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Reserve Bank of New Zealand Act 2021

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

220: Content of statement of intent

You could also call this:

"The Reserve Bank's plan and goals"

Illustration for Reserve Bank of New Zealand Act 2021

The Reserve Bank of New Zealand must write a statement of intent. You will see the Bank's main goals in this statement. The Bank calls these main goals its strategic intentions. The statement of intent must explain what the Bank does and what it plans to do. You will also see how the Bank plans to meet its goals and how it will check its progress. The Bank must explain how it will stay healthy and capable. The statement of intent must be written, dated, and signed by two members of the Bank's board. When it is signed, the statement is final. You can compare this to the 2004 No 115 s 141 to see how it has changed.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287264.

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

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

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221: Application and term of statement of intent, or

"When a statement of intent starts and ends"

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

220Content of statement of intent

  1. A statement of intent must, for the period to which it relates, set out the strategic objectives that the Bank intends to achieve or contribute to (strategic intentions).

  2. A statement of intent must also, for the period to which it relates,—

  3. explain the nature and scope of the Bank’s functions and intended operations:
    1. explain how the Bank intends to manage its functions and operations to meet its strategic intentions:
      1. explain how the Bank has had regard to the financial policy remit in preparing the statement of intent:
        1. explain how the Bank proposes to manage its organisational health and capability:
          1. explain how the Bank proposes to assess its performance:
            1. set out and explain any other matters—
              1. that are reasonably necessary to achieve an understanding of the Bank's strategic intentions and capability:
                1. that the Bank is required to include in its statement of intent under this Act or another Act.

                2. A statement of intent—

                3. must be in writing, be dated, and be signed on behalf of the board by 2 members; and
                  1. is a final statement of intent when it has been signed in accordance with paragraph (a).

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