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Deposit Takers Act 2023

Crisis management and resolution - Resolution manager - Appointment of resolution manager

358: Bank may appoint itself as resolution manager

You could also call this:

"The Bank can be in charge of fixing problems with a deposit taker."

Illustration for Deposit Takers Act 2023

The Bank can choose itself to be the resolution manager, or one of them, as stated in section 357. You can think of the resolution manager as the person in charge of sorting out problems with a deposit taker. The Bank has the power to appoint itself to this role.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS718141.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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357: Bank may appoint resolution manager, or

"The Bank can pick someone to help fix problems if the bank gets into trouble."

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359: Bank holds office as resolution manager if no other person holds office, or

"The Bank helps fix a deposit taker that's in trouble if no one else is in charge."

Part 7Crisis management and resolution
Resolution manager: Appointment of resolution manager

358Bank may appoint itself as resolution manager

  1. The Bank may appoint itself as the resolution manager (or one of the resolution managers) under section 357.