Plain language law

New Zealand law explained for everyone

Reserve Bank of New Zealand Act 2021

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

235: Amendments to final statement of performance expectations by Bank

You could also call this:

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

Illustration for Reserve Bank of New Zealand Act 2021

The Bank can change its final statement of performance expectations at any time. You need to know the Bank must change this statement if the information is false or misleading, or if something significant changes. This can include a direction from a Minister, 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 must make these changes as soon as possible after it finds out about the reason for the change. You can find more information about this by looking at the law from 2004. The Bank has to follow these rules when changing its statement. The Bank will make the changes when it knows about the new information. This is how the Bank updates its final statement of performance expectations. It is an important part of how the Bank works.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287281.

This page was last updated on — View changes

Topics:
Money and consumer rights > Banking and loansGovernment and voting > Government departments
Previous

234: Process for providing statement of performance expectations to Minister, or

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

Next

236: Process for amendments to statement of performance expectations, or

"How the Reserve Bank of New Zealand makes changes to its goals and expectations"

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

235Amendments to final statement of performance expectations by Bank

  1. The Bank may amend its final statement of performance expectations at any time.

  2. The Bank must amend its final statement of performance expectations if—

  3. the information contained in the final statement of performance expectations is false or misleading in a material particular; or
    1. the intentions and undertakings in the final statement of performance expectations 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 an 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.

              Compare