194When Bank may issue specified event notice

1. The Bank may issue a specified event notice in relation to a licensed deposit taker (B) if—

2. 1 or more of the following apply:
   1. B is put into liquidation under New Zealand law:
   2. a receiver is appointed in relation to the whole, or substantially the whole, of the assets and undertaking of B and the Receiverships Act 1993 applies to the receivership:
   3. B has entered resolution; and
3. the Bank is satisfied that—
   1. B’s financial or other difficulties are likely to cause serious and prolonged disruption to the ability of eligible depositors to deal with their protected deposits in accordance with their applicable terms and conditions; and
   2. issuing the notice is the most appropriate means to deal with that disruption.

4. The Bank must publish the notice in the Gazette.

5. The notice must specify a quantification time that the Bank thinks fit.

6. However, the quantification time must be no earlier than the time of the event referred to in subsection (1)(a)(i), (ii), or (iii).