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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Monetary policy committee - Charter for MPC

104: Consultation about replacement charter

You could also call this:

"Asking the Public About Changing the Bank's Charter"

Illustration for Reserve Bank of New Zealand Act 2021

You need to know what happens when the Bank thinks about changing its charter. The Bank must ask the public for their views on whether a new charter is needed and what it should say. When the Bank gives its advice, it must also give a report to the Minister and the MPC that summarises what the public said. You can see what the Bank does when it is thinking about a new charter. The Bank asks for your views on a new charter before it gives its advice under clause 2 of Schedule 3. The Bank then gives a report to the Minister and the MPC that says what you and others think. The Bank must publish a copy of the report on its website as soon as possible after the MPC remit is issued. This is so you can see what the Bank did with your views. The Bank wants to make sure you can find out what happened with your comments.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287137.

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103: Replacement charter, or

"Getting a New Charter for the Reserve Bank"

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105: Publication of charter, or

"The Reserve Bank must put the charter on their website for you to see."

Part 2Reserve Bank of New Zealand
Monetary policy committee: Charter for MPC

104Consultation about replacement charter

  1. This section applies if the Bank is required to act under clauses 2 and 5 of Schedule 3 (which relate to the Bank giving remit advice).

  2. The Bank must, before remit advice is given under clause 2 of Schedule 3, seek the views of members of the public on the matters that the Bank considers would assist the Minister and the MPC when considering—

  3. whether it is necessary or desirable to issue a replacement charter; and
    1. the content of a replacement charter (if any).

      1. The Bank must, when the remit advice is given under clause 2 of Schedule 3, ensure that the Minister and the MPC are given a report that summarises the comments that are provided by those members of the public within the time and in the manner specified by the Bank.

      2. The Bank must, as soon as practicable after the MPC remit is issued, publish a copy of the report on an Internet site maintained by, or on behalf of, the Bank.

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