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Deposit Takers Act 2023

Depositor compensation scheme - Statement of funding approach

246: Minister must consult Bank and seek views of public

You could also call this:

"The Minister must talk to the Bank and ask the public for their thoughts before making a decision."

Illustration for Deposit Takers Act 2023

The Minister has to do a few things before they publish a statement. You need to know that the Minister must talk to the Bank about it. The Minister also has to ask the public for their thoughts on certain matters that will help them prepare the statement. When the public gives their comments, the Minister must think about what they say, as long as they say it within the time and in the way the Minister specifies.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS501293.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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245: Minister must publish statement of funding approach, or

"The Minister must publish a plan every 5 years on how to fund the depositors' compensation scheme."

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247: Contents of statement, or

"What's included in the Depositor Compensation Scheme statement"

Part 6Depositor compensation scheme
Statement of funding approach

246Minister must consult Bank and seek views of public

  1. The Minister must, before publishing a statement,—

  2. consult the Bank; and
    1. seek the views of members of the public on the matters that the Minister considers would assist the Minister to prepare the statement; and
      1. have regard to the comments that are provided by those members of the public within the period and in the manner specified by the Minister.