The Minister of Finance has to publish a statement about how the depositors' compensation scheme will be funded at least every 5 years. You can think of this statement as a plan for how the scheme will get the money it needs. The Minister also has to consider this statement when deciding how much deposit takers should pay into the scheme, as explained in section 240.
When the Minister publishes a new statement, it is good for 5 years. This 5-year time frame is called the period of the statement. You can expect a new statement to be published after this period is over.
The Minister's job is to make sure you have access to this information, so you can understand how the depositors' compensation scheme is funded.
This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.
This page was last updated on
View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS501291.
The Minister of Finance must, at least every 5 years, publish a statement of the funding approach for the scheme.
See section 240, which requires the Minister to have regard to the statement before making a recommendation for levy regulations.
In this subpart, the period of a statement is the 5-year period after the date of the statement.
