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Reserve Bank of New Zealand Act 2021

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

224: Amendments to final statement of intent by Bank

You could also call this:

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

Illustration for Reserve Bank of New Zealand Act 2021

The Bank can change its final statement of intent. You need to know the Bank must change its statement if the information is false or misleading, or if its intentions are altered. The Bank must make these changes as soon as possible. The Bank's intentions can be altered by a Minister's direction, a direction under section 172, a change to the financial policy remit, a change in the law, or a change in the Bank's operating environment. The Bank has to make the change as soon as it knows about the reason for the change. The Bank can also give the Minister a new statement of intent that meets the rules under section 223, sections 217, and 220. The Bank has some options when it needs to make changes to its statement of intent. You can find more information about this in other parts of the law. The law says what the Bank must do when it makes changes to its statement of intent.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287269.

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

224Amendments to final statement of intent by Bank

  1. The Bank may amend its final statement of intent.

  2. The Bank must amend its statement of intent if—

  3. the information contained in the statement of intent is false or misleading in a material particular; or
    1. the intentions and undertakings in the statement of intent are significantly altered or affected by—
      1. a direction given to the Bank by a Minister; or
        1. a direction under section 172; or
          1. any change to the financial policy remit; or
            1. any change in the law; or
              1. any other change in the Bank’s operating environment.

              2. The Bank must make the amendment required under subsection (2) as soon as practicable after the Bank becomes aware of the facts that give rise to the obligation to amend under this section.

              3. The Bank may, instead of amending its final statement of intent, provide to the Minister under section 223 a new statement of intent that complies with sections 217 and 220.

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