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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 registered programme can stay on or be taken off the approved list"

Illustration for Deposit Takers Act 2023

If you have a registered covered bond programme, it must stay on the register even if there were mistakes when it was registered or if the issuer did not follow the rules in section 416. You can think of the register like a list of programmes that have been approved. The programme will stay on this list unless certain conditions are met.

The Bank can remove a registered covered bond programme from the register if all obligations have been met, or if the security interest has been enforced, or if the issuer asks for it to be removed. The Bank must also get evidence that the bond trustee and security trustee agree to the removal.

The Bank needs to be sure that everyone involved agrees before removing a programme from the register, and they need to see proof of this agreement before they can take any action.

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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.

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 approved covered bond programmes that you can look at anytime."

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409: Other matters relating to registration, or

"What happens if there are mistakes when 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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