Plain language law

New Zealand law explained for everyone

Reserve Bank of New Zealand Act 2021

Financial and accountability matters - Miscellaneous

259: Minister of Finance instructions

You could also call this:

"The Minister of Finance gives the Reserve Bank instructions on reporting and accounting standards."

Illustration for Reserve Bank of New Zealand Act 2021

The Minister of Finance can give the Reserve Bank instructions. You need to know what these instructions are about. They are about the Bank's reports and how it presents information. The Minister can say what the Bank must include in its annual report. The Minister can also say how the Bank must report on non-financial things. This means the Bank must follow certain standards when reporting to the House of Representatives. The Minister can use instructions from the Crown Entities Act 2004 when giving instructions to the Bank. The instructions must follow generally accepted accounting practice. They must also follow any reporting standards imposed by other laws. The instructions are a type of law, and you can find out more about this in Part 3 of the Legislation Act 2019. This explains how these instructions are published. The Minister gives these instructions to the Bank, and they must be followed.

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 It might be out of date or be missing some parts.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=LMS287332.

This page was last updated on — View changes

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

258: Board must ensure that proper accounting records are kept, or

"The Bank's board must keep accurate and easy-to-understand financial records."

Next

260: Consultation with House of Representatives on reporting standards, or

"Minister shares new reporting rules with Parliament for feedback"

Part 5Financial and accountability matters
Miscellaneous

259Minister of Finance instructions

  1. The Minister of Finance may issue instructions to the Bank that—

  2. prescribe minimum requirements concerning the Bank’s annual report, statement of intent, or statement of performance expectations:
    1. prescribe the non-financial reporting standards that the Bank must apply and the form in which the Bank must provide the information that is required to be presented to the House of Representatives by or under this Act.

      1. For the purposes of subsection (1), the Minister of Finance may issue instructions that apply any instructions issued under section 174 of the Crown Entities Act 2004 to the Bank (whether in whole or in part).

      2. The instructions must be consistent, in the opinion of the Minister, with generally accepted accounting practice and any reporting standard imposed by or under any other Act, to the extent that those matters are relevant to the instructions.

      3. Instructions issued under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

      Compare
      Notes