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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Resolution manager’s miscellaneous powers

312: Resolution manager may change balance date

You could also call this:

"The person in charge can change the end-of-year date for a struggling bank or deposit taker."

Illustration for Deposit Takers Act 2023

The resolution manager can change the balance date of a deposit taker that is in trouble to any date they choose. You do not need to get approval from the Commissioner of Inland Revenue to make this change. The rules in sections 42 and 43 of the Financial Reporting Act 2013 do not apply when the resolution manager makes this change.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS586701.

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Money and consumer rights > Banking and loansBusiness > Industry rules
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Part 7Crisis management and resolution
Conduct of resolution: Resolution manager’s miscellaneous powers

312Resolution manager may change balance date

  1. The resolution manager may change the balance date of a licensed deposit taker that is in resolution to any date that the resolution manager thinks fit.

  2. The Commissioner of Inland Revenue’s approval of the change is not required.

  3. Sections 42 and 43 of the Financial Reporting Act 2013 do not apply in relation to the change.