to move the following amendments:
Clause 2
In clause 2(1), replace “Schedule 1”
(page 3, line 6) with “Schedule 2”
.
Clause 5
In clause 5(1), delete the definitions of economic objective and formulating (page 4, lines 33 to 36).
After clause 5(1) (page 5, after line 6), insert:
(1A)
In section 2(1), insert in their appropriate alphabetical order:
economic objective means an economic objective set out in section 8(1) (or in an Order in Council made under section 12)
formulating, in relation to monetary policy, has the meaning set out in section 8(3)
Clause 9
In clause 9, replace new section 19(2)(b) (page 9, line 6) with:
(b)
request that the operational objectives be amended or replaced.
In clause 9, replace new section 19(4) (page 9, lines 8 to 13) with:
(4)
If a notice is given,—
(a)
the MPC and the Bank are not required to give effect to the existing operational objectives:
(b)
the Minister must, within 1 month after the notice is given,—
(i)
make a recommendation under clause 6 of Schedule 2 for the purpose of replacing a remit to amend or replace the operational objectives; or
(ii)
give advice under section 12 for the purpose of amending or replacing the operational objectives in a remit that is included in an order in force under that section.
Clause 17
After clause 17(5) (page 13, after line 21), insert:
(5A)
In section 49(2)(h)(iii) and (iv), replace “an interest”
with “an ownership interest”
.
Clause 18
After clause 18(6) (page 14, after line 8), insert:
(6A)
In section 50(2)(d)(iii) and (iv), replace “an interest”
with “an ownership interest”
.
Clause 20
After clause 20(5) (page 15, after line 6), insert:
(5A)
In section 53(3)(f)(iii) and (iv), replace “an interest”
with “an ownership interest”
.
In clause 20(6), new section 53(4)(d)(iii) and (iv) (page 15, lines 22 and 24), replace “an interest”
with “an ownership interest”
.
Clause 29
In clause 29, new section 63J(2)(d), after “regulating”
(page 21, line 14), insert “or prohibiting”
.
Clause 34
In clause 34, new section 178(1), after “Bank”
(page 22, line 25), insert “or the MPC”
.
Schedule 3
In Schedule 3, new Schedule 2, after clause 6(6) (page 32, after line 36), insert:
(7)
Subclause (6) does not prevent the operational objectives in a remit from being amended or replaced as referred to in section 19(4)(b).
In Schedule 3, new Schedule 2, delete new clause 20(3) and (4) (page 37, lines 9 to 14).