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Reserve Bank of New Zealand Act 2021

Financial and accountability matters - Reporting obligations - Planning: statement of intent

225: Process for amendments to statement of intent

You could also call this:

"How to Change the Bank's Statement of Intent"

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You need to follow a process when changing a statement of intent. The Bank gives a draft change to the Minister. The Minister gives comments back to the Bank within 15 working days. You make a change under section 224. The change must be written, dated, and signed by two board members. The change is final when it is signed. A final change starts from the date it is given to the Minister.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS294646.

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224: Amendments to final statement of intent by Bank, or

"The Bank can update its plans if they are wrong or need to change"

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226: Obligation to publish and present statement of intent, or

"The Reserve Bank must share its plans with the public on its website and with the government."

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

225Process for amendments to statement of intent

  1. The following process applies to an amendment under section 224:

  2. the Bank must provide a draft amendment to the Minister; and
    1. the Minister must provide to the Bank any comments that they may have no later than 15 working days after receiving the draft; and
      1. the Bank must consider the comments (if any) and must provide the final amendment to the Minister as soon as practicable.

        1. An amendment under section 224—

        2. must be in writing, be dated, and be signed on behalf of the board by 2 members; and
          1. is a final amendment when it has been signed in accordance with paragraph (a).

            1. A final amendment is in force from the date on which it is provided to the Minister.

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