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Reserve Bank of New Zealand Act 2021

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

236: Process for amendments to statement of performance expectations

You could also call this:

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

Illustration for Reserve Bank of New Zealand Act 2021

You need to know how the Reserve Bank of New Zealand changes its statement of performance expectations. The Bank must follow a process to make these changes. The Bank sends a draft change to the Minister. The Minister looks at the draft change and sends comments back to the Bank within 15 working days. The Bank thinks about the comments and sends the final change to the Minister as soon as possible. When the Bank makes a change, it must be in writing, dated, and signed by two board members. The change is final when it is signed by the two board members. You can compare this to the 2004 legislation. This is how the Bank makes changes to its statement of performance expectations.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS294740.

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235: Amendments to final statement of performance expectations by Bank, or

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

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

236Process for amendments to statement of performance expectations

  1. The Bank must amend its statement of performance expectations in accordance with the following process:

  2. the Bank must provide a draft amendment to the Minister; and
    1. the Minister must provide to the Bank any comments that the Minister may have not later than 15 working days after receiving the draft; and
      1. the Bank must consider the comments (if any) and provide the final amendment to the Minister as soon as practicable.

        1. An amendment under this section—

        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).

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