461Regulations providing for temporary high balance limits

1. The Minister must, before recommending regulations under section 455(1)(g),—

2. be satisfied that the regulations are necessary or desirable to protect eligible depositors in circumstances where the amount of a protected deposit is temporarily higher as a result of special events or circumstances of a personal, domestic, or household character (for example, the sale of a family home); and
3. have regard to—
   1. the purpose of Part 6 set out in section 190; and
   2. the size and composition of the protected deposits to which the regulations will relate; and
   3. the likely effect that the regulations will have on the costs referred to in section 238(2); and
   4. the principle that the regulations should be consistent with the Bank efficiently and effectively performing its functions under Part 6 (in particular, providing compensation as soon as practicable after the Bank has issued a specified event notice and ensuring that determining entitlements does not involve undue cost or delay).