10Bank’s functions

1. The Bank’s functions are as follows:

2. to act as the central bank for New Zealand, including by—
   1. formulating (through the MPC) and implementing a monetary policy directed to the economic objective, while recognising the Crown’s right to determine economic policy (see subpart 2 of Part 3); and
   2. doing the other things set out in section 116:
3. to act as a prudential regulator and supervisor under prudential legislation, including by—
   1. carrying out prudential supervision; and
   2. imposing prudential standards or other requirements; and
   3. monitoring compliance with, investigating conduct that constitutes or may constitute a contravention of, and enforcing that legislation; and
   4. taking appropriate action in respect of persons that have contravened, are contravening, or are likely to contravene that legislation or are otherwise in financial or other difficulties:
4. to manage and administer the depositor compensation scheme under the Deposit Takers Act 2023, including doing the things set out in section 195 of that Act:
5. to monitor the financial system, including by collecting and analysing information and publishing statistics and other information in connection with the financial system (for example, publishing a financial stability report under section 170); and
6. to monitor the needs of the public for bank notes and coins; and
7. to co-operate with—
   1. other law enforcement or regulatory agencies (see, for example, subpart 3 of Part 6, which relates to information sharing); and
   2. overseas central banks and relevant international institutions; and
   3. Australian financial authorities prescribed under section 68A of the Banking (Prudential Supervision) Act 1989; and
   4. other overseas bodies that perform functions that correspond with, or are similar to, any of those conferred on the Bank:
8. to provide, or facilitate the provision of,—
   1. information to the public that is relevant to the Bank’s objectives; and
   2. other information in connection with the functions or powers conferred or imposed on it by or under this Act, the prudential legislation, the AML Act, or any other legislation (including promoting public awareness and understanding of the Bank’s activities and operations):
9. to keep under review the law, policies, and practices that are relevant to its other functions under this section (including overseas law, policies, and practices):
10. to perform any other functions that the Minister may direct the Bank to perform under section 11:
11. to perform and exercise the functions or powers conferred or imposed on it by or under this Act, the prudential legislation, the AML Act, or any other legislation:
12. any functions that are incidental and related to, or consequential on, its functions set out in this subsection.

13. In performing its functions, the Bank must act consistently with its objectives.

14. The function in subsection (1)(e) includes acting as a member of the Council of Financial Regulators and as a chairperson of the council (jointly with the Financial Markets Authority or in accordance with section 287(2)).

15. Subsection (1)(f) is subject to any provision of the legislation referred to in that paragraph that restricts the publication or disclosure of information by the Bank (for example, section 105 of the Banking (Prudential Supervision) Act 1989).