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Deposit Takers Act 2023

Crisis management and resolution - No creditor or shareholder worse off - Valuer’s report

379: Minister or Bank may require valuer to reconsider

You could also call this:

"The Minister or Bank can ask a valuer to redo their report if it's not done correctly."

Illustration for Deposit Takers Act 2023

If you get a draft report from a valuer, the Minister or the Bank might look at it and think something is not right. They might think the valuer did not follow the rules in sections 371 to 376 when making their decision. They might also think the valuer did not prepare the report correctly according to section 377, or that the valuer should have considered more information.

The Minister or the Bank can ask the valuer to rethink their report or parts of it. They will send a notice to the valuer telling them what to do. You will know what the Minister or the Bank wants the valuer to do because it will be written in the notice.

The Minister or the Bank can tell the valuer how to reconsider the report. They can specify what they want the valuer to do in the notice they send.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS550929.

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378: Valuer must give draft report to Minister and Bank, or

"Valuer must share draft report with Minister and Bank quickly."

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380: Valuer must finalise and publish report, or

"The valuer must finish and share the report with the Minister and the Bank."

Part 7Crisis management and resolution
No creditor or shareholder worse off: Valuer’s report

379Minister or Bank may require valuer to reconsider

  1. This section applies if, after receiving the draft report, the Minister or the Bank is of the view that—

  2. the valuer’s decision has not been made in accordance with sections 371 to 376; or
    1. the valuation report was not prepared in accordance with section 377; or
      1. the valuer should have had regard to any additional information not taken into account in the draft report.

        1. The Minister or the Bank (or both) may, by notice, require the valuer to reconsider the draft report or any aspect of the draft report in the manner that the Minister or the Bank specifies in the notice.