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Reserve Bank of New Zealand Act 2021

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

249: Minister of Finance may require additional reporting

You could also call this:

"The Minister of Finance can ask banks to provide extra information in reports."

Illustration for Reserve Bank of New Zealand Act 2021

The Minister of Finance can ask the Reserve Bank or another bank in the group to make extra reports. You need to know the Minister will do this by sending a written notice. The notice will say what reports are needed and when they are due. The Minister must think about what the bank does before sending the notice. They must also believe the reports will help people know what the bank is doing. If a bank has to make a report, it must follow the rules in this part of the law. The Minister's notice will say which reports are required and for what time period. This time period can be for a few years or until the Minister says otherwise. The bank must then make the reports as if it were not part of the group.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287306.

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

249Minister of Finance may require additional reporting

  1. Despite section 248, the Minister of Finance may, by notice in writing, require the Bank or any other member of the Bank group (a specified entity) to prepare 1 or more statements or reports under this subpart as if it were not a member of the Bank group.

  2. A notice must specify—

  3. which statements and reports are required; and
    1. the financial years or other period (which may be until further notice) for which each statement or report is required.

      1. Before issuing a notice, the Minister of Finance must—

      2. consider the operations and functions of the specified entity; and
        1. be satisfied that each statement or report is necessary or desirable to enhance public accountability of the specified entity.

          1. If a specified entity is required under this section to prepare a statement or report, this subpart applies with any necessary modifications.

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