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Deposit Takers Act 2023

Crisis management and resolution - Covered bonds - Registration of covered bond programmes

408: When programme must remain or be removed from register

You could also call this:

"When a programme can stay on or be taken off the register"

Illustration for Deposit Takers Act 2023

You have a registered covered bond programme. It stays on the register even if there were mistakes when it was registered. It also stays on the register if the issuer did not follow the rules in section 416. The Bank can remove a programme from the register if all debts have been paid or the security has been used. The Bank can also remove it if the issuer asks for it to be removed. The Bank must get consent from the bond trustee and security trustee before removing a programme from the register.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS498006.

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Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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407: Register of registered covered bond programmes, or

"A public list of special loan programmes kept by the Bank"

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409: Other matters relating to registration, or

"What happens if there's a problem with registering a covered bond programme?"

Part 7Crisis management and resolution
Covered bonds: Registration of covered bond programmes

408When programme must remain or be removed from register

  1. A registered covered bond programme must remain on the register despite—

  2. any defects in the registration process; or
    1. any failure by an issuer to comply with section 416.

      1. However, the Bank may remove a registered covered bond programme from the register—

      2. if—
        1. all obligations under that programme have been fulfilled; or
          1. the security interest over the cover pool has been enforced; or
            1. the issuer has requested the removal; and
            2. if, in all cases, the Bank has received evidence, acceptable to the Bank, that both the relevant bond trustee and security trustee consent to the removal.

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