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Reserve Bank of New Zealand Act 2021

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

234: Process for providing statement of performance expectations to Minister

You could also call this:

"How the Reserve Bank tells the Minister what it plans to achieve"

Illustration for Reserve Bank of New Zealand Act 2021

You need to know what the Reserve Bank of New Zealand must do. The Bank must give a statement of performance expectations to the Minister. This statement outlines what the Bank plans to achieve. You will follow a process to provide this statement. The Bank gives a draft statement to the Minister two months before the financial year starts. The Minister then gives comments on the draft to the Bank within 15 working days. The Bank considers these comments and gives the final statement to the Minister. This must happen before the financial year starts. You can compare this to the 2004 No 115 s 149I for more information.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287279.

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233: Ministerial involvement in statement of performance expectations, or

"The Minister helps create the Bank's plan and can add or change things in it."

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235: Amendments to final statement of performance expectations by Bank, or

"The Bank can update its performance plan if something changes or is incorrect."

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

234Process for providing statement of performance expectations to Minister

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

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

  3. the Bank must provide a draft statement of performance expectations to the Minister not later than 2 months before the start of the financial year to which the statement of performance expectations relates; and
    1. 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 performance expectations to the Minister as soon as practicable after receiving the comments (if any), but before the start of the financial year to which the statement of performance expectations relates.

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