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Reserve Bank of New Zealand Act 2021

Financial and accountability matters - Reporting obligations - Planning: statement of intent

219: Minister may grant extension of time for requirement to provide statement of intent

You could also call this:

"The Minister can give the Bank more time to provide a statement of intent if needed."

Illustration for Reserve Bank of New Zealand Act 2021

You can get more time to provide a statement of intent if the Bank's functions are changing significantly. The Minister can give the Bank up to one year extra to provide the statement, as stated in section 217(3). The Minister will only do this if they think it will help the Bank provide a better statement. If the Minister gives the Bank more time, they must tell the Bank why they did it. The Bank must then publish this information on their website. The Bank must also include this information in their next annual report to the Minister, as required by section 239(1). The Minister's decision to give the Bank more time is based on their judgement. You can find more information about this in the legislation. The Bank must follow the rules and provide the required information on time or with the extended deadline.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287261.

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"The Minister can ask the Reserve Bank to create a new plan at any time."

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"The Reserve Bank's plan and goals"

Part 5Financial and accountability matters
Reporting obligations: Planning: statement of intent

219Minister may grant extension of time for requirement to provide statement of intent

  1. If the Bank is likely to have a significant change in the nature or scope of its functions, the Minister may grant the Bank an extension, of up to 1 year, of the period specified in section 217(3).

  2. However, the Minister must not grant an extension unless the Minister is satisfied that the extension will enable the Bank to improve the quality of the statement of intent that it provides.

  3. If the Minister grants an extension,—

  4. the Minister must, as soon as practicable after granting the extension, notify the Bank of the extension and the Minister’s reasons for granting it; and
    1. the Bank must, as soon as practicable after receiving the notice, publish the notice, and the Minister’s reasons for granting the extension, on an Internet site maintained by, or on behalf of, the Bank; and
      1. the Bank must include, in the next annual report that it provides to the Minister under section 239(1), a statement of the extension and the Minister’s reasons for granting it.

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