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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Board of Bank and its members - Collective duties of board

45: Bank must act consistently with objectives, functions, statement of intent, and statement of performance expectations

You could also call this:

"The Bank must follow its plans and rules when making decisions."

Illustration for Reserve Bank of New Zealand Act 2021

The Bank's board must make sure it does what it is supposed to do. You can find what it is supposed to do in its objectives, functions, and statements. The board must follow these when making decisions, as outlined in Part 5. The Bank has a special group called the MPC. This section does not apply to the MPC's functions, which are explained in section 98. This means the MPC can make some decisions without following this rule. The board must act consistently with the Bank's plans and expectations. This helps the Bank work towards its goals. You can learn more about how the Bank is supposed to work by reading its statements and objectives.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287072.

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Part 2Reserve Bank of New Zealand
Board of Bank and its members: Collective duties of board

45Bank must act consistently with objectives, functions, statement of intent, and statement of performance expectations

  1. The board must ensure that the Bank acts in a manner consistent with its objectives, functions, current statement of intent, and current statement of performance expectations under Part 5.

  2. This section does not apply to the functions of the MPC under section 98.

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