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Deposit Takers Act 2023

Depositor compensation scheme - Entitlement to compensation - Entitlements subject to regulations

215: Regulations may impose conditions

You could also call this:

"Rules can set conditions for getting compensation"

Illustration for Deposit Takers Act 2023

The regulations can say that you must meet certain conditions to get compensation. You will only get compensation if you meet these conditions. The Bank can decide not to pay you compensation if you do not meet these conditions.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS523351.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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214: Regulations may take into account funds that are withdrawn or available to eligible depositors during resolution, or

"Rules consider money you withdraw when a bank has problems and you need compensation"

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216: Liabilities owed to licensed deposit taker must be disregarded, or

"Ignore debts to banks when calculating compensation"

Part 6Depositor compensation scheme
Entitlement to compensation: Entitlements subject to regulations

215Regulations may impose conditions

  1. For the purposes of this subpart, the regulations may provide that a person’s entitlement to compensation is subject to the conditions (if any) that are prescribed by the regulations.

  2. The Bank may, if it thinks fit, refuse to pay compensation under this subpart if 1 or more of those conditions are not complied with.