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Reserve Bank of New Zealand Act 2021

Financial and accountability matters - Reporting obligations - Application of this subpart to Bank group

248: Application of this subpart to Bank group

You could also call this:

"How this law applies to the Reserve Bank and its subsidiaries"

Illustration for Reserve Bank of New Zealand Act 2021

You need to know how this part of the law applies to the Bank group. This law applies if the Bank has one or more subsidiaries at the relevant time. The relevant time is when a statement or report is about, or when it is given to the Minister. You have to read this part of the law as if it is talking about the whole Bank group, not just the Bank. This means including information about all the subsidiaries in statements and reports. This part of the law is also subject to section 256 of the Deposit Takers Act 2023. A subsidiary is a company that the Bank controls. A statement or report can be many things, such as a statement of intent, a statement of performance expectations, or an annual report. You can find more information about these things in other parts of the law, like section 217, section 229, and section 239.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287304.

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Part 5Financial and accountability matters
Reporting obligations: Application of this subpart to Bank group

248Application of this subpart to Bank group

  1. This section and section 249 apply if, at the relevant time, the Bank has 1 or more subsidiaries.

  2. This subpart—

  3. must be read as if it required a statement or report to include consolidated information in respect of the Bank group, rather than information in respect of the Bank only; and
    1. otherwise applies with any necessary modifications.

      1. This section is subject to section 256 of the Deposit Takers Act 2023, which provides for consolidation of financial information about the Depositor Compensation Fund only if consolidation is required by applicable financial reporting standards.

      2. In this section,—

        relevant time, in relation to a statement or report, means—

        1. the end of the period to which the statement or report relates; or
          1. if the statement or report relates to a period that includes a future period, the time when the statement or report is provided to the Minister

            statement or report means any of the following:

            1. statement of intent (see section 217):
              1. statement of performance expectations (see section 229):
                1. forecast statement of comprehensive revenue and expense (see section 232):
                  1. annual report (see section 239):
                    1. statement of performance (see section 243):
                      1. annual financial statements (see section 244)

                        subsidiary means a subsidiary within the meaning of paragraph (b) or (c) of the definition of Bank group in section 215(1).

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                        Notes
                        • Section 248(2A): inserted, on , by section 495(1) of the Deposit Takers Act 2023 (2023 No 35).