Deposit Takers Act 2023

Preliminary provisions

3: Purposes

You could also call this:

"What the Deposit Takers Act 2023 is trying to achieve to help keep New Zealand's financial system safe and stable."

Illustration for Deposit Takers Act 2023

The main purpose of the Deposit Takers Act 2023 is to help New Zealanders prosper and have a good life by keeping the financial system stable. You can think of the financial system like a big network that helps people manage their money. This Act aims to make sure this network is safe and secure.

This Act also has other purposes, including making sure each deposit taker is safe and sound, so you can trust them with your money. It wants to make people confident in the financial system, so they feel safe using it. The Act also wants to help New Zealanders get access to financial products and services, like bank accounts and loans, when they need them.

The Act tries to avoid or reduce bad effects from risks that could hurt the financial system or the wider economy. This means it tries to stop things that could make the financial system unstable or damage the economy. You can think of risks like big storms that could hurt the financial system, and the Act tries to prepare for and prevent these storms.

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This page was last updated on 6 August 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS469453.

Topics:

Money and consumer rights > Banking and loansMoney and consumer rights > Consumer protectionBusiness > Industry rules

2: Commencement, or

"When the Deposit Takers Act 2023 comes into effect"

4: Principles to be taken into account under this Act, or

"Key rules the Bank must follow when making decisions about banks and other deposit-takers"

Part 1Preliminary provisions

3Purposes

The main purpose of this Act is to promote the prosperity and well-being of New Zealanders and contribute to a sustainable and productive economy by protecting and promoting the stability of the financial system.
To that end, this Act has the following additional purposes:
to promote the safety and soundness of each deposit taker:
to promote public confidence in the financial system:
to the extent not inconsistent with subsection (1) and paragraphs (a), (b), and (d), to support New Zealanders having reasonable access to financial products and services provided by the deposit-taking sector:
to avoid or mitigate the adverse effects of the following risks:
1. risks to the stability of the financial system:
2. risks from the financial system that may damage the broader economy.