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Reserve Bank of New Zealand Act 2021

Financial and accountability matters - Reporting obligations - Planning: statement of performance expectations

230: Content of statement of performance expectations

You could also call this:

"What the Reserve Bank plans to do and how it will measure success"

Illustration for Reserve Bank of New Zealand Act 2021

When you look at a statement of performance expectations, it must say what the Reserve Bank of New Zealand plans to do in a financial year. You will see it identify what the Bank wants to achieve with each type of output, and how it will measure success. It must also include a forecast of how much money the Bank will make and spend. You will find that the statement includes details about each type of output, like what it is meant to achieve and how much it will cost. It must be written, dated, and signed by two members of the board. The statement will also say if the Bank is exempt from reporting on certain things, as allowed by section 231(1)(a), and it must follow the rules set out in section 232. The Bank must follow these rules when creating its statement of performance expectations. This means you can expect to see a clear plan for what the Bank wants to do and how it will measure its success. The statement is final when it has been signed by two board members.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287275.

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229: Obligation to prepare statement of performance expectations, or

"The Reserve Bank must prepare a plan for what it wants to achieve each year."

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231: Exemption for certain outputs, or

"The Minister of Finance can exempt some outputs from reports, if they don't affect the overall result."

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

230Content of statement of performance expectations

  1. Each statement of performance expectations must, in relation to the Bank and a financial year,—

  2. identify each reportable class of outputs for the financial year; and
    1. identify each exemption granted under section 231(1)(a) for the financial year; and
      1. state whether the Bank proposes to supply any class of outputs in the financial year that is not a reportable class of outputs; and
        1. contain a forecast statement of comprehensive revenue and expense that complies with section 232.

          1. For each reportable class of outputs, the statement of performance expectations must—

          2. include a concise explanation of what the class of outputs is intended to achieve; and
            1. identify the expected revenue and proposed expenses for the class of outputs; and
              1. include a concise explanation of how the performance of the class of outputs will be assessed.

                1. A statement of performance expectations—

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

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