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Deposit Takers Act 2023

Crisis management and resolution - Resolution manager - Key duties

354: Resolution manager must consult and have regard to Bank advice

You could also call this:

"Resolution manager must talk to the Bank and consider their advice when making decisions."

Illustration for Deposit Takers Act 2023

When you are a resolution manager, you have to do certain things. You must talk to the Bank when you are doing your job, and you have to do this as much as the Bank says you should. You also have to think about the advice the Bank gives you when you are making decisions.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS536940.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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353: Resolution manager must comply with directions of Bank, or

"Resolution manager must follow Bank's instructions"

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355: Resolution manager must regularly report as required by Bank, or

"The person in charge must tell the Bank how things are going, as often as the Bank says."

Part 7Crisis management and resolution
Resolution manager: Key duties

354Resolution manager must consult and have regard to Bank advice

  1. A resolution manager must, when performing or exercising any functions, powers, or duties,—

  2. consult the Bank to the extent required by the Bank; and
    1. have regard to the Bank’s advice.