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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Bank must act as resolution authority

298: Bank is resolution authority

You could also call this:

"The Bank helps fix problems with banks and other deposit takers."

Illustration for Deposit Takers Act 2023

The Bank has to be in charge of sorting out problems with a licensed deposit taker. You can think of the Bank like a referee who helps fix issues when a deposit taker is in trouble. The Bank's job is to make sure everything gets resolved properly when a licensed deposit taker has problems.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS718144.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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297: Publication of notice, or

"Telling everyone about an important notice"

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299: Function of resolution authority, or

"The Bank's job is to help fix problems with banks and other deposit takers in a fair way."

Part 7Crisis management and resolution
Conduct of resolution: Bank must act as resolution authority

298Bank is resolution authority

  1. The Bank must act as the resolution authority in relation to a resolution of a licensed deposit taker.