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Reserve Bank of New Zealand Act 2021

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

223: Process for providing statement of intent to Minister

You could also call this:

"How the Reserve Bank tells the Minister its plans"

Illustration for Reserve Bank of New Zealand Act 2021

The Reserve Bank of New Zealand must give a statement of intent to the Minister. You need to know the Bank follows a process to do this. The Bank gives a draft statement to the Minister, who then gives comments back to the Bank. The Bank gives the draft statement to the Minister at least 2 months before the financial year starts, or within a time frame the Minister sets if they request it under section 218. The Minister gives their comments to the Bank within 15 working days. The Bank then considers these comments and gives the final statement to the Minister. The Bank gives the final statement to the Minister as soon as possible after getting comments, but before the financial year starts, or within 25 working days if the Minister requested it under section 218. If the Minister does not give comments within the set time, the Bank gives the final statement within 25 working days after that time ends.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287267.

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222: Ministerial involvement in statement of intent, or

"The Minister helps decide what's in a statement of intent for the Reserve Bank."

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224: Amendments to final statement of intent by Bank, or

"The Bank can update its plans if they are wrong or need to change"

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

223Process for providing statement of intent to Minister

  1. The Bank must provide a statement of intent to the Minister.

  2. The process that must be followed in providing a statement of intent is as follows:

  3. the Bank must provide a draft statement of intent to the Minister—
    1. not later than 2 months before the start of the first financial year to which the statement of intent relates; or
      1. if the Minister has requested the statement of intent under section 218, within the time frame specified by the Minister; and
      2. the Minister must provide to the Bank any comments that they may have on the draft not later than 15 working days after receiving it; and
        1. the Bank must consider the comments (if any) on the draft and provide the final statement of intent to the Minister—
          1. as soon as practicable after receiving the comments (if any) but before the start of the first financial year to which the statement of intent relates; or
            1. if the Minister has requested the statement of intent under section 218,—
              1. as soon as practicable, but not later than 25 working days, after receiving the comments; or
                1. if the Minister does not provide comments within the period specified in paragraph (b), not later than 25 working days after the end of that period.

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