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Reserve Bank of New Zealand Act 2021

Miscellaneous provisions - Regulations

295: Other provisions relating to levy regulations

You could also call this:

"Rules about paying levies to the Reserve Bank of New Zealand"

Illustration for Reserve Bank of New Zealand Act 2021

You can pay levies based on costs that were not recovered in the past. These costs can be paid over up to 5 years with a financing charge. The Reserve Bank of New Zealand can also recover costs for new tasks it starts doing. You can pay a levy for a financial year even if the rules for that levy are made after the year starts. This is allowed if the Reserve Bank of New Zealand starts doing a new task under a law related to keeping financial systems safe. The Reserve Bank of New Zealand must keep track of each levy payment separately. This means they need to account for each payment on its own.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS350142.

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294: Levy regulations, or

"Rules about charging levies to help pay for the Reserve Bank's work"

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Part 6Miscellaneous provisions
Regulations

295Other provisions relating to levy regulations

  1. Levies may be prescribed on the basis that any actual cost that could have been, but has not been, recovered as a levy shortfall for a year may be recovered (along with any financing charge) over any period of up to 5 years.

  2. A levy for a financial year that starts after the Bank begins to carry out any additional function under any prudential legislation may recover the costs of performing that additional function, irrespective of the fact that the regulations may be made and come into effect after the start of the financial year.

  3. The Bank, or any other person prescribed for the purposes of this subsection, must ensure that each levy payment is separately accounted for.

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