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Deposit Takers Act 2023

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

299: Function of resolution authority

You could also call this:

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

Illustration for Deposit Takers Act 2023

The Bank has a job as the resolution authority to make sure a licensed deposit taker is sorted out in a way that helps achieve the goals outlined in section 259. You can think of this like the Bank making sure things are done properly. The Bank's job includes doing the tasks or using the powers given to it under subparts 5 to 8.

The Bank's tasks are to perform these duties or exercise these powers. You can find more information about what the Bank has to do in these sections. The Bank's main goal is to carry out a resolution in a way that furthers the purposes set out in the law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS718145.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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298: Bank is resolution authority, or

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

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300: Bank must supervise resolution manager, or

"The Bank must check that the resolution manager is doing their job correctly."

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

299Function of resolution authority

  1. The Bank’s function as the resolution authority is to ensure that a resolution of a licensed deposit taker is carried out in a way that furthers the purposes set out in section 259.

  2. The function includes performing or exercising the duties or powers imposed or conferred on the Bank under subparts 5 to 8.