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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Board of Bank and its members - Conflict of interest disclosure rules

70: What is fair value

You could also call this:

"What is a fair deal for the Reserve Bank?"

Illustration for Reserve Bank of New Zealand Act 2021

When the Reserve Bank does something as part of its normal business, you can assume it gets a fair deal. You decide if the Bank gets a fair deal based on what it knows and what the person involved knows at the time. The Bank's normal business and usual terms are used to determine if the deal is fair, as seen in the Reserve Bank legislation.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287100.

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69: Bank may avoid certain acts done in breach of conflict of interest rules, or

"The Bank can fix mistakes made by staff who broke conflict of interest rules."

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71: Onus of proving fair value, or

"Proving something is a fair price is your job in certain situations."

Part 2Reserve Bank of New Zealand
Board of Bank and its members: Conflict of interest disclosure rules

70What is fair value

  1. The Bank is presumed to receive fair value in respect of an act that is done by the Bank in the ordinary course of its business and on usual terms and conditions.

  2. Whether the Bank receives fair value in respect of an act must be determined on the basis of the information known to the Bank and to the interested member at the time the act is done.

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