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Deposit Takers Act 2023

Depositor compensation scheme - Entitlement to compensation - Other matters relating to calculation of entitlement

217: Bank may rely on licensed deposit taker’s records and information from eligible depositors and other persons

You could also call this:

"Banks can use information from deposit takers and customers when paying compensation"

Illustration for Deposit Takers Act 2023

When you are calculating and paying compensation, the Bank can use information from the licensed deposit taker, eligible depositors, and other people. The Bank can rely on records or information given by the licensed deposit taker, such as information given under standards referred to in section 86. The Bank can also use information given by eligible depositors, like information provided under a condition imposed under section 215, or other information given under this subpart, such as information given by a relevant person under section 205.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS506611.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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216: Liabilities owed to licensed deposit taker must be disregarded, or

"Ignore debts to banks when calculating compensation"

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218: Bank may determine interest accrued, or

"The bank can estimate the interest on your savings if it's too hard to calculate exactly."

Part 6Depositor compensation scheme
Entitlement to compensation: Other matters relating to calculation of entitlement

217Bank may rely on licensed deposit taker’s records and information from eligible depositors and other persons

  1. The Bank, when calculating and paying compensation under this Part, may rely on any of the following:

  2. records or other information given by, or on behalf of, the licensed deposit taker (for example, information given under standards referred to in section 86):
    1. information given by, or on behalf of, an eligible depositor (for example, information provided under a condition imposed under section 215):
      1. any other information given under this subpart (for example, information given by a relevant person under section 205).