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Deposit Takers Act 2023

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

262: Content of statement of approach

You could also call this:

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

Illustration for Deposit Takers Act 2023

When a bank is making a plan for how to deal with problems, you need to know what the plan includes. The plan must say what the bank thinks it will do to fix problems with deposit takers. The bank's plan must also explain how it will work with other groups, like law enforcement or regulatory agencies, and Australian financial authorities. The plan will cover how the bank will talk to the Minister and other agencies about using its powers, and how it will do its job and use its powers under certain parts of the law, like subparts 3 to 8.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS538665.

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Money and consumer rights > Banking and loansBusiness > Industry rules
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261: Bank must publish statement of approach to resolution, or

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

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263: Review of statement of approach, or

"The Bank checks and updates its plans every 5 years and tells everyone about it."

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

262Content of statement of approach

  1. The statement of approach must state—

  2. the Bank’s expected resolution strategy or strategies for dealing with licensed deposit takers under this Part; and
    1. the Bank’s intended approach to the following in connection with dealing with licensed deposit takers under this Part:
      1. co-operating with relevant law enforcement or regulatory agencies, Australian financial authorities, and overseas supervisors; and
        1. engaging with the Minister and relevant law enforcement or regulatory agencies about the use of powers under this Part; and
          1. otherwise performing or exercising functions, powers, or duties under subparts 3 to 8.