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Deposit Takers Act 2023
Miscellaneous
Levy for Crown to recover cost of public support of deposit taker in financial distress or other difficulties
469: Interest on unpaid levy

Part 1:
Preliminary provisions

3Purposes 4Principles to be taken into account under this Act 5Overview 6Interpretation 7Meaning of associated person and holding entity 8Transitional, savings, and related provisions 9Act binds the Crown

Part 2:
Licensing of deposit takers

Key provisions

10Deposit taker must be licensed 11Offence for deposit taker to carry on business without licence 12Liquidation of deposit taker that carries on business without licence 13No holding out as licensed 14Offence for holding out

Issue of licences

15Bank may issue licence 16Application for licence 17When licence must be issued 18Additional criteria for overseas applicants 19Overseas requirements may be treated as appropriate 20Consultation requirements 21Notice of decision 22Bank must keep register of licensed deposit takers 23Form and content of register

Conditions of licences

24Bank may impose conditions on licence 25Bank may modify conditions of licence

Fit and proper requirements

26Licensed deposit taker must obtain Bank’s approval before new director or senior manager is appointed 27Offence to appoint new director or senior manager without approval 28Bank's decision on approval 29Bank may suspend director or senior manager if approval not obtained 30Overseas licensed deposit taker must notify Bank if new director or senior manager is appointed 31Bank may require further fit and proper certificate 32Deposit taker’s duty on becoming aware of fit and proper concerns 33Offence to fail to disclose fit and proper concerns 34Power to remove directors and senior managers 35Bank may direct that person may not be reappointed 36Offence to contravene direction 37Further provisions about power to remove 38How power to remove is exercised

Bank’s approval required for certain changes

Cancellation

53Cancellation of licence 54Process for cancelling licence 55Notice of cancellation

Appeals

56Appeals against licensing and fit and proper decisions 57Appeals against other decisions of Bank on questions of law only 58Appeal does not operate as stay

Part 3:
Regulation of deposit takers

Credit rating

59Licensed deposit taker must have current credit rating 60Offence to fail to have current credit rating 61Bank may approve rating agencies 62List of approved rating agencies 63Bank may review approval 64Licensed deposit taker must notify Bank of change in rating 65Licensed deposit taker must notify Bank of credit watch warning 66Disclosure of credit rating on licensed deposit taker's Internet site 67Other advertising of credit ratings 68Licensed deposit taker must not disclose or advertise credit ratings from non-approved agencies 69Licensed deposit taker must give public notice of downgrade 70Bank may grant exemptions from credit rating requirements 71Restriction on Bank’s exemption power

Standards

72Bank may issue standards 73Licensed deposit taker must comply with applicable standards 74Application of standards

Procedural matters

75Procedure for issuing standards 76When procedural requirements do not apply

Proportionality framework

77Bank must prepare and publish framework for taking proportionality principle into account when developing standards

Subject matter of standards

78Governance, incorporation structure, and ownership 79Capital, liquidity, security interests, and credit ratings 80Bail-in standards 81Fit and proper persons 82Lending and other exposures 83Classes of lending must be prescribed by regulations 84Application of lending standards may extend to non-deposit-taking lenders 85Risk management, business continuity planning, and problem assets 86Depositor compensation 87Covered bonds and securitisation 88Disclosure of information 89Contingency and recovery plans and facilitating resolution under Part 7 90Other matters

Bank’s approval may be required

91Standards may require Bank’s approval

Conditions

92Standards may provide for matters to be specified by conditions

Directors’ and New Zealand chief executive officers’ due diligence duty

93Duty of directors of licensed deposit takers 94Duty of New Zealand chief executive officers of overseas licensed deposit takers 95Meaning of due diligence 96Use of information and advice 97Bank must prepare guidance about due diligence duties

Part 4:
Supervision of deposit takers

Bank to undertake prudential supervision

98Prudential supervision

Bank’s information-gathering power

99Bank may require person to supply information for purposes of Act 100Offence to fail to supply information 101Bank may require report relating to licensed deposit taker or associated person 102Associated person must supply information 103Bank may require report to be published 104Offence to fail to give or publish report 105Requirement that information be audited or reviewed 106Offence to fail to obtain audit or review 107Disclosure of information to Bank by auditors 108Auditor to inform of intention to disclose 109Protection of auditor 110Admissibility of information

On-site inspection

111Purpose 112Bank may conduct on-site inspection 113Person may be required to answer questions or give information 114Offence relating to on-site inspection

Reporting duty

115Licensed deposit taker must monitor compliance 116Licensed deposit taker must report contraventions 117Offence to fail to monitor compliance and report contraventions 118Restriction on use of report

Remedial notices and plans

119Bank may require licensed deposit taker to take action in relation to contravention 120Bank’s consideration of remedial plan 121Bank may require amendment of remedial plan 122Remedial plan may also be amended with Bank’s approval 123Licensed deposit taker must comply with remedial plan 124Other provisions relating to remedial notices and plans 125Offence to contravene remedial notice, fail to give amended remedial plan, or fail to take steps to comply with remedial plan

Investigations

126Bank may appoint investigator 127Power to obtain information 128Power to enter and search place, vehicle, or other thing 129Offences in relation to investigations

Confidentiality orders

130Bank may make confidentiality order 131Disclosure with Bank’s consent 132Offence to contravene confidentiality order

Power to require warning to be disclosed

133Bank may require its warning to be disclosed 134Procedural matters relating to order 135Other provisions relating to order 136Bank must give notice of orders 137Offence to fail to comply with order

Access to information by overseas supervisor

138Access to information by overseas supervisor 139Bank must give notice of authorisation 140Authorisation may relate to particular customer or client 141Restriction on authorisation 142Duties of licensed deposit taker 143Offence to contravene duties

Miscellaneous

144Privilege against self-incrimination no excuse 145Admissibility of self-incriminating statements 146Effect of proceedings 147Effect of final decision that exercise of powers under section 99 or 127 unlawful

Part 5:
Enforcement

Power to accept undertakings

148Bank may accept voluntary undertaking 149When undertaking is enforceable 150What undertaking may include 151Undertakings that include payment of money 152Offence to contravene undertaking 153Court may enforce undertaking 154Court must take into account certain matters 155Proceedings for alleged contravention 156Licensed deposit taker or other person may withdraw or amend undertaking

Pecuniary penalty

Court may make pecuniary penalty order

157When court may make pecuniary penalty orders

Amount of pecuniary penalty

158Maximum amount of pecuniary penalty 159Considerations for court

Defences

160Defences for person that contravenes prudential obligation 161Defence for person that is involved in contravention

Bank’s costs

162Court must order that recovery from pecuniary penalty be applied to Bank’s actual costs

Procedural rules

163Rules of civil procedure and civil standard of proof apply 164Limitation

Relationship between proceedings and orders

165Only 1 pecuniary penalty order may be made for same conduct 166No pecuniary penalty and criminal penalty for same conduct 167Relationship between concurrent pecuniary penalty proceeding and criminal proceeding

Infringement offences

168Infringement offences 169When infringement notice may be issued 170Revocation of infringement notice before payment made 171What infringement notice must contain 172How infringement notice may be served 173Payment of infringement fees 174Reminder notices

False or misleading declarations, representations, and other information

175False or misleading declarations, representations, or other information 176Liability of directors if licensed deposit taker or associated person commits offence

Ban ordered by District Court

177Power to ban certain persons from participating in deposit-taking business 178Type of order 179Other provisions relating to order 180Offence to contravene banning order 181Effect of appeal 182Appeal to High Court

Miscellaneous

Attribution of liability

183State of mind of directors, employees, or agents attributed to body corporate or other principal 184Conduct of directors, employees, or agents attributed to body corporate or other principal

Miscellaneous

185General defence for offences 186Time for filing charging document for certain offences 187Jurisdiction of courts in New Zealand 188Orders to secure compliance 189General provisions as to court's orders

Part 6:
Depositor compensation scheme

Preliminary provisions

190Additional purpose of this Part 191Interpretation in this Part 192Meaning of protected deposit and related terms 193Licensed deposit taker must publish list of protected deposits 194When Bank may issue specified event notice 195Bank’s function under this Part

Depositor Compensation Fund

196Depositor Compensation Fund established 197Fund owned and managed on behalf of Crown 198What fund consists of 199Payments out of fund 200Bank may apportion expenditure 201Investments

Entitlement to compensation

Entitlement rules

202General entitlement rule 203Calculation of entitlement 204Protected deposit held by or on behalf of 2 or more persons jointly 205Protected deposit held by or on behalf of 2 or more persons other than jointly 206District Court may make order about shares 207Partnerships 208Providers of relevant arrangement not entitled to compensation 209Entitlement rule for deposits held on trust 210Protected deposit held under different trusts 211Trustee that is ineligible in own personal capacity does not prevent compensation being payable in relation to trust

Entitlements subject to regulations

212Regulations may provide for calculation of amount of person’s protected deposits or share of protected deposits 213Regulations may take into account transactions that have not been processed at quantification time 214Regulations may take into account funds that are withdrawn or available to eligible depositors during resolution 215Regulations may impose conditions

Other matters relating to calculation of entitlement

216Liabilities owed to licensed deposit taker must be disregarded 217Bank may rely on licensed deposit taker’s records and information from eligible depositors and other persons 218Bank may determine interest accrued

Payment of entitlements

219Payment of entitlements 220Bank not required to pay compensation if cannot act with reasonable certainty 221Bank may establish account on behalf of eligible depositor 222Persons may disclose information to Bank to facilitate payment of compensation 223Bank may disclose information to facilitate payment of compensation 224Restrictions on entitlement to compensation under scheme 225Protected deposit subject to security interest 226Recovery of compensation paid in excess or in error under scheme

Bank assumes rights and remedies in relation to protected deposit

227Bank’s right of subrogation 228Bank may apportion compensation to determine respective rights and remedies 229Subpart does not limit or affect other rights or remedies

Use of fund to support resolution

230Bank may use fund to support resolution 231Bank must calculate maximum amount 232Maximum amount based on net amount of compensation payable in hypothetical liquidation 233Bank may apply fund money in manner it thinks fit

Independent review

234Review of calculation

Levies for depositor compensation scheme

235Licensed deposit takers must pay levy for scheme 236Certain deposit takers not required to pay levy 237Interest on unpaid levy 238Levy regulations 239Minister must also have regard to other levy principles 240Minister must also have regard to statement of funding approach and Bank’s advice 241Bank must give advice about levy regulations 242Process for developing Bank’s advice 243Bank must publish levy advice 244Effect of failure to comply

Statement of funding approach

245Minister must publish statement of funding approach 246Minister must consult Bank and seek views of public 247Contents of statement

Deficiency in fund

248Deficiency in fund when specified event notice issued 249Deficiency in fund when supporting resolution measure 250Minister may determine conditions

Accountability

251Financial statements of fund 252Statement of responsibility 253Auditor-General is auditor of fund 254Audit of financial statements 255Board must ensure that proper accounting records are kept 256Financial information about fund consolidated into Bank’s financial statements only if required by financial reporting standards

Miscellaneous provisions

257Liquidator must give reasonable assistance to Bank

No holding out that product is protected deposit

258Offence to hold out that product is protected deposit

Part 7:
Crisis management and resolution

Preliminary provisions

259Additional purposes of this Part

Planning and statement of approach

Resolution plan for each licensed deposit taker

260Bank must prepare and maintain orderly resolution plan for each licensed deposit taker

Bank’s statement of approach to resolution

261Bank must publish statement of approach to resolution 262Content of statement of approach 263Review of statement of approach

Failure to comply does not affect validity of actions

264Failure to comply with subpart does not affect validity of Bank’s actions

Bank may give directions, approve sales, and replace directors

Bank may give directions

265Bank may give directions to licensed deposit taker 266Bank may give directions to associated person 267Scope of directions 268Direction must be in writing and state grounds

Bank may approve sale or disposition

269Bank may approve sale or disposition

Bank may remove, replace, or appoint director

270Power to remove, replace, or appoint director of licensed deposit taker 271How Bank exercises power to remove, replace, or appoint director

Disclosure of direction or notice

272Prohibition on disclosing or publishing direction or notice 273Offence to contravene prohibition

Resolution of licensed deposit takers and associated persons

274Resolution of licensed deposit takers and associated persons 275Resolution of subsidiaries 276Resolution for overseas persons 277Date on which, and time at which, resolution starts 278Questions about whether transactions are before or after resolution 279Limitation on application of provisions to covered bond SPVs 280Grounds on which licensed deposit taker may be declared to be in resolution 281Grounds on which associated person may be declared to be in resolution 282End of resolution 283Application of resolution provisions to other persons in resolution

Moratorium and restriction on resolution trigger

284Moratorium 285Period of moratorium 286Bank must publish notice on Internet site 287Restriction on resolution trigger 288Person may commence or continue proceeding with leave 289Bank may waive application of moratorium and restriction on resolution trigger 290Moratorium and restriction on resolution trigger do not affect existence or priority of security interest 291Moratorium does not limit or prevent obligations incurred or rights granted after deposit taker enters resolution 292Moratorium and restriction on resolution trigger do not limit or affect certain rights under netting agreement or rights under rules of designated FMI 293Moratorium does not limit or prevent certain things in relation to derivatives, etc 294Restriction on resolution trigger does not limit or prevent certain things in relation to derivatives, etc, after stay 295Bank may reduce or extend stay 296Matters Bank must be satisfied of when extending stay 297Publication of notice

Conduct of resolution

Bank must act as resolution authority

298Bank is resolution authority 299Function of resolution authority 300Bank must supervise resolution manager 301Bank must regularly report to Minister on conduct of resolution

Resolution manager has management and control of deposit taker

302Management of licensed deposit taker vests in resolution manager 303Directors, managers, and other persons may act only with resolution manager’s permission

Resolution manager’s general powers

304Resolution manager’s general powers 305Resolution manager has powers of deposit taker and of its shareholders, members, and board 306Resolution manager may carry on business of licensed deposit taker 307Resolution manager may pay creditors and compromise claims

Resolution manager’s miscellaneous powers

308Resolution manager may offer and issue deposit taker’s financial products 309Resolution manager may disclaim onerous property 310Resolution manager may trace property improperly disposed of 311Order may not deprive good-faith purchaser for value 312Resolution manager may change balance date

Bank may investigate affairs of licensed deposit taker

313Bank’s investigation powers

Bank may form body corporate to acquire New Zealand business

314Bank may form body corporate to acquire New Zealand business 315Vesting does not affect deposit taker’s obligations or place it in breach 316Body corporate is also subject to resolution 317Vesting of property or rights subject to security interest 318Proof of vesting

Bank may dispose of business undertaking or property, rights, or liabilities

319Bank’s disposal power 320Bank may dispose of business undertaking, etc, to bridge institution or asset management vehicle 321Body corporate is also subject to resolution 322Consents not required under other legislation or agreement, and transactions do not constitute breach 323Bank may sell, transfer, or dispose of property despite security interest 324When proceeds of sale of licensed deposit taker’s property must be paid to holder of security interest 325When property continues to be subject to security interest 326When proceeds of sale of shares or property of new body corporate must be paid to holder of security interest 327Kind of security interest referred to in various sections 328Proof of transactions 329Provisions applying where liabilities included in sale

Bank may suspend payment of money owing

330Bank may suspend payment of money owing 331Bank may not suspend or cancel obligation incurred after deposit taker enters resolution 332Bank may not suspend payment of amount included in netted balance

Regulations may confer additional powers

333Bank’s or resolution manager’s powers under regulations

Court may give directions

334Court may give directions

Relationship between resolution and other legislation and processes

335Application of certain provisions of Companies Act 1993 336Application of other Acts 337Bank, resolution manager, and other persons are not directors under any legislation 338Prior insolvency process must cease 339Continuation of resolution if restored

Auditors

340Appointment of auditors 341Existing auditor ceases to hold office 342Bank may remove auditor from office 343Auditor’s fees 344Auditor’s rights

Offences

345Offence to remove property 346Offence to destroy, alter, or conceal records

Expenses

347Expenses of resolution

Subsidiaries

348Rules relating to subsidiaries do not apply

Minister may give directions

349When this subpart applies 350Minister may direct Bank relating to exercise of resolution power 351Procedural requirements

Resolution manager

Key duties

352Resolution manager must act to further purposes of this Part 353Resolution manager must comply with directions of Bank 354Resolution manager must consult and have regard to Bank advice 355Resolution manager must regularly report as required by Bank 356Resolution manager must report annually on conduct of resolution

Appointment of resolution manager

357Bank may appoint resolution manager 358Bank may appoint itself as resolution manager 359Bank holds office as resolution manager if no other person holds office 360How this Part applies if Bank holds office as resolution manager 361How 2 or more resolution managers may act 362Bank may terminate appointment of resolution manager 363Resolution manager may resign 364Bank may appoint replacement 365Resolution manager continues in office 366Licensed deposit taker continues to be in resolution

No creditor or shareholder worse off

367Interpretation in this subpart 368Eligibility for compensation under this subpart

Valuer’s role

369Minister must appoint valuer 370Functions of valuer 371Valuer must act in manner prescribed by regulations 372Valuer must prepare list of pre-resolution creditors and shareholders

How valuer must determine compensation

373Valuer must determine compensation by reference to difference between liquidation value and resolution value 374Liquidation value 375Resolution value 376Discount rate

Valuer’s report

377Valuer’s draft report 378Valuer must give draft report to Minister and Bank 379Minister or Bank may require valuer to reconsider 380Valuer must finalise and publish report

Compensation notice and payments

381Valuer must send compensation notice 382Bank must make available public information if compensation notice cannot be sent 383Bank must manage and administer payments of compensation 384Bank must pay in accordance with regulations 385Crown must provide money necessary to pay compensation 386Transfer of entitlement by assignment or operation of law

Valuer’s information-gathering power

387Valuer may require person to supply information for purposes of this subpart 388Offence to fail to supply information 389Person required to give information has same privileges as witnesses in court 390Use of information and confidentiality

Appeals

391Appeal against valuer’s decision on question of law 392Time for bringing appeal 393Appeals to Court of Appeal 394No limit on judicial review

Appointment of valuer

395Who may be appointed as valuer 396Application of this subpart to joint valuers 397Appointment notice must be published 398Minister may terminate appointment of valuer 399Valuer may resign 400Valuer continues in office 401Valuer’s costs, charges, and expenses 402Valuer’s duties in relation to records

Covered bonds

Interpretation relating to covered bonds

403Interpretation 404Meaning of covered bond SPV 405Meaning of issuer

Main duties of issuer

406Issuer may issue covered bond only under registered programme

Registration of covered bond programmes

407Register of registered covered bond programmes 408When programme must remain or be removed from register 409Other matters relating to registration 410Application for registration of covered bond programme 411Determination of application for registration of covered bond programme 412Bank must approve or decline application 413Bank must give notice of approval 414Bank must give notice of proposal to decline application 415Bank and issuer may agree to modify time limits

Ongoing duties of issuer

416Requirements relating to registered covered bond programmes 417Bank may require corrective action 418Offence to fail to take corrective action

Cover pool monitor

419Cover pool monitor 420Cover pool monitor must perform certain services under contract

Resolution or statutory management, etc, of issuer

421Limitation on application of resolution, statutory management, etc, provisions to covered bond SPV

Bank may apply to put deposit takers and associated persons into liquidation

422Liquidation of licensed deposit takers and associated persons 423When court may appoint liquidator

Miscellaneous

424Licensed deposit taker not entitled to be informed about exercise of powers under this Part

Part 8:
Miscellaneous

Use of words bank, banker, and banking

Limit on use of restricted words in name or title

425Limit on use of restricted words in name or title 426Offence to contravene limit on use of restricted words 427When restriction does not apply 428Bank may authorise particular persons to use restricted words in name or title 429Bank may authorise class of persons to use restricted words in name or title 430Authorisation extends to Registrar of Companies, etc 431Bank’s policies for giving authorisation 432Conditions 433Application of Companies Act 1993

Limit on use of restricted words in advertisement

434Limit on use of restricted words in advertisement 435Offence to contravene advertising limit

Bank may require change of name, etc

436Power to require change of name, etc 437Offence to contravene requirement to change name, etc

Trans-Tasman co-operation

438Interpretation in this subpart 439Trans-Tasman co-operation 440Bank’s duty to consult 441Failure to comply with subpart does not affect validity of Bank’s actions

Confidentiality

442Disclosure of information by Bank 443Relationship with other Acts 444Offence to make unauthorised disclosure 445Conditions relating to disclosure of information 446Restrictions on further disclosure of information 447Offence for unauthorised disclosure or use

Bank’s power to specify how things are done

448When subpart applies 449Bank may require particular persons to comply with specified requirements 450Bank may require class of persons to comply with requirements 451Requirements that may be specified 452Bank may also require further information 453Bank may refuse to act if requirements not complied with

Regulations

454General regulations 455Regulations relating to depositor compensation scheme 456Regulations prescribing classes of persons that are not eligible depositors 457Regulations prescribing matters relating to protected deposits 458Bank’s advice about regulations relating to overseas currencies 459Regulations providing for licensed deposit takers that do not issue protected deposits 460Bank’s advice about regulations providing for licensed deposit takers that do not issue protected deposits 461Regulations providing for temporary high balance limits 462Bank’s advice about regulations for temporary high balance limits 463Regulations providing for calculation of amount of person’s protected deposits or share of protected deposits 464Regulations providing for transactions that have not been processed 465Regulations providing for taking into account funds that are withdrawn or available to eligible depositors during resolution 466Transitional and savings provisions for orderly implementation of Act

Levy for Crown to recover cost of public support of deposit taker in financial distress or other difficulties

467Licensed deposit takers must pay levy to allow Crown to recover cost of public support 468Bank or prescribed person collects levy on behalf of Crown 469Interest on unpaid levy 470Levy regulations 471Process matters for recommendation 472Consultation about proposed levy regulations 473Effect of failure to comply

Other miscellaneous provisions

474How notices, directions, and other documents must be given 475When certain notices, directions, or documents treated as given 476Meaning of deposit taker

Part 9:
Repeals and amendments to other Acts

Repeals

477Repeals

Amendments to Reserve Bank of New Zealand Act 2021

478Principal Act 479Section 10 amended (Bank’s functions)480Section 74 amended (Ability to delegate)481Section 182 amended (Protection for certain persons)482Section 189 amended (Crown indemnities in relation to statutory management)483New section 190A and cross-heading inserted 484Section 240 amended (Form and content of annual report)

Amendments to Financial Markets Conduct Act 2013

485Principal Act 486Section 6 amended (Interpretation)487Section 22 amended (False or misleading representations)488Schedule 1 amended

Amendments to Public Finance Act 1989

489Principal Act 490Section 8 amended (Appropriation limited by amount)491New sections 25B and 25C inserted 492Section 27 amended (Annual financial statements of Government)

Amendments to Insurance (Prudential Supervision) Act 2010

493Principal Act 494Section 8 amended (Meaning of carrying on insurance business in New Zealand)

Consequential amendments

495Consequential amendments

Schedule 1:
Transitional, savings, and related provisions

Schedule 2:
Deposit takers

Schedule 3:
Consequential amendments

Deposit Takers Act 2023

Miscellaneous - Levy for Crown to recover cost of public support of deposit taker in financial distress or other difficulties

469: Interest on unpaid levy

You could also call this:

"You pay extra money if you don't pay your levy on time."

Illustration for Deposit Takers Act 2023

If you owe a levy, you have to pay interest on it. The interest rate and how it is applied are decided by regulations made under this law. You pay interest on any levy you have not paid, any instalment payments you have missed, and any interest you already owe.

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This page was last updated on 6 August 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS704770.

Topics:

Money and consumer rights > Banking and loansMoney and consumer rights > TaxesBusiness > Industry rules

468: Bank or prescribed person collects levy on behalf of Crown, or

"Banks collect a fee for the government and must pay it within 30 days."

470: Levy regulations, or

"Rules about charging fees to some businesses to help cover costs"

Part 8Miscellaneous
Levy for Crown to recover cost of public support of deposit taker in financial distress or other difficulties

469Interest on unpaid levy

A person who owes a levy under this subpart is liable to pay to the Bank or the prescribed person interest assessed at the rate and applied by the method (if any) prescribed by the regulations made under this subpart.
The interest is payable on—
any unpaid levy; and
any unpaid instalment payment in respect of any levy; and
any unpaid interest that has been charged already.

Deposit Takers Act 2023

Miscellaneous - Levy for Crown to recover cost of public support of deposit taker in financial distress or other difficulties

469: Interest on unpaid levy

"You pay extra money if you don't pay your levy on time."

Part 8MiscellaneousLevy for Crown to recover cost of public support of deposit taker in financial distress or other difficulties

469Interest on unpaid levy

Part 8Miscellaneous
Levy for Crown to recover cost of public support of deposit taker in financial distress or other difficulties