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Deposit Takers Act 2023

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

413: Bank must give notice of approval

You could also call this:

"The bank must let you know if your application is approved within 60 working days."

Illustration for Deposit Takers Act 2023

If you apply to the Bank to register a covered bond programme, the Bank will look at your application. The Bank must tell you if your application is approved within 60 working days of getting all the information it needs. You can also look at the Deposit Takers Act 2023 to see how this rule is similar to an older law from 1989.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS498009.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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412: Bank must approve or decline application, or

"The bank says yes or no to your application"

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414: Bank must give notice of proposal to decline application, or

"The bank must tell you if they might not approve your application and why."

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

413Bank must give notice of approval

  1. If the Bank approves the application, it must give notice of its decision to the issuer within 60 working days after receiving all of the information required by the Bank to determine the application.

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