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Reserve Bank of New Zealand Act 2021

Financial and accountability matters - Financial policy remit

206: Review of financial policy remit

You could also call this:

"Checking if the financial rules are working well"

Illustration for Reserve Bank of New Zealand Act 2021

You need to know that the Treasury has a job to do. They must check how the financial policy remit is working within 5 years of this law starting, and then every 5 years after that. They have to see if any changes are needed to the financial policy remit and tell the Minister what they find. The Minister gets a report from the Treasury and must give a copy to the House of Representatives as soon as they can. The Minister can change the financial policy remit at any time, even if the Treasury has not finished checking it. The Treasury's job is to review the financial policy remit and tell the Minister about it. This helps the Minister make good decisions about the financial policy remit.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287179.

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Part 5Financial and accountability matters
Financial policy remit

206Review of financial policy remit

  1. The Treasury must, within 5 years after the commencement of this section and then at subsequent intervals of not more than 5 years,—

  2. review the operation of the financial policy remit; and
    1. consider whether any amendments to the financial policy remit are necessary or desirable; and
      1. report on its findings to the Minister.

        1. As soon as practicable after receiving a report, the Minister must present a copy of the report to the House of Representatives.

        2. This section does not prevent the Minister from amending or replacing the financial policy remit at any time.