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Deposit Takers Act 2023

Crisis management and resolution - Planning and statement of approach - Bank’s statement of approach to resolution

261: Bank must publish statement of approach to resolution

You could also call this:

"Banks must explain on their website how they will fix problems"

Illustration for Deposit Takers Act 2023

The Bank has to put a statement on its website. This statement is about how the Bank will handle problems. The Bank must talk to the Minister before putting the statement on its website.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS528497.

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Money and consumer rights > Banking and loansBusiness > Industry rules
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260: Bank must prepare and maintain orderly resolution plan for each licensed deposit taker, or

"Banks must have a backup plan to help deposit takers in trouble."

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262: Content of statement of approach, or

"What a bank's plan to fix problems must include"

Part 7Crisis management and resolution
Planning and statement of approach: Bank’s statement of approach to resolution

261Bank must publish statement of approach to resolution

  1. The Bank must, after consulting the Minister, publish a statement of approach to resolution on the Bank’s Internet site.