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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Bank may investigate affairs of licensed deposit taker

313: Bank’s investigation powers

You could also call this:

"The Bank can investigate a deposit taker that's in trouble to see what's going on."

Illustration for Deposit Takers Act 2023

When a licensed deposit taker is in trouble, the Bank has the power to investigate its affairs. The Bank has the same powers as someone appointed under subpart 5 of Part 4. You can think of the Bank as having the same duties and powers as this appointed person.

The Bank's powers include being able to carry out an investigation, which is explained in sections 127 and 128. The Bank also has to follow the rules about offences related to investigations, which are set out in section 129.

The Bank's powers to investigate are not limited by any other rules, and it can still use its other powers, such as those under subpart 1 of Part 4.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS530163.

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Part 7Crisis management and resolution
Conduct of resolution: Bank may investigate affairs of licensed deposit taker

313Bank’s investigation powers

  1. In relation to a licensed deposit taker in resolution, the Bank has all the powers conferred, and all the duties imposed, on a person appointed under subpart 5 of Part 4.

  2. The following provisions apply, with any necessary modifications, as if the Bank were appointed under section 126:

  3. sections 127 and 128 (which relate to powers to carry out an investigation of the affairs of a licensed deposit taker); and
    1. section 129 (which sets out offences in relation to investigations).

      1. Subsection (2) does not limit subsection (1).

      2. This section does not limit any other power conferred on the Bank (for example, powers under subpart 1 of Part 4).

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