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Deposit Takers Act 2023

Depositor compensation scheme - Entitlement to compensation - Payment of entitlements

223: Bank may disclose information to facilitate payment of compensation

You could also call this:

"Banks can share your information to help you get compensation."

Illustration for Deposit Takers Act 2023

The Bank can share information about you if they think it's necessary to help pay you compensation. This can include personal information, and the Bank can share it with another person if they believe it will help figure out if you're eligible for compensation, calculate how much you should get, or pay the compensation to you. The Bank can also share your personal information in accordance with the rules set out in section 22 of the Privacy Act 2020.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS678440.

Topics:
Money and consumer rights > Banking and loansMoney and consumer rights > Consumer protectionRights and equality > Privacy
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222: Persons may disclose information to Bank to facilitate payment of compensation, or

"Telling the Bank information to help someone get compensation"

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224: Restrictions on entitlement to compensation under scheme, or

"You can't get more than one payout for the same protected deposits."

Part 6Depositor compensation scheme
Entitlement to compensation: Payment of entitlements

223Bank may disclose information to facilitate payment of compensation

  1. The Bank may disclose any information (including personal information) about a person (A) to any other person if the Bank believes, on reasonable grounds, that the disclosure of the information is necessary to facilitate 1 or more of the following:

  2. ascertaining whether A is an eligible depositor who is entitled to compensation under this Part:
    1. calculating A’s entitlement to compensation under this Part:
      1. paying the compensation to, or on account of, A.

        1. The Bank may also disclose personal information in accordance with information privacy principle 11 set out in section 22 of the Privacy Act 2020.