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Deposit Takers Act 2023

Depositor compensation scheme - Levies for depositor compensation scheme

242: Process for developing Bank’s advice

You could also call this:

"How the Bank develops advice on a levy by talking to people who might be affected"

Illustration for Deposit Takers Act 2023

The Bank has to talk to certain people before giving advice about a levy. You are one of the people who might be affected by a levy, and the Bank wants to make sure it hears from people like you. The Bank must consult with licensed deposit takers, or people who can speak for them, and others who might be significantly affected by a levy.

The Bank's consultation will include talking about how much the levy will be and how it will be calculated. This means the Bank will discuss the amount of money that will be collected and how that amount will be decided.

If the Bank is thinking about making a small change to the rules, and it does not think this change will affect the levy much, then it does not have to consult about the change to the amount of the levy or how it is calculated.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS501852.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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241: Bank must give advice about levy regulations, or

"Banks must help the Minister by giving advice on new rules before they are made."

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"Banks must put information about fees on their website."

Part 6Depositor compensation scheme
Levies for depositor compensation scheme

242Process for developing Bank’s advice

  1. The Bank must, before giving the levy advice, consult—

  2. licensed deposit takers or the persons or organisations that the Bank considers are able to represent the views of licensed deposit takers; and
    1. any other representatives of persons that the Bank believes are significantly affected by a levy.

      1. The consultation must include consultation relating to the amount of levies or method of calculating or ascertaining the amount of levies.

      2. Subsection (2) does not apply to a proposed amendment to regulations that are made under this subpart if the Bank considers that the proposed amendment has no effect, or only a minor effect, on the amount of levies or any method of calculating or ascertaining the amount of levies.