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Deposit Takers Act 2023

Crisis management and resolution - Moratorium and restriction on resolution trigger

289: Bank may waive application of moratorium and restriction on resolution trigger

You could also call this:

"The Bank can choose to not follow some rules for certain creditors."

Illustration for Deposit Takers Act 2023

The Bank can choose not to apply some rules to a creditor or a group of creditors. This means the Bank can decide to waive the rules in sections 284 and 287 for a creditor or a group of creditors, either fully or partly. You can find more information about these rules in sections 284 and 287.

The Bank's decision does not apply to a specific part of section 284(1)(c). This part of the rule is not affected by the Bank's choice to waive the rules. The Bank's decision only applies to certain parts of the rules.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS530916.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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288: Person may commence or continue proceeding with leave, or

"You can start or keep a court case going if you get special permission."

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290: Moratorium and restriction on resolution trigger do not affect existence or priority of security interest, or

"Having a security interest in something a deposit taker owns stays the same, no matter what."

Part 7Crisis management and resolution
Moratorium and restriction on resolution trigger

289Bank may waive application of moratorium and restriction on resolution trigger

  1. Despite sections 284 and 287, the Bank may waive the application in whole or in part of either or both of those sections to a creditor or class of creditors in respect of the whole or part of a claim of, or security interest held by, the creditor or class of creditors.

  2. This section does not apply to section 284(1)(c).

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