Part 4Supervision of deposit takers
Bank to undertake prudential supervision
98Prudential supervision
The Bank must in accordance with this Part undertake prudential supervision of licensed deposit takers.
Deposit Takers Act 2023
Supervision of deposit takers - Bank to undertake prudential supervision
98: Prudential supervision
"The Bank watches over companies that take deposits to ensure they work properly."
The Bank has to supervise licensed deposit takers to make sure they are working properly. You can think of the Bank like a watchdog that checks on these deposit takers. The Bank does this supervision according to the rules in this part of the law.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS475521.
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99: Bank may require person to supply information for purposes of Act, or
"The Bank can ask you for information to help them do their job."